fp0006295_485bpos-xbrl.htm

0001398344-13-000880.txt : 20130219 0001398344-13-000880.hdr.sgml : 20130219 20130215094242 ACCESSION NUMBER: 0001398344-13-000880 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130215 DATE AS OF CHANGE: 20130215 EFFECTIVENESS DATE: 20130215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vericimetry Funds CENTRAL INDEX KEY: 0001524968 IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-175410 FILM NUMBER: 13617689 BUSINESS ADDRESS: STREET 1: 800 WILSHIRE BLVD. STREET 2: SUITE 300 CITY: LOS ANGELES STATE: CA ZIP: 90017 BUSINESS PHONE: 818-813-1351 MAIL ADDRESS: STREET 1: 800 WILSHIRE BLVD. STREET 2: SUITE 300 CITY: LOS ANGELES STATE: CA ZIP: 90017 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vericimetry Funds CENTRAL INDEX KEY: 0001524968 IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22578 FILM NUMBER: 13617690 BUSINESS ADDRESS: STREET 1: 800 WILSHIRE BLVD. STREET 2: SUITE 300 CITY: LOS ANGELES STATE: CA ZIP: 90017 BUSINESS PHONE: 818-813-1351 MAIL ADDRESS: STREET 1: 800 WILSHIRE BLVD. STREET 2: SUITE 300 CITY: LOS ANGELES STATE: CA ZIP: 90017

0001524968 S000033942 Vericimetry U.S. Small Cap Value Fund

C000104657 Vericimetry U.S. Small Cap Value Fund VYSVX

485BPOS 1 fp0006295_485bpos-xbrl.htm fp0006295_485bpos-xbrl.htm

As filed with the Securities and Exchange Commission on February 15, 2013

File No. 333-175410

File No. 811-22578

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933			[X]
Pre-Effective Amendment No.
Post-Effective Amendment No. 5			[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940			[X]
Amendment No. 5			[X]

VERICIMETRY FUNDS

(Exact name of Registrant as Specified in Charter)

800 Wilshire Blvd., Suite 300

Los Angeles, CA 90017

(Address of Principal Executive Office)

(818) 813-1351

(Registrant's Telephone Number, including Area Code)

Glenn S. Freed

President

Vericimetry Funds

800 Wilshire Blvd., Suite 300

Los Angeles, CA 90017

(Name and address of agent for Service)

Copies of Communications to:

Bibb L. Strench

Seward & Kissel LLP

901 K Street, N.W.

Suite 800

Washington, D.C. 20001

It is proposed that this filing will become effective (check appropriate box)

[ ]		immediately upon filing pursuant to Rule 485(b).
[X]		on February 15, 2013 pursuant to Rule 485(b).
[ ]		on (date) pursuant to Rule 485(a)(1).
[ ]		60 days after filing pursuant to Rule 485 (a)(1).
[ ]		75 days after filing pursuant to Rule 485 (a)(2).
[ ]		on (date) pursuant to Rule 485(a)(2).

If appropriate, check the following box:

[ ]

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the city of Los Angeles, State of California, on this 15th day of February 2013.

VERICIMETRY FUNDS

By: /s/ Glenn S. Freed

Name: Glenn S. Freed

Title: Chairman, President, Treasurer & Trustee

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

Name	Title	Date
/s/ Glenn S. Freed Glenn S. Freed	Chairman, President, Treasurer & Trustee	February 15, 2013

Trustees

David G. Chrencik* David G. Chrencik	Trustee	February 15, 2013
Kenneth A. Merchant* Kenneth A. Merchant	Trustee	February 15, 2013
Jay R. Ritter* Jay R. Ritter	Trustee	February 15, 2013

*By /s/ Glenn S. Freed.

Glenn S. Freed, pursuant to a Power of Attorney dated January 25, 2013.

Exhibit Index

Exhibit No.	Description of Exhibits

EX-101.INS	XBRL Instance Document

EX-101.SCH	XBRL Taxonomy Extension Schema Document

EX-101.CALC	XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 3 vericimetry-20130201.xml XBRL INSTANCE DOCUMENT 0001524968 2013-02-01 2013-02-01 0001524968 vericimetry:S000033942Member 2013-02-01 2013-02-01 0001524968 vericimetry:S000033942Member vericimetry:C000104657Member 2013-02-01 2013-02-01 0001524968 vericimetry:S000033942Member vericimetry:C000104657Member rr:AfterTaxesOnDistributionsMember 2013-02-01 2013-02-01 0001524968 vericimetry:S000033942Member vericimetry:C000104657Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-01 2013-02-01 0001524968 vericimetry:S000033942Member vericimetry:r2000Member 2013-02-01 2013-02-01 iso4217:USD pure shares iso4217:USD shares 0001524968 Vericimetry Funds 485BPOS false FUND SUMMARY INFORMATION Vericimetry U.S. Small Cap Value Fund Investment Objective The Fund seeks to achieve long-term capital appreciation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Total Return(per calendar year) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact vericimetry_S000033942Member ~ </div> 0 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact vericimetry_S000033942Member ~ </div> 0.005 0 0.023 0.028 -0.022 0.006 Example The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. This example does not take into account brokerage commissions that you pay when purchasing or selling shares of the Fund. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (except that the example reflects the expense reimbursement for the one-year period and the first year of the remaining periods) . Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact vericimetry_S000033942Member ~ </div> 61 672 1338 3275 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the period from December 27, 2011 to September 30, 2012, the Fund’s portfolio turnover rate was 33% of the average value of its portfolio. Principal Investment Strategies of the Fund The Fund invests in a wide and diverse universe of U.S. small cap value stocks. The Adviser utilizes a structured quantitative investment approach based on a set of well defined, fundamental characteristics to identify value stocks for the Fund. A value stock has a low price relative to various characteristics considered in assessing a company’s worth, including book value, sales, earnings and operating cash flows. The Adviser identifies value stocks by considering multiple factors (e.g., book value to market value, price to earnings, price to sales, or price to operating cash flows). For investment purposes, the Adviser defines small cap companies as companies with market capitalizations generally in the lowest 10% of total market capitalization, or companies whose market capitalizations are smaller than the 1,200th largest publicly-traded U.S. company, whichever results in the higher market capitalization break point. Total market capitalization is defined as the total market capitalization of all U.S. companies traded on a principal U.S. exchange or over-the counter market. As of December 31, 2012, using the guidelines and definitions above, the market capitalization of a small cap company was equal to or below $1.85 billion. The Adviser utilizes a market capitalization weighted approach to determine the target weights of the U.S. small cap value stocks for purchase. Market capitalization is defined as the number of a company’s shares that are outstanding, multiplied by each share’s market price. In certain circumstances the Adviser may utilize a float-adjusted market capitalization. Typically, greater weighting in the Fund is given to small companies with higher relative market capitalization. The Adviser expects (but it is not required) to rebalance the Fund’s portfolio no less than quarterly, at which time the Adviser will consider which securities are eligible for inclusion in the portfolio by virtue of their fundamental characteristics, including multiple value factors and capitalization. The Adviser places a priority on efficiently managing portfolio turnover and keeping trading costs low. The Adviser engages in a buy and hold investment strategy that involves seeking to buy securities and holding them for a relatively longer period of time, regardless of short-term factors, such as fluctuations in the market or volatility of the stock price. This buy and hold strategy, which focuses on size and value premiums, tends to create a naturally low portfolio turnover and lower trading costs. In addition, the Adviser employs a selective trading approach to minimize trading costs; it trades securities with liquidity in mind to implement the investment strategy in an efficient, low cost manner. Principal Risks of Investing in the Fund The value of an investment in the Fund will fluctuate daily, which means a shareholder could lose money. The Fund’s principal investment strategies involve risks, including those summarized below. Common Stock Risk: Stocks may decline significantly in price over short or extended periods of time. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, country or sector of the market. Common stock is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. Market Risk: The value of the Fund’s investments may decline due to market fluctuations caused by equity market dynamics, geo-political issues, adverse economic conditions or other broad market or security-specific risks. Small & Microcap Company Risk: Small company securities tend to be less liquid and more difficult to sell than those issued by larger companies. Small company stocks can be more volatile and may underperform the market or become out of favor with investors. Microcap company securities may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets, fewer product lines, and limited managerial and financial resources, resulting in volatile stock prices and a limited ability to sell them at a desirable time or price. Value Investment Risk: Value securities may underperform the market or become out of favor with investors, and the Fund could lose money if the Adviser’s assessment of a company’s value is incorrect. Management Risk: The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results. As a recently formed entity, the Adviser has limited prior experience managing a registered investment company. Fund Performance The bar chart and table that follow provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance during the 2012 calendar year. The table compares the Fund’s average annual returns for the 2012 calendar year and since inception with those of the Russell 2000 Value Index over the same periods. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. You can obtain updated performance information on our website at www.vericimetryfunds.com. <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact vericimetry_S000033942Member ~ </div> 0.1992 Note: During the period since inception shown on the bar chart, the Fund’s highest total return for a quarter was 15.62% (quarter ended March 31, 2012) and the lowest return for a quarter was -5.34% (quarter ended June 30, 2012). AVERAGE ANNUAL TOTAL RETURNS(for the periods ended December 31, 2012) <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact vericimetry_S000033942Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.1992 0.18272011-12-27 0.1919 0.1734 2011-12-27 0.1326 0.1505 2011-12-27 0.1805 0.165 2011-12-27 VYSVX 2014-01-28 0.33 The value of an investment in the Fund will fluctuate daily, which means a shareholder could lose money. The bar chart and table that follow provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance during the 2012 calendar year. www.vericimetryfunds.com Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. highest total return for a quarter 2012-03-31 0.1562 lowest return for a quarter 2012-06-30 -0.0534 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to non-taxable investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 2013-02-01 2013-01-28 2013-01-28 2012-09-30 The Fund's investment adviser, Vericimetry Advisors LLC ("Vericimetry" or the "Adviser"), has contractually agreed to waive its management fee and/or pay certain operating expenses and the organizational costs of the Fund to the extent necessary to prevent the operating expenses of the Fund (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, and other extraordinary costs, such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.60% of the Fund's average net assets per year until January 28, 2014. This fee waiver and expense reimbursement agreement may not be terminated prior to that time. At any time that the expenses of the Fund are less than the rate listed above on an annualized basis, the Adviser retains the right to reimbursement of any fees previously waived and/or operating expenses and organizational costs previously assumed, 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. The Fund will not make any reimbursements to the Adviser after three years from the date an expense was paid by the Adviser. The Fund does not expect that there will be extraordinary costs, such as litigation, interest and other expenses not incurred in the ordinary course of the Fund's business. Any such expenses not incurred by the Fund in the ordinary course of its business that are excluded from the Adviser's reimbursement obligation could result in the Fund's annualized expenses exceeding 0.60% of its average net assets. The Fund commenced operations on December 27, 2011. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to non-taxable investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. 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Small Cap Value Fund C000104657Member Vericimetry U.S. Small Cap Value Fund Shares Risk/Return: Risk/Return Investment objective: Investment objective Secondary objectives Fees and expenses of the fund: Fees and expenses of the fund, narrative Shareholder fees, caption Shareholder fees, table Shareholder Fees (fees paid directly from your investment) Maximum Cumulative Sales Charge / Other Maximum Sales Charge Imposed on Purchases (as a percentage of offering price) Maximum deferred sales charge (load) (as a percentage of the offering price) Maximum deferred sales charge (as a percentage of the amount redeemed) Maximum sales charge (load) imposed on reinvested dividends Redemption Fee (on shares redeemed within 90 days of purchase) Redemption Fee {neg} Redemption Fees Redemption Fee Exchange Fee (as a percentage of net assets) Exchange Fee Maximum Account Fee (as a percentage of net assets) Maximum annual account fee Other Fees (as a percentage of net assets) Annual fund operating expenses, heading Annual fund operating expenses, table Management Fees Distribution and/ or Service (12b-1) Fees Distribution or similar (non 12b-1) Fees (as a percentage of net assets) Other Expenses, Component 1 (as a percentage of net assets) Other Expenses, Component 2 (as a percentage of net assets) Other Expenses, Component 3 (as a percentage of net assets) Other Expenses Acquired Fund Fees and Expenses (as a percentage of net assets) Total Annual Fund Operating Expenses Fee Waiver and/or Expense Reimbursement Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement Portfolio turnover, heading Portfolio turnover, narrative Portfolio Turnover Rate Expense Footnotes Deferred Charges, Narrative Range of Exchange Fees, Narrative Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense Exchange Traded Fund Commissions Expenses Represent Both Master and Feeder Expenses Explanation of Nonrecurring Account Fee Other Expenses, New Fund, Based on Estimates Acquired Fund Fees and Expenses, Based on Estimates Expenses Other Expenses Had Extraordinary Expenses Been Included Expenses Restated to Reflect Current Expenses Not Correlated to Ratio Due to Acquired Fund Fees Example, heading Expense Example, with Redemption, heading Expense Example, Narrative Expense Example, with Redemption, Caption Expense Example, with Redemption, table Expense Example, Column Name Expense Example, No Redemption, Narrative Expense Example, No Redemption, Caption Expense Example, No Redemption, table Expense Example, No Redemption, Column Name Expense Example Footnotes Expense Example Closing Strategy, Heading Strategy, Narrative Portfolio Concentration Risk, Heading Risk, Narrative Risk Footnotes Risk Closing May Lose Money Date Of Termination Risk, Nondiversified Risk, Money Market Fund Not Insured Depository Institution Risk Caption Risk Column Name Risk Bar Chart and Performance Table, Heading Performance, Narrative Performance, Information Illustrates Variability of Returns Performance, One Year or Less Performance, Additional Market Index Performance, Availability by Phone Performance, Availability at Web Site Address Performance, Past Does Not Indicate Future Bar Chart, Heading Bar Chart, Narrative Bar Chart, Does Not Reflect Sales Loads Bar Chart Annual Return, Caption Annual Return, Inception Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bar Chart, Footnotes Bar Chart, Closing Bar Chart, Reason Selected Class Different from Immediately Preceding Period Bar Chart, Returns for Class Not Offered in Prospectus Year to Date Return, Label Year to Date Return, Date Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return Date Lowest Quarterly Return Performance Table: Performance Table Narrative Average Annual Return Caption Performance Table 1 Year 5 Years 10 Years Since Inception Inception Date Before taxes - Return After Taxes on Distributions - Return After Taxes on Distributions and Sale of Fund Shares Market Index Performance 1Member Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes) Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Performance Table Closing Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Performance Table Explains why after Tax Higher Money Market, Seven Day Yield Caption Money Market, Seven Day Yield Column Name 7-Day Yield Phone 7-Day Yield 7-Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column Name 30-Day Yield Phone 30-Day Yield 30-Day Tax 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Risk/Return: rr_RiskReturnAbstract

Document Type dei_DocumentType 485BPOS

Period End Date dei_DocumentPeriodEndDate Sep. 30, 2012

Registrant Name dei_EntityRegistrantName Vericimetry Funds

CIK dei_EntityCentralIndexKey 0001524968

Amendment dei_AmendmentFlag false

Creation Date dei_DocumentCreationDate Jan. 28, 2013

Effective Date dei_DocumentEffectiveDate Jan. 28, 2013

Prospectus Date rr_ProspectusDate Feb. 01, 2013

Vericimetry U.S. Small Cap Value Fund

Risk/Return: rr_RiskReturnAbstract

Risk/Return rr_RiskReturnHeading
FUND SUMMARY INFORMATION

Vericimetry U.S. Small Cap Value Fund

Investment objective: rr_ObjectiveHeading
Investment Objective

Investment objective rr_ObjectivePrimaryTextBlock
The Fund seeks to achieve long-term capital appreciation.

Fees and expenses of the fund: rr_ExpenseHeading
Fund Fees and Expenses

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

Annual fund operating expenses, heading rr_OperatingExpensesCaption
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-01-28

Portfolio turnover, heading rr_PortfolioTurnoverHeading
Portfolio Turnover

Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the period from December 27, 2011 to September 30, 2012, the Fund’s portfolio turnover rate was 33% of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 33.00%

Example, heading rr_ExpenseExampleHeading
Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock
The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. This example does not take into account brokerage commissions that you pay when purchasing or selling shares of the Fund. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (except that the example reflects the expense reimbursement for the one-year period and the first year of the remaining periods) . Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy, Heading rr_StrategyHeading
Principal Investment Strategies of the Fund

Strategy, Narrative rr_StrategyNarrativeTextBlock
The Fund invests in a wide and diverse universe of U.S. small cap value stocks. The Adviser utilizes a structured quantitative investment approach based on a set of well defined, fundamental characteristics to identify value stocks for the Fund. A value stock has a low price relative to various characteristics considered in assessing a company’s worth, including book value, sales, earnings and operating cash flows. The Adviser identifies value stocks by considering multiple factors (e.g., book value to market value, price to earnings, price to sales, or price to operating cash flows).

For investment purposes, the Adviser defines small cap companies as companies with market capitalizations generally in the lowest 10% of total market capitalization, or companies whose market capitalizations are smaller than the 1,200th largest publicly-traded U.S. company, whichever results in the higher market capitalization break point. Total market capitalization is defined as the total market capitalization of all U.S. companies traded on a principal U.S. exchange or over-the counter market. As of December 31, 2012, using the guidelines and definitions above, the market capitalization of a small cap company was equal to or below $1.85 billion.

The Adviser utilizes a market capitalization weighted approach to determine the target weights of the U.S. small cap value stocks for purchase. Market capitalization is defined as the number of a company’s shares that are outstanding, multiplied by each share’s market price. In certain circumstances the Adviser may utilize a float-adjusted market capitalization. Typically, greater weighting in the Fund is given to small companies with higher relative market capitalization. The Adviser expects (but it is not required) to rebalance the Fund’s portfolio no less than quarterly, at which time the Adviser will consider which securities are eligible for inclusion in the portfolio by virtue of their fundamental characteristics, including multiple value factors and capitalization.

The Adviser places a priority on efficiently managing portfolio turnover and keeping trading costs low. The Adviser engages in a buy and hold investment strategy that involves seeking to buy securities and holding them for a relatively longer period of time, regardless of short-term factors, such as fluctuations in the market or volatility of the stock price. This buy and hold strategy, which focuses on size and value premiums, tends to create a naturally low portfolio turnover and lower trading costs. In addition, the Adviser employs a selective trading approach to minimize trading costs; it trades securities with liquidity in mind to implement the investment strategy in an efficient, low cost manner.

Risk, Heading rr_RiskHeading
Principal Risks of Investing in the Fund

Risk, Narrative rr_RiskNarrativeTextBlock
The value of an investment in the Fund will fluctuate daily, which means a shareholder could lose money. The Fund’s principal investment strategies involve risks, including those summarized below.

Common Stock Risk: Stocks may decline significantly in price over short or extended periods of time. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, country or sector of the market. Common stock is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company.

Market Risk: The value of the Fund’s investments may decline due to market fluctuations caused by equity market dynamics, geo-political issues, adverse economic conditions or other broad market or security-specific risks.

Small & Microcap Company Risk: Small company securities tend to be less liquid and more difficult to sell than those issued by larger companies. Small company stocks can be more volatile and may underperform the market or become out of favor with investors. Microcap company securities may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets, fewer product lines, and limited managerial and financial resources, resulting in volatile stock prices and a limited ability to sell them at a desirable time or price.

Value Investment Risk: Value securities may underperform the market or become out of favor with investors, and the Fund could lose money if the Adviser’s assessment of a company’s value is incorrect.

Management Risk: The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results. As a recently formed entity, the Adviser has limited prior experience managing a registered investment company.

May Lose Money rr_RiskLoseMoney The value of an investment in the Fund will fluctuate daily, which means a shareholder could lose money.

Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading
Fund Performance

Performance, Narrative rr_PerformanceNarrativeTextBlock
The bar chart and table that follow provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance during the 2012 calendar year. The table compares the Fund’s average annual returns for the 2012 calendar year and since inception with those of the Russell 2000 Value Index over the same periods. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

You can obtain updated performance information on our website at www.vericimetryfunds.com.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance during the 2012 calendar year.

Performance, Availability at Web Site Address rr_PerformanceAvailabilityWebSiteAddress www.vericimetryfunds.com

Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance.

Bar Chart, Heading rr_BarChartHeading
Total Return
(per calendar year)

Bar Chart, Closing rr_BarChartClosingTextBlock
Note: During the period since inception shown on the bar chart, the Fund’s highest total return for a quarter was 15.62% (quarter ended March 31, 2012) and the lowest return for a quarter was -5.34% (quarter ended June 30, 2012).

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest total return for a quarter

Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012

Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.62%

Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return for a quarter

Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012

Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.34%)

Performance Table: rr_PerformanceTableHeading
AVERAGE ANNUAL TOTAL RETURNS
(for the periods ended December 31, 2012)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to non-taxable investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Vericimetry U.S. Small Cap Value Fund | Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes)

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 18.05% ^[1]

Since Inception rr_AverageAnnualReturnSinceInception 16.50% ^[1],[2]

Inception Date rr_AverageAnnualReturnInceptionDate Dec. 27, 2011

Vericimetry U.S. Small Cap Value Fund | Vericimetry U.S. Small Cap Value Fund Shares

Risk/Return: rr_RiskReturnAbstract

Trading Symbol dei_TradingSymbol VYSVX

Shareholder Fees (fees paid directly from your investment) rr_MaximumCumulativeSalesChargeOverOfferingPrice none

Management Fees rr_ManagementFeesOverAssets 0.50%

Distribution and/ or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none

Other Expenses rr_OtherExpensesOverAssets 2.30%

Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.80%

Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (2.20%) ^[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.60%

Expense Example, 1 YEAR rr_ExpenseExampleYear01 61

Expense Example, 3 YEARS rr_ExpenseExampleYear03 672

Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,338

Expense Example, 10 YEARS rr_ExpenseExampleYear10 3,275

2012 rr_AnnualReturn2012 19.92%

1 Year rr_AverageAnnualReturnYear01 19.92%

Since Inception rr_AverageAnnualReturnSinceInception 18.27% ^[2]

Inception Date rr_AverageAnnualReturnInceptionDate Dec. 27, 2011

Vericimetry U.S. Small Cap Value Fund | Vericimetry U.S. Small Cap Value Fund Shares | - Return After Taxes on Distributions

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 19.19% ^[4]

Since Inception rr_AverageAnnualReturnSinceInception 17.34% ^[2],[4]

Inception Date rr_AverageAnnualReturnInceptionDate Dec. 27, 2011

Vericimetry U.S. Small Cap Value Fund | Vericimetry U.S. Small Cap Value Fund Shares | - Return After Taxes on Distributions and Sale of Fund Shares

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 13.26% ^[4]

Since Inception rr_AverageAnnualReturnSinceInception 15.05% ^[2],[4]

Inception Date rr_AverageAnnualReturnInceptionDate Dec. 27, 2011

[1] The Russell 2000 Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

[2] The Fund commenced operations on December 27, 2011.

[3] The Fund's investment adviser, Vericimetry Advisors LLC ("Vericimetry" or the "Adviser"), has contractually agreed to waive its management fee and/or pay certain operating expenses and the organizational costs of the Fund to the extent necessary to prevent the operating expenses of the Fund (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, and other extraordinary costs, such as litigation and other expenses not incurred in the ordinary course of the Fund's business) from exceeding 0.60% of the Fund's average net assets per year until January 28, 2014. This fee waiver and expense reimbursement agreement may not be terminated prior to that time. At any time that the expenses of the Fund are less than the rate listed above on an annualized basis, the Adviser retains the right to reimbursement of any fees previously waived and/or operating expenses and organizational costs previously assumed, 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. The Fund will not make any reimbursements to the Adviser after three years from the date an expense was paid by the Adviser. The Fund does not expect that there will be extraordinary costs, such as litigation, interest and other expenses not incurred in the ordinary course of the Fund's business. Any such expenses not incurred by the Fund in the ordinary course of its business that are excluded from the Adviser's reimbursement obligation could result in the Fund's annualized expenses exceeding 0.60% of its average net assets.

[4] After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to non-taxable investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.