NPORT-EX 2 vericimetry20221231soi.htm 12.31.2022 SOI
VERICIMETRY U.S. SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS
As of December 31, 2022 (Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS — 91.7%
BASIC MATERIALS — 5.6%
AdvanSix, Inc.
3,982   $151,396
Alcoa Corp.
1,805   82,073
American Vanguard Corp.
7,930   172,160
Arconic Corp.*
4,982   105,419
Ashland, Inc.
860   92,476
ATI, Inc.*
14,973   447,094
Avient Corp.
2,490   84,062
Cabot Corp.
3,538   236,480
Carpenter Technology Corp.
8,357   308,708
Century Aluminum Co.*
3,640   29,775
Chemours Co.
1,148   35,152
Clearwater Paper Corp.*
3,015   113,997
Coeur Mining, Inc.*
19,140   64,310
Commercial Metals Co.
28,130   1,358,679
Ecovyst, Inc.*
7,110   62,995
Element Solutions, Inc.
50,030   910,046
H.B. Fuller Co.
3,172   227,179
Hawkins, Inc.
1,040   40,144
Haynes International, Inc.
3,980   181,846
Hecla Mining Co.
93,858   521,850
Huntsman Corp.
12,705   349,133
Innospec, Inc.
940   96,688
Intrepid Potash, Inc.*
1,720   49,656
Kaiser Aluminum Corp.
1,053   79,986
Koppers Holdings, Inc.
2,251   63,478
Kronos Worldwide, Inc.
1,790   16,826
Mercer International, Inc.
14,440   168,082
Minerals Technologies, Inc.
5,510   334,567
Nexa Resources S.A.
4,350   26,230
Olin Corp.
13,755   728,190
Orion Engineered Carbons S.A.
3,970   70,706
Quaker Chemical Corp.
487   81,280
Rayonier Advanced Materials, Inc.*
18,155   174,288
Resolute Forest Products, Inc.*
12,820   276,784
Schnitzer Steel Industries, Inc. - Class A
3,746   114,815
Stepan Co.
2,210   235,277
Sylvamo Corp.
1,700   82,603
Trinseo PLC
3,270   74,262
Tronox Holdings PLC
22,725   311,560
United States Steel Corp.
31,655   792,958
Valvoline, Inc.
1,030   33,629
      9,386,839
COMMUNICATIONS — 1.8%
A10 Networks, Inc.
1,030   17,129
ATN International, Inc.
2,189   99,184
Aviat Networks, Inc.*
1,080   33,685
Calix, Inc.*
2,160   147,809
CarParts.com, Inc.*
6,990   43,757
Cars.com, Inc.*
8,715   120,006
Consolidated Communications Holdings, Inc.*
4,180   14,964
DHI Group, Inc.*
5,380   28,460
EchoStar Corp. - Class A*
2,830   47,204
Entravision Communications Corp. - Class A
7,065   33,912
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
COMMUNICATIONS (Continued)
ePlus, Inc.*
990   $43,837
EW Scripps Co. - Class A*
15,216   200,699
Gannett Co., Inc.*
9,604   19,496
Gray Television, Inc.
17,520   196,049
HealthStream, Inc.*
1,470   36,515
IDT Corp. - Class B*
920   25,916
iHeartMedia, Inc.*
2,440   14,957
InterDigital, Inc.
650   32,162
Iridium Communications, Inc.*
5,660   290,924
Lands’ End, Inc.*
1,880   14,269
Liberty Latin America Ltd. - Class A*
2,120   15,964
Maxar Technologies, Inc.
3,570   184,712
NETGEAR, Inc.*
3,100   56,141
Nexstar Media Group, Inc.
290   50,759
Poshmark, Inc. - Class A*
6,721   120,171
Preformed Line Products Co.
310   25,820
QuinStreet, Inc.*
5,090   73,042
Saga Communications, Inc. - Class A
1,830   43,188
Scholastic Corp.
9,320   367,767
Spok Holdings, Inc.
4,120   33,743
Stagwell, Inc.*
2,060   12,793
TEGNA, Inc.
11,350   240,506
Telephone and Data Systems, Inc.
7,180   75,318
United States Cellular Corp.*
1,780   37,113
Viasat, Inc.*
4,926   155,908
World Wrestling Entertainment, Inc. - Class A
630   43,168
Ziff Davis, Inc.*
490   38,759
      3,035,806
CONSUMER, CYCLICAL — 14.9%
Abercrombie & Fitch Co. - Class A*
7,765   177,896
Academy Sports & Outdoors, Inc.
9,373   492,457
Acushnet Holdings Corp.
1,865   79,188
Adient PLC*
3,580   124,190
A-Mark Precious Metals, Inc.
1,960   68,071
American Axle & Manufacturing Holdings, Inc.*
15,900   124,338
American Eagle Outfitters, Inc.
20,252   282,718
Asbury Automotive Group, Inc.*
1,145   205,241
AutoNation, Inc.*
5,132   550,664
Bassett Furniture Industries, Inc.
3,140   54,573
Beacon Roofing Supply, Inc.*
13,140   693,661
Beazer Homes USA, Inc.*
1,280   16,333
Big Lots, Inc.
2,830   41,601
BJ’s Restaurants, Inc.*
2,701   71,252
Bloomin’ Brands, Inc.
2,033   40,904
BlueLinx Holdings, Inc.*
310   22,044
Boyd Gaming Corp.
1,095   59,710
Buckle, Inc.
2,760   125,166
Build-A-Bear Workshop, Inc.*
1,970   46,965
Caleres, Inc.
7,273   162,042
Canterbury Park Holding Corp.
760   23,758
Capri Holdings Ltd.*
2,740   157,057
Carter’s, Inc.
1,130   84,309
Cato Corp. - Class A
2,030   18,940
 
1
VERICIMETRY U.S. SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2022 (Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Century Communities, Inc.
9,072   $453,691
Chico’s FAS, Inc.*
3,530   17,368
Chuy’s Holdings, Inc.*
2,220   62,826
Citi Trends, Inc.*
610   16,153
Commercial Vehicle Group, Inc.*
2,730   18,591
Conn’s, Inc.*
2,390   16,443
Container Store Group, Inc.*
2,930   12,628
Crocs, Inc.*
1,445   156,681
Daktronics, Inc.*
13,700   38,634
Dana, Inc.
21,256   321,603
Dave & Buster’s Entertainment, Inc.*
484   17,153
Destination XL Group, Inc.*
4,850   32,738
Dick’s Sporting Goods, Inc.
3,030   364,479
Dillard’s, Inc. - Class A1
3,447   1,114,070
Dorman Products, Inc.*
550   44,479
Ethan Allen Interiors, Inc.
6,250   165,125
EVI Industries, Inc.*
1,320   31,508
FirstCash Holdings, Inc.
632   54,927
Five Below, Inc.*
340   60,136
Foot Locker, Inc.
12,510   472,753
Forestar Group, Inc.*
2,210   34,056
Fox Factory Holding Corp.*
880   80,282
Full House Resorts, Inc.*
4,510   33,915
Gap, Inc.
13,256   149,528
Genesco, Inc.*
1,940   89,279
G-III Apparel Group Ltd.*
9,100   124,761
GMS, Inc.*
8,310   413,838
Goodyear Tire & Rubber Co.*
41,566   421,895
Green Brick Partners, Inc.*
4,668   113,106
Group 1 Automotive, Inc.
3,734   673,502
Guess?, Inc.
11,250   232,762
H&E Equipment Services, Inc.
4,365   198,171
Hamilton Beach Brands Holding Co. - Class A
2,891   35,819
Haverty Furniture Cos., Inc.
3,390   101,361
Hawaiian Holdings, Inc.*
1,952   20,028
Hibbett, Inc.
1,470   100,283
Hooker Furnishings Corp.
1,980   37,026
IMAX Corp.*
1,530   22,430
Interface, Inc.
1,260   12,436
iRobot Corp.*
770   37,060
Johnson Outdoors, Inc. - Class A
720   47,606
KAR Auction Services, Inc.*
10,324   134,728
KB Home
4,050   128,993
Kontoor Brands, Inc.
480   19,195
La-Z-Boy, Inc.
6,060   138,289
LGI Homes, Inc.*
926   85,748
Life Time Group Holdings, Inc.*
2,660   31,814
Lifetime Brands, Inc.
2,090   15,863
Light & Wonder, Inc.*
2,732   160,095
M/I Homes, Inc.*
4,285   197,881
Macy’s, Inc.
23,467   484,594
Madison Square Garden Entertainment Corp.*
660   29,680
Malibu Boats, Inc. - Class A*
975   51,968
Marcus Corp.
1,660   23,887
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
MarineMax, Inc.*
2,840   $88,665
Marriott Vacations Worldwide Corp.
2,670   359,355
MDC Holdings, Inc.
6,693   211,499
Meritage Homes Corp.*
6,376   587,867
Methode Electronics, Inc.
3,040   134,885
Miller Industries, Inc.
2,765   73,715
Motorcar Parts of America, Inc.*
3,680   43,645
Movado Group, Inc.
4,990   160,928
MRC Global, Inc.*
6,980   80,828
Murphy USA, Inc.
900   251,586
National Vision Holdings, Inc.*
3,730   144,575
Nu Skin Enterprises, Inc. - Class A
1,980   83,477
ODP Corp.*
12,650   576,081
Oxford Industries, Inc.
1,590   148,156
Papa John’s International, Inc.
430   35,393
Patrick Industries, Inc.
1,250   75,750
PC Connection, Inc.
4,362   204,578
Penn Entertainment, Inc.*
522   15,503
Penske Automotive Group, Inc.
8,340   958,516
PriceSmart, Inc.
1,270   77,191
PVH Corp.
4,477   316,031
RCI Hospitality Holdings, Inc.
1,190   110,896
Resideo Technologies, Inc.*
14,460   237,867
REV Group, Inc.
9,070   114,463
Rocky Brands, Inc.
1,750   41,335
Rush Enterprises, Inc. - Class A
9,615   502,672
Rush Enterprises, Inc. - Class B
4,575   257,435
ScanSource, Inc.*
3,590   104,900
SeaWorld Entertainment, Inc.*
680   36,387
Shoe Carnival, Inc.
4,490   107,356
Signet Jewelers Ltd.
5,721   389,028
Skechers USA, Inc. - Class A*
3,600   151,020
SkyWest, Inc.*
8,065   133,153
Sonic Automotive, Inc. - Class A
4,710   232,062
Sonos, Inc.*
2,150   36,335
Spirit Airlines, Inc.*
13,355   260,155
Sportsman’s Warehouse Holdings, Inc.*
3,460   32,559
Standard Motor Products, Inc.
1,390   48,372
Steelcase, Inc. - Class A
9,915   70,099
Superior Industries International, Inc.*
4,420   18,652
Tapestry, Inc.
2,140   81,491
Taylor Morrison Home Corp.*
23,773   721,511
Texas Roadhouse, Inc.
550   50,023
Thor Industries, Inc.
3,280   247,607
Tilly’s, Inc. - Class A*
3,030   27,422
Titan International, Inc.*
1,310   20,069
Titan Machinery, Inc.*
8,300   329,759
Toll Brothers, Inc.
3,140   156,749
Topgolf Callaway Brands Corp.*
2,480   48,980
TravelCenters of America, Inc.*
2,060   92,247
Tri Pointe Homes, Inc.*
23,150   430,358
Under Armour, Inc. - Class A*
11,800   119,888
UniFirst Corp.
600   115,794
Univar Solutions, Inc.*
10,790   343,122
Urban Outfitters, Inc.*
9,093   216,868
Veritiv Corp.
3,443   419,048
 
2
VERICIMETRY U.S. SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2022 (Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Vista Outdoor, Inc.*
5,700   $138,909
VSE Corp.
1,160   54,381
Wabash National Corp.
7,270   164,302
WESCO International, Inc.*
10,108   1,265,522
Wingstop, Inc.
180   24,772
Winmark Corp.
230   54,241
Winnebago Industries, Inc.
4,045   213,171
World Fuel Services Corp.
9,090   248,430
Zumiez, Inc.*
4,710   102,395
      24,876,972
CONSUMER, NON-CYCLICAL — 10.9%
Aaron’s Co., Inc.
3,340   39,913
ABM Industries, Inc.
12,435   552,363
Acacia Research Corp.*
6,260   26,355
Acadia Healthcare Co., Inc.*
16,175   1,331,526
ACCO Brands Corp.
13,780   77,030
AdaptHealth Corp.*
2,430   46,705
Addus HomeCare Corp.*
780   77,602
Adtalem Global Education, Inc.*
12,190   432,745
Allakos, Inc.*
7,630   64,245
American Public Education, Inc.*
3,300   40,557
Andersons, Inc.
7,070   247,379
AngioDynamics, Inc.*
5,530   76,148
ANI Pharmaceuticals, Inc.*
1,450   58,333
Anika Therapeutics, Inc.*
1,700   50,320
API Group Corp.*
1,140   21,443
Assertio Holdings, Inc.*
12,330   53,019
Avanos Medical, Inc.*
810   21,919
Avidity Biosciences, Inc.*
3,630   80,550
BGSF, Inc.
1,690   25,891
Bioxcel Therapeutics, Inc.*
1,780   38,234
BrightView Holdings, Inc.*
2,580   17,776
Brookdale Senior Living, Inc.*
15,305   41,783
Cabaletta Bio, Inc.*1
4,690   43,382
Cal-Maine Foods, Inc.
1,913   104,163
Castle Biosciences, Inc.*
1,480   34,839
Catalyst Pharmaceuticals, Inc.*
1,450   26,970
CBIZ, Inc.*
11,660   546,271
Central Garden & Pet Co. - Class A*
6,990   250,242
Chefs’ Warehouse, Inc.*
960   31,949
ChromaDex Corp.*
13,630   22,898
Coca-Cola Consolidated, Inc.
290   148,584
Community Health Systems, Inc.*
16,690   72,101
Coty, Inc. - Class A*
8,048   68,891
CRA International, Inc.
1,510   184,869
Cross Country Healthcare, Inc.*
1,400   37,198
CVRx, Inc.*
3,340   61,289
Cytokinetics, Inc.*
820   37,572
Edgewell Personal Care Co.
8,160   314,486
Embecta Corp.
500   12,645
Emergent BioSolutions, Inc.*
2,064   24,376
Ennis, Inc.
5,900   130,744
Ensign Group, Inc.
920   87,041
Flowers Foods, Inc.
1,810   52,019
FONAR Corp.*
1,120   18,760
Frequency Therapeutics, Inc.*
9,690   37,307
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Fresh Del Monte Produce, Inc.
11,020   $288,614
FTI Consulting, Inc.*
650   103,220
Fulgent Genetics, Inc.*
530   15,783
Graham Holdings Co. - Class B
570   344,400
Grand Canyon Education, Inc.*
840   88,754
Green Dot Corp. - Class A*
1,220   19,300
Haemonetics Corp.*
651   51,201
Halozyme Therapeutics, Inc.*
1,539   87,569
Healthcare Services Group, Inc.
1,911   22,932
Heidrick & Struggles International, Inc.
2,325   65,030
Herc Holdings, Inc.
1,653   217,485
Hostess Brands, Inc.*
24,230   543,721
Huron Consulting Group, Inc.*
2,590   188,034
ICF International, Inc.
3,433   340,039
Immunovant, Inc.*
1,790   31,773
Ingles Markets, Inc. - Class A
5,997   578,471
Ingredion, Inc.
540   52,882
Innoviva, Inc.*
1,040   13,780
Insperity, Inc.
840   95,424
Integer Holdings Corp.*
4,160   284,794
iTeos Therapeutics, Inc.*
770   15,038
John B Sanfilippo & Son, Inc.
850   69,122
KalVista Pharmaceuticals, Inc.*
4,680   31,637
Kelly Services, Inc. - Class A
5,140   86,866
Korn Ferry
7,665   388,002
Lancaster Colony Corp.
130   25,649
Larimar Therapeutics, Inc.*
3,570   14,744
Laureate Education, Inc.
12,050   115,921
Lifecore Biomedical, Inc.*
1,340   8,683
Ligand Pharmaceuticals, Inc.*
1,260   84,168
LiveRamp Holdings, Inc.*
3,989   93,502
ManpowerGroup, Inc.
990   82,378
Medpace Holdings, Inc.*
510   108,329
Meridian Bioscience, Inc.*
2,670   88,671
Mission Produce, Inc.*
2,140   24,867
Monro, Inc.
1,452   65,630
Monte Rosa Therapeutics, Inc.*
1,680   12,785
National HealthCare Corp.
2,250   133,875
National Research Corp.
3,800   141,740
Natural Grocers by Vitamin Cottage, Inc.1
2,730   24,952
NeoGenomics, Inc.*
4,330   40,009
OmniAb, Inc - Earnout Shares2
477   —
OmniAb, Inc - Earnout Shares2
477   —
OmniAb, Inc.*
6,174   22,227
OraSure Technologies, Inc.*
6,890   33,210
Orthofix Medical, Inc.*
2,350   48,245
Owens & Minor, Inc.
5,020   98,041
Patterson Cos., Inc.
3,095   86,753
Pediatrix Medical Group, Inc.*
2,863   42,544
Perdoceo Education Corp.*
9,170   127,463
Performant Financial Corp.*
12,430   44,872
Pilgrim’s Pride Corp.*
3,110   73,800
Poseida Therapeutics, Inc.*
8,990   47,647
Post Holdings, Inc.*
1,880   169,689
Premier, Inc. - Class A
1,320   46,174
Prestige Consumer Healthcare, Inc.*
6,885   431,001
 
3
VERICIMETRY U.S. SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2022 (Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Quad/Graphics, Inc.*
8,410   $34,313
Quanex Building Products Corp.
7,975   188,848
Quanterix Corp.*
2,560   35,456
REGENXBIO, Inc.*
2,932   66,498
Rent-A-Center, Inc.
1,570   35,404
Repay Holdings Corp.*
4,050   32,603
Reynolds Consumer Products, Inc.
591   17,718
SEACOR Marine Holdings, Inc.*
2,520   23,083
Select Medical Holdings Corp.
2,524   62,671
Seneca Foods Corp. - Class A*
2,340   142,623
Simply Good Foods Co.*
860   32,706
Singular Genomics Systems, Inc.*
7,430   14,934
SpartanNash Co.
11,853   358,435
Sprouts Farmers Market, Inc.*
4,288   138,803
Strategic Education, Inc.
1,640   128,445
Stride, Inc.*
9,295   290,748
Supernus Pharmaceuticals, Inc.*
4,153   148,138
Tactile Systems Technology, Inc.*
5,990   68,765
Textainer Group Holdings Ltd.
11,095   344,056
TreeHouse Foods, Inc.*
5,067   250,208
Triton International Ltd.
17,455   1,200,555
TrueBlue, Inc.*
5,620   110,040
United Natural Foods, Inc.*
17,993   696,509
Universal Corp.
400   21,124
V2X, Inc.*
760   31,380
Vanda Pharmaceuticals, Inc.*
4,880   36,063
Varex Imaging Corp.*
2,920   59,276
Veracyte, Inc.*
2,203   52,277
Village Super Market, Inc. - Class A
2,780   64,746
Vintage Wine Estates, Inc.*
7,470   24,352
Vivint Smart Home, Inc.*
2,540   30,226
Weis Markets, Inc.
7,909   650,832
WillScot Mobile Mini Holdings Corp.*
16,184   731,031
Xencor, Inc.*
1,840   47,914
Zimvie, Inc.*
3,680   34,371
      18,337,023
ENERGY — 10.8%
Adams Resources & Energy, Inc.
1,150   44,758
Alpha Metallurgical Resources, Inc.
1,658   242,715
Antero Midstream Corp.
9,560   103,152
Antero Resources Corp.*
27,832   862,514
APA Corp.
4,350   203,058
Arch Resources, Inc.
2,390   341,268
Archrock, Inc.
23,030   206,809
Berry Corp.
2,115   16,920
Bristow Group, Inc.*
2,230   60,500
ChampionX Corp.
3,890   112,771
Chesapeake Energy Corp.
3,645   343,979
Chord Energy Corp.
5,281   722,494
Civeo Corp.*
670   20,837
Civitas Resources, Inc.
8,799   509,726
CNX Resources Corp.*
31,011   522,225
Comstock Resources, Inc.
11,463   157,158
CONSOL Energy, Inc.
8,361   543,465
CVR Energy, Inc.
5,666   177,572
Delek U.S. Holdings, Inc.
4,316   116,532
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
ENERGY (Continued)
Denbury, Inc.*
1,516   $131,922
Devon Energy Corp.
8,095   497,923
Diamond Offshore Drilling, Inc.*
1,800   18,720
Diamondback Energy, Inc.
2,819   385,583
Dril-Quip, Inc.*
3,480   94,552
EnLink Midstream LLC
37,282   458,569
EQT Corp.
10,869   367,698
Equitrans Midstream Corp.
17,398   116,567
Excelerate Energy, Inc. - Class A
1,070   26,804
Expro Group Holdings N.V.*
4,505   81,676
FutureFuel Corp.
7,600   61,788
Golar LNG Ltd.*
2,905   66,205
Green Plains, Inc.*
5,094   155,367
Helix Energy Solutions Group, Inc.*
24,350   179,703
Helmerich & Payne, Inc.
18,269   905,594
HF Sinclair Corp.
2,665   138,287
KLX Energy Services Holdings, Inc.*
2,840   49,160
Kosmos Energy Ltd.*
9,936   63,193
Matador Resources Co.
14,435   826,259
Murphy Oil Corp.
33,835   1,455,243
Nabors Industries Ltd.*
1,018   157,658
NACCO Industries, Inc. - Class A
940   35,720
National Energy Services Reunited Corp.*
4,950   34,353
Newpark Resources, Inc.*
15,505   64,346
Nine Energy Service, Inc.*
3,570   51,872
Noble Corp. PLC*
1,402   52,869
Northern Oil and Gas, Inc.
674   20,773
NOV, Inc.
14,330   299,354
NOW, Inc.*1
14,795   187,896
Oceaneering International, Inc.*
4,850   84,827
Oil States International, Inc.*
17,205   128,349
Patterson-UTI Energy, Inc.
25,683   432,502
PBF Energy, Inc. - Class A
23,447   956,169
PDC Energy, Inc.
15,540   986,479
Peabody Energy Corp.*
18,843   497,832
Permian Resources Corp.
24,836   233,458
Pioneer Natural Resources Co.
908   207,378
ProPetro Holding Corp.*
13,000   134,810
Ramaco Resources, Inc.
4,300   37,797
Range Resources Corp.
4,526   113,241
REX American Resources Corp.*
1,500   47,790
Riley Exploration Permian, Inc.1
670   19,718
RPC, Inc.
7,310   64,986
SandRidge Energy, Inc.*
2,136   36,376
Select Energy Services, Inc. - Class A
13,790   127,420
Sitio Royalties Corp. - Class A
895   25,823
SM Energy Co.
7,722   268,957
SunCoke Energy, Inc.
24,340   210,054
Talos Energy, Inc.*
7,338   138,541
Targa Resources Corp.
4,100   301,350
TechnipFMC PLC*
8,650   105,444
Tidewater, Inc.*
3,030   111,655
Transocean Ltd.*
15,890   72,458
U.S. Silica Holdings, Inc.*
9,189   114,862
Valaris Ltd.*
280   18,934
 
4
VERICIMETRY U.S. SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2022 (Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
ENERGY (Continued)
Warrior Met Coal, Inc.
8,065   $279,372
      18,050,689
FINANCIAL — 27.6%
1st Source Corp.
4,832   256,531
Air Lease Corp.
22,794   875,745
Amalgamated Financial Corp.
3,590   82,714
Ambac Financial Group, Inc.*
6,390   111,442
Amerant Bancorp, Inc.
2,790   74,884
American Equity Investment Life Holding Co.
30,682   1,399,713
American National Bankshares, Inc.
1,050   38,777
Ameris Bancorp
5,646   266,152
AMERISAFE, Inc.
2,040   106,019
Anywhere Real Estate, Inc.*
13,110   83,773
Argo Group International Holdings Ltd.
8,248   213,211
Associated Banc-Corp
27,365   631,858
Assured Guaranty Ltd.
8,508   529,708
Atlantic Union Bankshares Corp.
14,623   513,852
Axis Capital Holdings Ltd.
6,755   365,918
Axos Financial, Inc.*
4,770   182,309
Banc of California, Inc.
11,460   182,558
BancFirst Corp.
994   87,651
Bancorp, Inc.*
3,567   101,231
Bank of Marin Bancorp
990   32,551
Bank of NT Butterfield & Son Ltd.
1,180   35,176
Bank OZK
12,739   510,324
Bank7 Corp.
770   19,712
BankFinancial Corp.
3,130   32,959
BankUnited, Inc.
11,063   375,810
Bankwell Financial Group, Inc.
515   15,156
Banner Corp.
7,600   480,320
Bar Harbor Bankshares
2,360   75,614
BCB Bancorp, Inc.
3,960   71,240
Berkshire Hills Bancorp, Inc.
8,586   256,721
Blucora, Inc.*
6,640   169,519
Bread Financial Holdings, Inc.
2,360   88,878
Bridgewater Bancshares, Inc.*
1,870   33,174
Brighthouse Financial, Inc.*
9,179   470,607
Brookline Bancorp, Inc.
10,365   146,665
Business First Bancshares, Inc.
1,320   29,225
Byline Bancorp, Inc.
2,860   65,694
C&F Financial Corp.
570   33,214
Cadence Bank
16,541   407,901
Camden National Corp.
691   28,808
Capital City Bank Group, Inc.
1,310   42,575
Capitol Federal Financial, Inc.
7,820   67,643
Carter Bankshares, Inc.*
1,610   26,710
Cathay General Bancorp
8,740   356,505
Central Pacific Financial Corp.
1,380   27,986
Central Valley Community Bancorp
1,800   38,124
Chemung Financial Corp.
680   31,192
City Holding Co.
1,969   183,294
CNB Financial Corp.
2,560   60,902
CNO Financial Group, Inc.
27,099   619,212
Columbia Banking System, Inc.
3,430   103,346
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Community Bank System, Inc.
3,112   $195,900
Community Trust Bancorp, Inc.
1,470   67,517
ConnectOne Bancorp, Inc.
6,500   157,365
Consumer Portfolio Services, Inc.*
2,737   24,222
Cowen, Inc. - Class A
6,900   266,478
CrossFirst Bankshares, Inc.*
1,140   14,147
Customers Bancorp, Inc.*
6,645   188,319
CVB Financial Corp.
9,500   244,625
Dime Community Bancshares, Inc.
5,499   175,033
Donegal Group, Inc. - Class A
1,421   20,178
Eagle Bancorp, Inc.
1,547   68,176
eHealth, Inc.*
5,500   26,620
Employers Holdings, Inc.
7,089   305,749
Enact Holdings, Inc.
2,253   54,342
Encore Capital Group, Inc.*
4,380   209,977
Enova International, Inc.*
3,015   115,686
Enstar Group Ltd.*
1,260   291,110
Enterprise Bancorp, Inc.
980   34,594
Enterprise Financial Services Corp.
3,205   156,917
Equity Bancshares, Inc. - Class A
750   24,503
Esquire Financial Holdings, Inc.
959   41,486
ESSA Bancorp, Inc.
1,880   39,236
Essent Group Ltd.
4,027   156,570
EZCORP, Inc. - Class A*
9,420   76,773
Federal Agricultural Mortgage Corp. - Class C
1,238   139,535
Financial Institutions, Inc.
3,770   91,837
First BanCorp/Puerto Rico
64,240   817,133
First Bancorp/Southern Pines NC
2,224   95,276
First Bancshares, Inc.
566   18,118
First Bank/Hamilton NJ
1,170   16,099
First Busey Corp.
5,489   135,688
First Business Financial Services, Inc.
1,320   48,246
First Citizens BancShares, Inc. - Class A
118   89,486
First Commonwealth Financial Corp.
18,870   263,614
First Community Bankshares, Inc.
1,750   59,325
First Financial Bancorp
17,283   418,767
First Financial Bankshares, Inc.
1,873   64,431
First Financial Corp.
1,821   83,912
First Financial Northwest, Inc.
2,600   38,948
First Foundation, Inc.
3,480   49,868
First Horizon Corp.
19,892   487,354
First Internet Bancorp
650   15,782
First Interstate BancSystem, Inc. - Class A
8,936   345,376
First Merchants Corp.
6,962   286,208
First Mid Bancshares, Inc.
732   23,483
Five Star Bancorp
660   17,978
Flushing Financial Corp.
4,110   79,652
FNB Corp.
33,797   441,051
FRP Holdings, Inc.*
1,070   57,630
Fulton Financial Corp.
40,731   685,503
Genworth Financial, Inc. - Class A*
101,308   535,919
Glacier Bancorp, Inc.
3,330   164,569
Great Southern Bancorp, Inc.
1,415   84,178
Guaranty Bancshares, Inc.
860   29,790
 
5
VERICIMETRY U.S. SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2022 (Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Hancock Whitney Corp.
15,663   $757,933
Hanmi Financial Corp.
9,080   224,730
Hanover Insurance Group, Inc.
1,150   155,399
HarborOne Bancorp, Inc.
1,720   23,908
Heartland Financial USA, Inc.
5,040   234,965
Heritage Commerce Corp.
6,040   78,520
Heritage Financial Corp.
1,618   49,576
Hilltop Holdings, Inc.
9,967   299,110
Home Bancorp, Inc.
940   37,628
HomeStreet, Inc.
6,330   174,581
HomeTrust Bancshares, Inc.
1,340   32,388
Hope Bancorp, Inc.
19,307   247,323
Horace Mann Educators Corp.
13,271   495,937
Horizon Bancorp, Inc.
3,741   56,414
Howard Hughes Corp.*
3,135   239,577
Huntington Bancshares, Inc.
5,554   78,311
Independent Bank Corp.
2,580   61,714
Independent Bank Corp.
1,175   99,205
Independent Bank Group, Inc.
6,955   417,856
International Bancshares Corp.
11,895   544,315
International Money Express, Inc.*
1,498   36,506
Invesco Ltd.
2,240   40,298
Investors Title Co.
170   25,084
Jackson Financial, Inc. - Class A
7,673   266,944
Janus Henderson Group PLC
3,965   93,257
Kearny Financial Corp.
9,692   98,374
Kemper Corp.
6,014   295,889
Kinsale Capital Group, Inc.
100   26,152
Lakeland Bancorp, Inc.
12,605   221,974
Lakeland Financial Corp.
1,643   119,890
LCNB Corp.
1,420   25,560
Legacy Housing Corp.*
3,270   61,999
LPL Financial Holdings, Inc.
240   51,881
Luther Burbank Corp.
1,110   12,332
Marcus & Millichap, Inc.
960   33,072
MBIA, Inc.*
3,030   38,936
McGrath RentCorp
3,825   377,680
Mercantile Bank Corp.
1,560   52,229
Merchants Bancorp
1,630   39,642
Meridian Corp.
1,190   36,045
Metrocity Bankshares, Inc.
1,580   34,175
Metropolitan Bank Holding Corp.*
810   47,523
MGIC Investment Corp.
24,700   321,100
Middlefield Banc Corp.
1,400   38,360
Midland States Bancorp, Inc.
3,660   97,429
MidWestOne Financial Group, Inc.
1,400   44,450
Mr Cooper Group, Inc.*
13,522   542,638
National Bank Holdings Corp. - Class A
810   34,077
National Western Life Group, Inc. - Class A
510   143,310
Navient Corp.
35,164   578,448
NBT Bancorp, Inc.
1,180   51,236
Nelnet, Inc. - Class A
6,130   556,297
New York Community Bancorp, Inc.
77,921   670,121
Nicholas Financial, Inc.*
2,760   17,416
Nicolet Bankshares, Inc.*
697   55,614
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
NMI Holdings, Inc. - Class A*
11,417   $238,615
Northeast Bank
1,190   50,099
Northfield Bancorp, Inc.
5,760   90,605
Northrim BanCorp, Inc.
1,860   101,500
Northwest Bancshares, Inc.
20,841   291,357
Oak Valley Bancorp
1,810   40,997
OceanFirst Financial Corp.
9,221   195,946
Ocwen Financial Corp.*
1,080   33,026
OFG Bancorp
14,730   405,959
Old National Bancorp
43,926   789,789
Old Second Bancorp, Inc.
3,850   61,754
OneMain Holdings, Inc.
1,350   44,969
Oppenheimer Holdings, Inc. - Class A
2,050   86,777
Pacific Premier Bancorp, Inc.
15,980   504,329
Park National Corp.
325   45,744
Pathward Financial, Inc.
2,575   110,854
PCB Bancorp
1,150   20,344
Peapack-Gladstone Financial Corp.
3,435   127,851
PennyMac Financial Services, Inc.
4,200   237,972
Peoples Bancorp, Inc.
4,336   122,492
Peoples Financial Services Corp.
780   40,435
Pinnacle Financial Partners, Inc.
2,427   178,142
Piper Sandler Cos.
1,744   227,051
Popular, Inc.
9,970   661,210
PRA Group, Inc.*
1,425   48,137
Preferred Bank/Los Angeles CA
3,990   297,734
Premier Financial Corp.
3,094   83,445
Primerica, Inc.
590   83,674
Primis Financial Corp.
2,444   28,961
ProAssurance Corp.
5,135   89,708
Provident Financial Holdings, Inc.
1,180   16,249
Provident Financial Services, Inc.
20,160   430,618
QCR Holdings, Inc.
960   47,654
Radian Group, Inc.
4,520   86,196
RBB Bancorp
1,530   31,901
Regional Management Corp.
1,900   53,352
Reinsurance Group of America, Inc.
199   28,276
RenaissanceRe Holdings Ltd.
369   67,981
Renasant Corp.
11,233   422,248
Republic Bancorp, Inc. - Class A
1,290   52,787
Riverview Bancorp, Inc.
5,078   38,999
RLI Corp.
220   28,879
S&T Bancorp, Inc.
2,273   77,691
Safety Insurance Group, Inc.
1,660   139,872
Sandy Spring Bancorp, Inc.
4,031   142,012
Seacoast Banking Corp. of Florida
4,485   139,887
Security National Financial Corp. - Class A*
3,780   27,594
Selective Insurance Group, Inc.
4,494   398,213
ServisFirst Bancshares, Inc.
420   28,942
Shore Bancshares, Inc.
1,750   30,503
Sierra Bancorp
2,330   49,489
Simmons First National Corp. - Class A
17,587   379,527
SiriusPoint Ltd.*
20,410   120,419
SLM Corp.
2,230   37,018
SmartFinancial, Inc.
1,270   34,925
 
6
VERICIMETRY U.S. SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2022 (Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
South Plains Financial, Inc.
1,310   $36,064
Southern First Bancshares, Inc.*
730   33,398
Southern Missouri Bancorp, Inc.
340   15,582
Southside Bancshares, Inc.
2,866   103,147
SouthState Corp.
5,043   385,083
Stellar Bancorp, Inc.
3,689   108,678
Stewart Information Services Corp.
2,340   99,988
Stifel Financial Corp.
4,350   253,909
Stock Yards Bancorp, Inc.
1,700   110,466
StoneX Group, Inc.*
2,991   285,042
Summit Financial Group, Inc.
2,091   52,045
Synovus Financial Corp.
1,775   66,651
Territorial Bancorp, Inc.
1,480   35,535
Texas Capital Bancshares, Inc.*
8,932   538,689
Timberland Bancorp, Inc.
1,578   53,857
Tiptree, Inc.
10,430   144,351
Tompkins Financial Corp.
769   59,659
Towne Bank/Portsmouth VA
2,010   61,988
TriCo Bancshares
2,653   135,276
TrustCo Bank Corp. NY
4,130   155,247
Trustmark Corp.
10,157   354,581
Umpqua Holdings Corp.
15,880   283,458
United Bankshares, Inc.
10,232   414,294
United Community Banks, Inc.
12,012   406,006
United Fire Group, Inc.
5,920   161,971
Unity Bancorp, Inc.
1,193   32,605
Universal Insurance Holdings, Inc.
3,740   39,607
Univest Financial Corp.
5,540   144,760
Unum Group
19,969   819,328
USCB Financial Holdings, Inc.*
1,120   13,664
Valley National Bancorp
35,023   396,110
Veritex Holdings, Inc.
3,800   106,704
Walker & Dunlop, Inc.
1,974   154,920
Washington Federal, Inc.
19,450   652,547
Waterstone Financial, Inc.
1,894   32,653
Webster Financial Corp.
10,796   511,083
WesBanco, Inc.
11,601   429,005
Western New England Bancorp, Inc.
9,460   89,492
White Mountains Insurance Group Ltd.
235   332,368
Wintrust Financial Corp.
3,805   321,599
WSFS Financial Corp.
6,921   313,798
      46,172,326
INDUSTRIAL — 15.9%
AAON, Inc.
910   68,541
AAR Corp.*
8,900   399,610
Acuity Brands, Inc.
820   135,800
Aerojet Rocketdyne Holdings, Inc.*
1,170   65,438
Air Transport Services Group, Inc.*
5,460   141,851
Alamo Group, Inc.
640   90,624
Altra Industrial Motion Corp.
3,380   201,955
American Woodmark Corp.*
1,310   64,007
Apogee Enterprises, Inc.
2,560   113,818
Applied Industrial Technologies, Inc.
910   114,687
ArcBest Corp.
7,670   537,207
Arcosa, Inc.
4,069   221,109
Ardmore Shipping Corp.*
5,140   74,067
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Astec Industries, Inc.
1,707   $69,407
Atkore, Inc.*
1,845   209,260
Atlas Air Worldwide Holdings, Inc.*
8,775   884,520
Avnet, Inc.
8,956   372,390
AZEK Co., Inc.*
3,510   71,323
AZZ, Inc.
1,200   48,240
Barnes Group, Inc.
8,180   334,153
Bel Fuse, Inc. - Class B
1,950   64,194
Benchmark Electronics, Inc.
10,280   274,373
Boise Cascade Co.
7,275   499,574
Brady Corp. - Class A
2,395   112,804
Cactus, Inc. - Class A
1,045   52,522
CECO Environmental Corp.*
5,800   67,744
CIRCOR International, Inc.*
1,710   40,972
Columbus McKinnon Corp.
4,160   135,075
Comfort Systems USA, Inc.
1,899   218,537
Comtech Telecommunications Corp.
5,380   65,313
Concrete Pumping Holdings, Inc.*
2,760   16,146
Core Molding Technologies, Inc.*
1,409   18,303
Costamare, Inc.
17,157   159,217
Covenant Logistics Group, Inc.
4,572   158,054
CTS Corp.
790   31,142
Curtiss-Wright Corp.
275   45,922
DHT Holdings, Inc.
36,180   321,278
Dorian LPG Ltd.
6,631   125,657
Ducommun, Inc.*
2,007   100,270
DXP Enterprises, Inc.*
2,090   57,580
Dycom Industries, Inc.*
2,500   234,000
Eagle Bulk Shipping, Inc.
2,970   148,322
Eagle Materials, Inc.
430   57,126
Eastern Co.
700   13,496
EMCOR Group, Inc.
1,320   195,505
Encore Wire Corp.
5,520   759,331
Enerpac Tool Group Corp.
2,510   63,879
EnerSys
1,320   97,469
Enovis Corp.*
5,233   280,070
EnPro Industries, Inc.
4,765   517,908
Esab Corp.
7,113   333,742
ESCO Technologies, Inc.
3,051   267,085
Federal Signal Corp.
6,048   281,051
Fluor Corp.*
7,304   253,157
Frontline Ltd./Bermuda1
14,410   174,937
GATX Corp.
8,215   873,583
Genco Shipping & Trading Ltd.
5,495   84,403
Gibraltar Industries, Inc.*
4,979   228,437
GoPro, Inc. - Class A*
8,120   40,438
Granite Construction, Inc.
6,063   212,629
Great Lakes Dredge & Dock Corp.*
6,060   36,057
Greenbrier Cos., Inc.
8,215   275,449
Greif, Inc. - Class A
5,210   349,383
Griffon Corp.
8,080   289,183
Harsco Corp.*
4,690   29,500
Heartland Express, Inc.
2,240   34,362
Heritage-Crystal Clean, Inc.*
2,120   68,858
Hexcel Corp.
990   58,261
Hillenbrand, Inc.
3,357   143,243
 
7
VERICIMETRY U.S. SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2022 (Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Hub Group, Inc. - Class A*
8,650   $687,588
Hurco Cos., Inc.
1,032   26,966
Ichor Holdings Ltd.*
1,130   30,307
International Seaways, Inc.
6,924   256,326
Kadant, Inc.
190   33,750
Kennametal, Inc.
2,850   68,571
Kimball Electronics, Inc.*
6,580   148,642
Kirby Corp.*
2,510   161,518
Knowles Corp.*
14,725   241,784
Limbach Holdings, Inc.*
1,510   15,719
Louisiana-Pacific Corp.
1,670   98,864
LSB Industries, Inc.*
3,550   47,215
LSI Industries, Inc.
5,950   72,828
Marten Transport Ltd.
21,605   427,347
MasTec, Inc.*
1,810   154,447
Materion Corp.
4,660   407,797
Matson, Inc.
2,600   162,526
Matthews International Corp. - Class A
4,500   136,980
Modine Manufacturing Co.*
15,312   304,096
Moog, Inc. - Class A
2,145   188,245
Mueller Industries, Inc.
4,560   269,040
Myers Industries, Inc.
3,290   73,137
MYR Group, Inc.*
3,523   324,363
NL Industries, Inc.
5,450   37,115
Nordic American Tankers Ltd.
11,470   35,098
Northwest Pipe Co.*
1,917   64,603
nVent Electric PLC
4,145   159,458
O-I Glass, Inc.*
5,950   98,591
Olympic Steel, Inc.
1,359   45,635
Orion Group Holdings, Inc.*
7,850   18,683
Overseas Shipholding Group, Inc. - Class A*
9,400   27,166
Pactiv Evergreen, Inc.
3,860   43,850
PAM Transportation Services, Inc.*
2,074   53,717
Plexus Corp.*
3,930   404,515
Powell Industries, Inc.
1,850   65,083
Primoris Services Corp.
4,580   100,485
Proto Labs, Inc.*
700   17,871
RBC Bearings, Inc.*
500   104,675
Regal Rexnord Corp.
4,886   586,222
Ryder System, Inc.
2,953   246,782
Ryerson Holding Corp.
6,170   186,704
Sanmina Corp.*
17,971   1,029,559
Schneider National, Inc. - Class B
5,700   133,380
Scorpio Tankers, Inc.
10,156   546,088
SFL Corp. Ltd.
3,130   28,859
Sight Sciences, Inc.*
1,460   17,827
SPX Technologies, Inc.*
3,125   205,156
Standex International Corp.
910   93,193
Sterling Infrastructure, Inc.*
1,640   53,792
Summit Materials, Inc. - Class A*
20,238   574,565
TD SYNNEX Corp.
1,500   142,065
Teekay Corp.*
14,220   64,559
Teekay Tankers Ltd. - Class A*
4,529   139,538
Terex Corp.
3,835   163,831
Thermon Group Holdings, Inc.*
3,370   67,670
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Timken Co.
2,555   $180,562
TimkenSteel Corp.*
11,432   207,719
Tredegar Corp.
5,250   53,655
TriMas Corp.
6,050   167,827
Trinity Industries, Inc.
14,845   438,967
TTM Technologies, Inc.*
30,374   458,040
Tutor Perini Corp.*
6,270   47,339
UFP Industries, Inc.
6,420   508,785
Universal Logistics Holdings, Inc.
1,120   37,453
Vishay Intertechnology, Inc.
26,059   562,093
Vishay Precision Group, Inc.*
2,880   111,312
Watts Water Technologies, Inc. - Class A
580   84,813
Werner Enterprises, Inc.
10,110   407,029
Willis Lease Finance Corp.*
2,690   158,737
Worthington Industries, Inc.
3,010   149,627
      26,651,897
TECHNOLOGY — 3.6%
1Life Healthcare, Inc.*
12,495   208,791
Adeia, Inc.
7,179   68,057
Allscripts Healthcare Solutions, Inc.*
20,109   354,723
Alpha & Omega Semiconductor Ltd.*
5,135   146,707
Amkor Technology, Inc.
43,629   1,046,223
Amtech Systems, Inc.*
1,500   11,400
Avid Technology, Inc.*
1,360   36,162
Axcelis Technologies, Inc.*
724   57,457
Bandwidth, Inc. - Class A*
2,020   46,359
C3.ai, Inc. - Class A*
1,470   16,449
CACI International, Inc. - Class A*
1,479   444,573
Cardlytics, Inc.*
5,020   29,016
Cohu, Inc.*
4,382   140,443
Computer Programs and Systems, Inc.*
890   24,226
Concentrix Corp.
1,195   159,126
Conduent, Inc.*
11,320   45,846
Digi International, Inc.*
5,865   214,366
Diodes, Inc.*
1,737   132,255
Donnelley Financial Solutions, Inc.*
1,500   57,975
Ebix, Inc.
1,610   32,136
ExlService Holdings, Inc.*
410   69,466
Health Catalyst, Inc.*
3,430   36,461
Insight Enterprises, Inc.*
7,025   704,397
KBR, Inc.
1,706   90,077
Kulicke & Soffa Industries, Inc.
3,338   147,740
Maximus, Inc.
480   35,198
NetScout Systems, Inc.*
9,655   313,884
NextGen Healthcare, Inc.*
1,980   37,184
Onto Innovation, Inc.*
2,279   155,177
Parsons Corp.*
3,940   182,225
Photronics, Inc.*
13,193   222,038
Rambus, Inc.*
5,975   214,024
Rapid7, Inc.*
1,560   53,009
Richardson Electronics Ltd./United States
3,170   67,616
Sharecare, Inc.*
10,540   16,864
Super Micro Computer, Inc.*
4,080   334,968
Ultra Clean Holdings, Inc.*
3,090   102,434
 
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VERICIMETRY U.S. SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2022 (Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS (Continued)
TECHNOLOGY (Continued)
Xerox Holdings Corp.
3,090   $45,114
      6,100,166
UTILITIES — 0.6%
American States Water Co.
1,530   141,601
Artesian Resources Corp. - Class A
679   39,776
Avista Corp.
3,790   168,049
Black Hills Corp.
640   45,018
California Water Service Group
602   36,505
Chesapeake Utilities Corp.
259   30,609
National Fuel Gas Co.
497   31,460
New Jersey Resources Corp.
1,912   94,873
ONE Gas, Inc.
1,500   113,580
Ormat Technologies, Inc.
1,871   161,804
Otter Tail Corp.
1,001   58,769
PNM Resources, Inc.
686   33,470
      955,514
TOTAL COMMON STOCKS    
(Cost $110,912,149)
    153,567,232
EXCHANGE-TRADED FUNDS — 1.8%
Direxion Daily Homebuilders & Supplies Bull 3x Shares - ETF*
6,815   208,948
Direxion Daily Small Cap Bull 3X Shares - ETF
15,476   490,589
iShares Russell 2000 Value ETF
5,415   750,898
ProShares UltraPro Russell2000 - ETF
8,050   301,875
SPDR S&P Metals & Mining ETF
640   31,878
SPDR S&P Regional Banking ETF1
15,313   899,486
VanEck Oil Services ETF
1,060   322,293
TOTAL EXCHANGE-TRADED FUNDS    
(Cost $2,475,418)
    3,005,967
PREFERRED STOCKS — 0.1%
CONSUMER, CYCLICAL — 0.1%
Qurate Retail, Inc.

8.00%, 3/15/20313
274   9,387
WESCO International, Inc.

10.63%3,4,5
5,008   131,310
      140,697
INDUSTRIAL — 0.0%
Steel Partners Holdings LP

6.00%, 2/7/20263
1,855   42,610
TOTAL PREFERRED STOCKS    
(Cost $188,490)
    183,307
MONEY MARKET INVESTMENTS — 6.9%
Federated Treasury Obligations Fund-Class Institutional, 4.08%4,6
500,000   500,000
Invesco Government & Agency Portfolio, 4.26%4,7
2,284,965   2,284,965
  Number
of Shares 		  Value
MONEY MARKET INVESTMENTS (Continued)
UMB Money Market Fiduciary, 0.01%4
8,719,170   $8,719,170
TOTAL MONEY MARKET INVESTMENTS    
(Cost $11,504,135)
    11,504,135
TOTAL INVESTMENTS — 100.5%  
(Cost $125,080,192)
    168,260,641
Liabilities less other assets — (0.5)%
    (914,135)
TOTAL NET ASSETS — 100.0%
    $167,346,506
    
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
*Non-income producing security.
1All or a portion of shares are on loan. Total loaned securities had a fair value of $2,236,512 at December 31, 2022.
2Security valued at fair value as determined by the investment adviser under the supervision of the Board of Trustees. Value determined using significant unobservable inputs.
3Callable.
4Variable rate security; the rate shown represents the rate at December 31, 2022.
5Perpetual security; maturity date is not applicable.
6All or a portion of this security is segregated as collateral for options contracts. The total value of these securities is $500,000 at December 31, 2022.
7Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $2,284,965 at December 31, 2022.
 
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