Vericimetry Funds N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-22578

Vericimetry Funds

(Exact name of registrant as specified in charter)

1968 N. Lake Avenue, #303

Altadena, CA 91001

 (Address of principal executive offices) (Zip code)

Dr. Mendel Fygenson

Vericimetry Advisors LLC

1968 N. Lake Avenue, #303

Altadena, CA 91001

 (Name and address of agent for service)

Registrant's telephone number, including area code: (805) 570-1086

Date of fiscal year end: September 30

Date of reporting period: September 30, 2017

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Vericimetry U.S. Small Cap Value Fund

Annual Report

September 30, 2017

Vericimetry Funds

TABLE OF CONTENTS
September 30, 2017

Letter to Shareholders	1
Manager’s Discussion and Analysis	2
Performance Summary	3
Schedule of Investments	4
Financial Statements	18
Financial Highlights	21
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	27
Expense Example	28
Other Information	29
Trustees and Officers	30

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Except for historical information, the matters discussed in this report may constitute forward-looking statements. These include any predictions, assessments, analyses or outlooks for individual securities, industries, market sectors and/or markets. These statements involve risks and uncertainties. In addition to the general risks described for the Fund in the current prospectus, other factors bearing on these statements include the accuracy of the Adviser’s forecasts and predictions, and the appropriateness of the investment programs designed by the Adviser to implement its strategies efficiently and effectively. Any one or more of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of the Fund to differ materially as compared to applicable benchmarks.

Vericimetry Funds

LETTER TO SHAREHOLDERS
September 30, 2017 (Unaudited)

Dear Shareholders,

We are pleased to present the enclosed annual report for the Vericimetry U.S. Small Cap Value Fund (the “Fund”) for the year ended September 30, 2017.

Vericimetry Advisors, LLC (the “Adviser”) is an academically based, quantitatively structured investment adviser. We provide a selected group of elite financial advisors access to an enhanced index strategy for a well-defined asset class with a predetermined benchmark. The Fund’s objective is to achieve long-term capital appreciation through its principal investment strategy of investing in U.S. small capitalization and value securities.

The Fund invests in a wide and diverse universe of U.S. small capitalization value stocks using a structured quantitative investment approach based on a set of well-defined fundamental characteristics that historically has shown to deliver the risk-premiums in U.S. small and value equities. Given our capacity advantage, we employ a multi-factor approach to identify value securities. To this end, securities considered for the Fund must pass a “value screen” which combines factors such as book-to-market, price-to-earnings, price to-sales or price-to-operating cash flow.¹

In an effort to enhance net returns to the investor, we implement disciplined and patient trading strategies. The Fund is managed with the intent of maintaining competitive management fees and low transaction costs, expenses and turnover in an effort to enhance net returns to the investor. We are committed to limiting the growth of the Fund’s assets under management once it reaches its optimal capacity.

We thank you for your investment in the Vericimetry U.S. Small Cap Value Fund and for the confidence and trust you place in the Adviser’s investment team.

Sincerely,

Dr. Mendel Fygenson

Chief Executive Officer

Economic, political, and issuer specific events may cause the value of securities to rise or fall. Because the value of your investment in the Fund will fluctuate, there is the risk that you will lose money. Securities of small and microcap companies are often less liquid, more volatile and they may have more limited resources. Value stocks may perform differently from the market as a whole and may underperform equity funds that use other investment strategies. The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results.

¹ Book-to-market is the value ratio of a company’s book value to its market value. Price-to-earnings, price-to-sales and price-to-operating cash flow ratios are the value of a company’s share price compared to its previous twelve months earnings per share, sales per share or operating cash flow per share, respectively.

1

Vericimetry Funds

MANAGER’S DISCUSSION AND ANALYSIS
September 30, 2017 (Unaudited)

The following overview summarizes the results of the Vericimetry U.S. Small Cap Value Fund for the fiscal year ended on September 30, 2017. In general, the Fund seeks to deliver the long side of the size-value risk premiums in U.S. securities through a well diversified portfolio. The outcomes of this fiscal year demonstrate management’s commitment to the Fund’s mandated strategy and its stated investment philosophy. Please note that returns mentioned in the summary below, for both the Fund and for the indices, are total returns.

For the fiscal year ended on September 30, 2017, the Fund had positive returns, but it underperformed its benchmark – the Russell 2000^® Value Index (the “Benchmark”). Overall, the Fund’s fiscal-year annual return was a positive 19.06% versus the Benchmark’s positive return of 20.55%. For most of the year, the Fund was almost fully invested and had a well-diversified portfolio, with well over 1,000 equity holdings.

Examining the returns of different segments of the U.S. equity markets over this fiscal year provides additional information (shown below). The broad market had a large positive return, as illustrated by the Russell 3000^® Index. Small cap stocks, represented by the Russell 2000^® Indices, had higher returns than large cap stocks, represented by the Russell 1000^® Indices. Given the Fund’s greater exposure to the smaller cap segment of the market, this size differential had a positive impact on the Fund’s returns. In general, Value stocks have underperformed Growth stocks within most of the sizes, as illustrated by the various Russell indices. Thus, the value differential, which the Fund seeks to deliver through a multifactor approach, had a small negative impact on the Fund’s returns.

For the entire fiscal year, the Fund underperformed the Benchmark by a total of 1.49%. This deficit can be entirely attributed to the performance differentials during the historic fourth quarter of 2016 (the “Quarter”). For that entire Quarter, the Fund’s return was a positive 12.49% versus the Benchmark’s positive return of 14.07%. The Benchmark’s return was greatly propelled by its large exposure to regional banks, which as a group rose more than 30% during the Quarter. As in all other quarters since the Fund’s inception, the Benchmark held, on average, 5% more weight in regional banks than the Fund, causing the Fund’s underperformance for the entire fiscal year.

Returns for the Fiscal Year Ended September 30, 2017

Russell Microcap® Value Index	26.15%
Russell Microcap® Index	22.33%
Russell 1000® Growth Index	21.94%
Russell 3000® Growth Index	21.87%
Russell 2000® Growth Index	20.98%
Russell 2000® Index	20.74%
Russell 2000® Value Index	20.55%
Russell 3000® Index	18.71%
Russell 1000® Index	18.54%
Russell Microcap® Growth Index	17.27%
Russell 3000® Value Index	15.53%
Russell 1000® Value Index	15.12%

Source: Russell Investment Group

2

Vericimetry Funds

PERFORMANCE SUMMARY (Unaudited)
September 30, 2017

Comparison of a Hypothetical $10,000 Investment
in the Vericimetry U.S. Small Cap Value Fund and the Russell 2000^® Value Index*

 

Total Returns For the periods ended September 30, 2017
	One Year	Five Year	Average Annual Since Inception **
Vericimetry U.S. Small Cap Value Fund	19.06%	13.68%	14.29%
Russell 2000® Value Index*	20.55%	13.27%	13.78%

* 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.

** Commencement of operations for the Vericimetry U.S. Small Cap Value Fund was December 27, 2011.

The Fund's net expense ratio of 0.61% and gross expense ratio of 0.69% are reflective of the information disclosed in the Fund's prospectus dated January 27, 2017, and differ from the expense ratios disclosed in this report, which are 0.60% and 0.66% respectively. The Adviser has contractually agreed to waive all or a portion of its management fees and/or reimburse expenses at least through January 31, 2018 in order to keep the Fund’s net annual operating expenses (excluding certain non-operating expenses) from exceeding 0.60% of its average daily net assets. Performance data quoted represents past performance which is not predictive of future performance. The investment return and principal value of Fund shares will fluctuate and when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To receive current performance to the most recent month end, please call 1-855-755-7550. Please read prospectus carefully before investing.

The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund’s results as shown are net of fees.

3

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS – 96.2%
BASIC MATERIALS – 4.9%
A Schulman, Inc.		5,150	$	175,873
AgroFresh Solutions, Inc.*1		27,000		189,810
AK Steel Holding Corp.*1		36,500		204,035
Allegheny Technologies, Inc.*1		17,200		411,080
American Vanguard Corp.		11,500		263,350
Calgon Carbon Corp.		8,400		179,760
Carpenter Technology Corp.		15,700		754,071
Century Aluminum Co.*		42,700		707,966
Chemours Co.		22,400		1,133,664
Clearwater Paper Corp.*		2,000		98,500
Cleveland-Cliffs, Inc.*		40,200		287,430
Commercial Metals Co.		36,000		685,080
CSW Industrials, Inc.*		2,960		131,276
Domtar Corp.		1,500		65,085
Fairmount Santrol Holdings, Inc.*1		9,600		45,888
Ferroglobe PLC		17,500		230,300
Hecla Mining Co.		189,800		952,796
Huntsman Corp.		6,950		190,569
Innophos Holdings, Inc.		2,700		132,813
Innospec, Inc.		1,050		64,733
Intrepid Potash, Inc.*1		57,100		248,956
Kaiser Aluminum Corp.		5,513		568,611
KMG Chemicals, Inc.		5,031		276,101
Koppers Holdings, Inc.*		4,600		212,290
Kraton Corp.*		14,600		590,424
Kronos Worldwide, Inc.		33,700		769,371
Landec Corp.*		9,200		119,140
Materion Corp.		10,300		444,445
Mercer International, Inc.		21,200		251,220
Minerals Technologies, Inc.		2,500		176,625
Oil-Dri Corp. of America		1,400		68,502
Olin Corp.		24,770		848,372
OMNOVA Solutions, Inc.*		6,900		75,555
Orchids Paper Products Co.1		3,400		47,872
PH Glatfelter Co.		21,967		427,258
Platform Specialty Products Corp.*		7,200		80,280
PolyOne Corp.		4,700		188,141
Rayonier Advanced Materials, Inc.1		8,050		110,285
Schnitzer Steel Industries, Inc. - Class A		10,800		304,020
Schweitzer-Mauduit International, Inc.		3,300		136,818
Stepan Co.		8,850		740,391
Tronox Ltd. - Class A		33,300		702,630
United States Lime & Minerals, Inc.		500		42,000
United States Steel Corp.1		12,600		323,316
Univar, Inc.*		5,400		156,222
Universal Stainless & Alloy Products, Inc.*		4,600		95,910
				14,908,834
COMMON STOCKS (Continued)
COMMUNICATIONS – 3.3%
1-800-Flowers.com, Inc. - Class A*		3,813		37,558
ADTRAN, Inc.		3,200		76,800
AH Belo Corp. - Class A		9,635		44,321
ATN International, Inc.		2,529		133,278
Aware, Inc.*		3,673		17,079
Bankrate, Inc.*		23,100		322,245
Blucora, Inc.*		29,800		753,940
Boingo Wireless, Inc.*		4,200		89,754
Chegg, Inc.*1		11,000		163,240
Comtech Telecommunications Corp.		9,100		186,823
Consolidated Communications Holdings, Inc.1		3,942		75,213
Daily Journal Corp.*1		200		43,722
EchoStar Corp. - Class A*		4,800		274,704
Entercom Communications Corp. - Class A1		10,900		124,805
ePlus, Inc.*		9,280		857,936
EW Scripps Co. - Class A*		13,216		252,558
Finisar Corp.*		2,300		50,991
Gannett Co., Inc.		26,300		236,700
Gigamon, Inc.*		2,400		101,160
Global Eagle Entertainment, Inc.*		13,900		47,538
Gray Television, Inc.*		24,000		376,800
Hawaiian Telcom Holdco, Inc.*		1,100		32,802
Houghton Mifflin Harcourt Co.*		7,400		89,170
Infinera Corp.*		9,400		83,378
InterDigital, Inc.		700		51,625
Iridium Communications, Inc.*1		25,000		257,500
Limelight Networks, Inc.*		16,345		64,890
Meet Group, Inc.*		13,600		49,504
Meredith Corp.1		4,700		260,850
NETGEAR, Inc.*		9,400		447,440
New Media Investment Group, Inc.		8,400		124,236
New York Times Co. - Class A1		16,600		325,360
Oclaro, Inc.*1		34,750		299,892
Overstock.com, Inc.*		2,700		80,190
PC-Tel, Inc.		13,100		82,530
Perficient, Inc.*		2,900		57,043
Preformed Line Products Co.		1,100		74,030
Proofpoint, Inc.*1		2,800		244,216
QuinStreet, Inc.*		18,400		135,240
Saga Communications, Inc. - Class A		2,700		123,120
Salem Media Group, Inc.		5,121		33,799
Scholastic Corp.		14,430		536,796
Sonus Networks, Inc.*		8,700		66,555
Spok Holdings, Inc.		7,800		119,730
Stamps.com, Inc.*1		600		121,590
TechTarget, Inc.*		5,900		70,446

See accompanying Notes to Financial Statements.

4

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
COMMUNICATIONS (Continued)
Telephone & Data Systems, Inc.		15,200	$	423,928
Time, Inc.		7,800		105,300
TiVo Corp.		21,760		431,936
Tribune Media Co. - Class A		3,900		159,354
U.S. Auto Parts Network, Inc.*		14,200		41,038
ViaSat, Inc.*1		1,600		102,912
Viavi Solutions, Inc.*		16,300		154,198
Vonage Holdings Corp.*		20,800		169,312
Web.com Group, Inc.*		4,200		105,000
West Corp.		8,450		198,322
YuMe, Inc.		16,539		76,576
				10,066,973
CONSUMER, CYCLICAL – 14.3%
Abercrombie & Fitch Co. - Class A1		40,000		577,600
AMC Entertainment Holdings, Inc. - Class A1		6,840		100,548
America's Car-Mart, Inc.*1		3,700		152,163
American Axle & Manufacturing Holdings, Inc.*		20,900		367,422
American Eagle Outfitters, Inc.		21,200		303,160
American Woodmark Corp.*		700		67,375
Anixter International, Inc.*		2,900		246,500
Ascena Retail Group, Inc.*1		32,700		80,115
AV Homes, Inc.*1		8,620		147,833
Barnes & Noble Education, Inc.*		13,400		87,234
Barnes & Noble, Inc.		29,100		221,160
Bassett Furniture Industries, Inc.		4,050		152,685
Beacon Roofing Supply, Inc.*		5,910		302,888
Beazer Homes USA, Inc.*		24,800		464,752
Belmond Ltd. - Class A*		24,550		335,107
Big 5 Sporting Goods Corp.1		7,600		58,140
Big Lots, Inc.1		5,600		299,992
Biglari Holdings, Inc.*		167		55,659
Blue Bird Corp.*1		2,000		41,200
Boot Barn Holdings, Inc.*		5,100		45,390
Boyd Gaming Corp.		13,300		346,465
Buckle, Inc.1		5,300		89,305
Burlington Stores, Inc.*		2,300		219,558
Caesars Acquisition Co. - Class A*		32,200		690,690
Caesars Entertainment Corp.*1		16,000		213,600
Caleres, Inc.1		13,100		399,812
Callaway Golf Co.		12,450		179,654
Casey's General Stores, Inc.		1,700		186,065
Cato Corp. - Class A		2,500		33,075
Cavco Industries, Inc.*1		600		88,530
Century Casinos, Inc.*		5,600		45,976
Century Communities, Inc.*		4,372		107,988
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Children's Place, Inc.1		4,840		571,846
Choice Hotels International, Inc.		4,000		255,600
Churchill Downs, Inc.		960		197,952
Citi Trends, Inc.		6,700		133,129
Clarus Corp.*		18,900		141,750
Columbia Sportswear Co.		10,816		666,049
Commercial Vehicle Group, Inc.*		8,600		63,210
Conn's, Inc.*1		5,300		149,195
Cooper Tire & Rubber Co.1		6,200		231,880
Cooper-Standard Holdings, Inc.*		5,150		597,245
Copa Holdings S.A. - Class A		2,200		273,966
Core-Mark Holding Co., Inc.1		1,976		63,509
Crocs, Inc.*		11,700		113,490
Culp, Inc.		2,150		70,413
Daktronics, Inc.		10,700		113,099
Dana, Inc.		18,800		525,648
Deckers Outdoor Corp.*		5,600		383,096
Del Frisco's Restaurant Group, Inc.*		4,600		66,930
Del Taco Restaurants, Inc.*		9,400		144,196
Delta Apparel, Inc.*1		6,000		129,060
Denny's Corp.*		5,700		70,965
Dillard's, Inc. - Class A1		2,500		140,175
Dixie Group, Inc.*		7,600		30,400
Dorman Products, Inc.*		1,300		93,106
Douglas Dynamics, Inc.		2,500		98,500
DSW, Inc. - Class A		24,400		524,112
Eldorado Resorts, Inc.*1		10,772		276,302
Essendant, Inc.		12,700		167,259
Express, Inc.*		12,900		87,204
Extended Stay America, Inc.		11,900		238,000
EZCORP, Inc. - Class A*		20,300		192,850
Finish Line, Inc. - Class A		7,100		85,413
FirstCash, Inc.		11,208		707,785
Flexsteel Industries, Inc.		3,072		155,750
Fossil Group, Inc.*1		11,400		106,362
Fox Factory Holding Corp.*		5,800		249,980
Fred's, Inc. - Class A1		18,500		119,140
Full House Resorts, Inc.*		1,105		3,083
G-III Apparel Group Ltd.*		5,700		165,414
Gaia, Inc.*		7,700		92,400
GameStop Corp. - Class A		7,200		148,752
Genesco, Inc.*		7,400		196,840
Gentherm, Inc.*		2,500		92,875
Golden Entertainment, Inc.*		9,000		219,420
Green Brick Partners, Inc.*		7,898		78,190
Group 1 Automotive, Inc.		11,000		797,060
Guess?, Inc.		41,150		700,784

See accompanying Notes to Financial Statements.

5

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Haverty Furniture Cos., Inc.		3,600	$	94,140
Hawaiian Holdings, Inc.*		6,712		252,036
Hibbett Sports, Inc.*		6,300		89,775
HNI Corp.		1,900		78,793
Hooker Furniture Corp.		5,260		251,165
Iconix Brand Group, Inc.*		15,800		89,902
ILG, Inc.		24,500		654,885
Installed Building Products, Inc.*		3,900		252,720
International Speedway Corp. - Class A		4,400		158,400
Jack in the Box, Inc.		1,670		170,206
JetBlue Airways Corp.*		10,370		192,156
Johnson Outdoors, Inc. - Class A		6,700		490,976
KB Home		29,500		711,540
Kewaunee Scientific Corp.		1,300		38,350
Kimball International, Inc. - Class B		9,000		177,930
Kirkland's, Inc.*		5,000		57,150
La Quinta Holdings, Inc.*		14,300		250,250
La-Z-Boy, Inc.		4,330		116,477
Lakeland Industries, Inc.*		5,200		73,320
LCI Industries		4,060		470,351
LGI Homes, Inc.*1		3,800		184,566
Libbey, Inc.		6,600		61,116
Liberty TripAdvisor Holdings, Inc. - Class A*		23,000		284,050
Lifetime Brands, Inc.		8,047		147,260
Lumber Liquidators Holdings, Inc.*1		10,000		389,800
M/I Homes, Inc.*		12,600		336,798
Malibu Boats, Inc. - Class A*		5,400		170,856
Marcus Corp.		9,780		270,906
Marine Products Corp.		18,901		303,361
Marriott Vacations Worldwide Corp.		7,000		871,710
MDC Holdings, Inc.		25,210		837,224
Meritage Homes Corp.*		11,800		523,920
Meritor, Inc.*		19,400		504,594
Miller Industries, Inc.		5,025		140,449
Mobile Mini, Inc.		7,700		265,265
Modine Manufacturing Co.*		25,504		490,952
Monarch Casino & Resort, Inc.*		8,300		328,099
Movado Group, Inc.		6,950		194,600
NACCO Industries, Inc. - Class A		2,891		248,048
Nathan's Famous, Inc.*		800		59,160
Navistar International Corp.*1		15,300		674,271
Office Depot, Inc.		56,600		256,964
Oxford Industries, Inc.1		2,300		146,142
PC Connection, Inc.		13,242		373,292
Penn National Gaming, Inc.*		3,787		88,578
Perry Ellis International, Inc.*		17,100		404,586
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
PICO Holdings, Inc.*		3,200		53,440
Pool Corp.		1,100		118,987
RCI Hospitality Holdings, Inc.		6,300		155,925
Reading International, Inc. - Class A*		15,989		251,347
Red Lion Hotels Corp.*		12,700		109,855
Regis Corp.*		27,146		387,373
Rush Enterprises, Inc. - Class A*		17,337		802,530
Rush Enterprises, Inc. - Class B*		4,880		212,866
ScanSource, Inc.*		9,300		405,945
Scientific Games Corp. - Class A*		13,200		605,220
Shoe Carnival, Inc.1		9,200		205,896
Skechers U.S.A., Inc. - Class A*		3,910		98,102
Skyline Corp.*		3,400		41,106
SkyWest, Inc.		30,980		1,360,022
Sonic Automotive, Inc. - Class A		17,200		350,880
Spartan Motors, Inc.		14,327		158,313
Speedway Motorsports, Inc.		16,619		353,985
Standard Motor Products, Inc.		1,700		82,025
Steelcase, Inc. - Class A		4,280		65,912
Steven Madden Ltd.*		6,900		298,770
Strattec Security Corp.		3,792		155,093
Superior Industries International, Inc.		13,300		221,445
Superior Uniform Group, Inc.		3,554		81,387
Systemax, Inc.		2,300		60,789
Tailored Brands, Inc.		5,300		76,532
Taylor Morrison Home Corp. - Class A*		16,300		359,415
Tilly's, Inc. - Class A		14,990		179,730
Titan International, Inc.1		12,050		122,308
Titan Machinery, Inc.*		7,647		118,758
Toro Co.		3,600		223,416
Tower International, Inc.		6,700		182,240
TravelCenters of America LLC*		14,800		62,900
TRI Pointe Group, Inc.*		9,500		131,195
Triton International Ltd./Bermuda		10,400		346,112
Tuesday Morning Corp.*1		27,500		88,000
Unifi, Inc.*		5,497		195,858
UniFirst Corp.		3,900		590,850
Universal Electronics, Inc.*		1,200		76,080
Urban Outfitters, Inc.*		11,900		284,410
Vail Resorts, Inc.		900		205,308
Vista Outdoor, Inc.*		18,300		419,802
Visteon Corp.*		1,100		136,147
VOXX International Corp.*		6,900		58,995
Wabash National Corp.1		12,700		289,814
Wendy's Co.		34,100		529,573
WESCO International, Inc.*		5,650		329,112
William Lyon Homes - Class A*1		9,100		209,209

See accompanying Notes to Financial Statements.

6

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Winnebago Industries, Inc.		1,000	$	44,750
Wolverine World Wide, Inc.		12,200		351,970
Zumiez, Inc.*		9,300		168,330
				43,082,141
CONSUMER, NON-CYCLICAL – 12.5%
AAC Holdings, Inc.*1		4,324		42,937
Aaron's, Inc.		15,700		684,991
ABM Industries, Inc.		7,550		314,910
ACCO Brands Corp.*		54,600		649,740
Acorda Therapeutics, Inc.*		12,500		295,625
Addus HomeCare Corp.*		2,000		70,600
Adtalem Global Education, Inc.		14,100		505,485
Agenus, Inc.*1		14,200		62,622
Alico, Inc.		1,900		64,885
Almost Family, Inc.*		2,100		112,770
AMAG Pharmaceuticals, Inc.*1		10,700		197,415
American Public Education, Inc.*		4,600		96,830
Analogic Corp.		2,100		175,875
Andersons, Inc.		10,400		356,200
AngioDynamics, Inc.*		9,700		165,773
Anika Therapeutics, Inc.*		800		46,400
Aralez Pharmaceuticals, Inc.*		21,700		49,693
ARC Document Solutions, Inc.*		10,800		44,172
Array BioPharma, Inc.*1		6,800		83,640
Arrowhead Pharmaceuticals, Inc.*1		27,700		119,941
Ascent Capital Group, Inc. - Class A*		7,100		92,584
Assembly Biosciences, Inc.*		5,023		175,403
Barrett Business Services, Inc.		1,700		96,101
Bovie Medical Corp.*		14,700		49,686
Brookdale Senior Living, Inc.*		17,400		184,440
CAI International, Inc.*		13,500		409,320
Cambium Learning Group, Inc.*		7,000		46,410
Career Education Corp.*		15,506		161,107
Carriage Services, Inc.		4,900		125,440
CBIZ, Inc.*		14,300		232,375
Celldex Therapeutics, Inc.*		35,800		102,388
Central Garden & Pet Co. - Class A*		31,370		1,166,650
Chemed Corp.		1,000		202,050
Chiasma, Inc.*		18,400		46,920
Chimerix, Inc.*		10,500		55,125
Civeo Corp.*		58,400		166,440
Community Health Systems, Inc.*1		18,500		142,080
CONMED Corp.		10,700		561,429
CorVel Corp.*		3,300		179,520
CRA International, Inc.		5,800		238,090
Cross Country Healthcare, Inc.*		2,800		39,844
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
CSS Industries, Inc.		7,200		207,504
Cutera, Inc.*		4,300		177,805
Darling Ingredients, Inc.*		53,300		933,816
Dimension Therapeutics, Inc.*		15,948		95,688
Diplomat Pharmacy, Inc.*		15,200		314,792
Dynavax Technologies Corp.*		15,300		328,950
Enanta Pharmaceuticals, Inc.*		4,400		205,920
Endo International PLC*		29,800		255,237
Ennis, Inc.		12,100		237,765
Ensign Group, Inc.1		5,340		120,631
Entellus Medical, Inc.*1		5,100		94,146
Epizyme, Inc.*		3,300		62,865
Esperion Therapeutics, Inc.*1		4,400		220,528
Everi Holdings, Inc.*		17,000		129,030
Exactech, Inc.*		4,900		161,455
Exelixis, Inc.*		12,350		299,241
FONAR Corp.*		1,900		57,950
Franklin Covey Co.*		3,700		75,110
Fresh Del Monte Produce, Inc.		25,000		1,136,500
FTI Consulting, Inc.*		12,200		432,856
Grand Canyon Education, Inc.*		2,700		245,214
Great Lakes Dredge & Dock Corp.*		43,100		209,035
Green Dot Corp. - Class A*		14,100		699,078
Halyard Health, Inc.*		1,900		85,557
Harvard Bioscience, Inc.*		13,900		52,125
HealthEquity, Inc.*		1,600		80,928
Heidrick & Struggles International, Inc.		6,600		139,590
Hertz Global Holdings, Inc.*1		34,900		780,364
Huron Consulting Group, Inc.*		1,800		61,740
ICF International, Inc.*		8,798		474,652
ICU Medical, Inc.*		1,600		297,360
Ignyta, Inc.*		9,400		116,090
Immunomedics, Inc.*		11,400		159,372
Impax Laboratories, Inc.*		21,200		430,360
Ingles Markets, Inc. - Class A		6,450		165,765
Innoviva, Inc.*1		12,300		173,676
Inogen, Inc.*		1,400		133,140
Inotek Pharmaceuticals Corp.*1		39,800		70,844
Insmed, Inc.*		1,900		59,299
Insperity, Inc.		2,950		259,600
Integer Holdings Corp.*		11,560		591,294
Inter Parfums, Inc.		2,800		115,500
Invacare Corp.1		11,200		176,400
John B Sanfilippo & Son, Inc.		3,168		213,238
Juno Therapeutics, Inc.*		4,200		188,412
K12, Inc.*		16,250		289,900
Karyopharm Therapeutics, Inc.*		5,300		58,194

See accompanying Notes to Financial Statements.

7

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Kelly Services, Inc. - Class A		10,000	$	250,900
Korn/Ferry International		9,020		355,659
Landauer, Inc.		1,300		87,490
Lantheus Holdings, Inc.*		7,200		128,160
LendingTree, Inc.*1		1,900		464,455
LHC Group, Inc.*		6,600		468,072
LifePoint Health, Inc.*		9,400		544,260
LSC Communications, Inc.		1,637		27,027
MacroGenics, Inc.*		3,000		55,440
Magellan Health, Inc.*		10,100		871,630
Matthews International Corp. - Class A		2,130		132,593
McGrath RentCorp		8,035		351,531
Merit Medical Systems, Inc.*		11,500		487,025
Merrimack Pharmaceuticals, Inc.1		5,000		72,700
MGP Ingredients, Inc.1		3,446		208,931
Molina Healthcare, Inc.*		5,500		378,180
Momenta Pharmaceuticals, Inc.*		9,700		179,450
MoneyGram International, Inc.*		15,900		256,149
Myriad Genetics, Inc.*		25,400		918,972
National HealthCare Corp.		2,800		175,196
Natural Alternatives International, Inc.*		5,100		54,315
Nature's Sunshine Products, Inc.		4,800		48,720
Navigant Consulting, Inc.*		13,900		235,188
Neff Corp. - Class A*		5,300		132,500
Omega Protein Corp.1		12,317		205,078
On Assignment, Inc.*		1,000		53,680
OraSure Technologies, Inc.*		8,200		184,500
Pacific Biosciences of California, Inc.*		10,500		55,125
PDL BioPharma, Inc.*		72,300		245,097
PharMerica Corp.*		13,600		398,480
Post Holdings, Inc.*1		3,850		339,839
Prestige Brands Holdings, Inc.*		2,510		125,726
Prothena Corp. PLC*1		900		58,293
PTC Therapeutics, Inc.*		5,800		116,058
Quad/Graphics, Inc.		12,725		287,712
Quorum Health Corp.*		15,700		81,326
RadNet, Inc.*		22,069		254,897
REGENXBIO, Inc.*		3,200		105,440
RPX Corp.*		35,200		467,456
RTI Surgical, Inc.*		14,800		67,340
Sanderson Farms, Inc.		4,450		718,764
SciClone Pharmaceuticals, Inc.*		13,532		151,558
Seaboard Corp.		64		288,320
SEACOR Marine Holdings, Inc.*		10,912		170,664
Select Medical Holdings Corp.*		48,949		939,821
Seneca Foods Corp. - Class A*		3,700		127,650
Smart & Final Stores, Inc.*		6,400		50,240
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Snyder's-Lance, Inc.		7,700		293,678
Sotheby's*		3,300		152,163
SP Plus Corp.*		2,400		94,800
SpartanNash Co.		20,600		543,222
Spectrum Pharmaceuticals, Inc.*		24,500		344,715
Strayer Education, Inc.		850		74,180
T2 Biosystems, Inc.*1		13,800		57,960
Textainer Group Holdings Ltd.*1		11,600		198,940
Tivity Health, Inc.*1		10,000		408,000
Trevena, Inc.*		10,800		27,540
TriNet Group, Inc.*		8,000		268,960
Triple-S Management Corp. - Class B*		10,500		248,640
United Natural Foods, Inc.*		15,400		640,486
Universal Corp.		4,010		229,773
Vectrus, Inc.*		1,500		46,260
Viad Corp.		7,500		456,750
Vital Therapies, Inc.*		16,100		81,305
Voyager Therapeutics, Inc.*		6,800		140,012
Weight Watchers International, Inc.*1		5,200		226,460
Weis Markets, Inc.		4,652		202,362
WellCare Health Plans, Inc.*		600		103,044
Willdan Group, Inc.*		1,600		51,936
				37,757,215
ENERGY – 6.7%
Adams Resources & Energy, Inc.		2,975		123,462
Andeavor		4,002		412,806
Archrock, Inc.		48,500		608,675
Atwood Oceanics, Inc.*1		46,600		437,574
Bill Barrett Corp.*		47,900		205,491
Bristow Group, Inc.1		22,300		208,505
California Resources Corp.*1		14,200		148,532
Callon Petroleum Co.*		34,900		392,276
CARBO Ceramics, Inc.*1		7,400		63,862
Clean Energy Fuels Corp.*		26,500		65,720
CONSOL Energy, Inc.*		6,600		111,804
Delek U.S. Holdings, Inc.		44,838		1,198,520
Denbury Resources, Inc.*		75,200		100,768
Diamond Offshore Drilling, Inc.*1		18,500		268,250
Dril-Quip, Inc.*		2,100		92,715
Eclipse Resources Corp.*		17,100		42,750
Ensco PLC - Class A1		61,300		365,961
Era Group, Inc.*		12,100		135,399
Exterran Corp.*		8,900		281,329
First Solar, Inc.*		3,900		178,932
Forum Energy Technologies, Inc.*		18,507		294,261
FuelCell Energy, Inc.*1		21,200		37,100
FutureFuel Corp.		10,400		163,696

See accompanying Notes to Financial Statements.

8

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
ENERGY (Continued)
Geospace Technologies Corp.*		4,300	$	76,626
Green Plains, Inc.		19,700		396,955
Gulf Island Fabrication, Inc.1		5,500		69,850
Hallador Energy Co.		5,300		30,316
Helix Energy Solutions Group, Inc.*		35,700		263,823
Jones Energy, Inc. - Class A*		23,700		45,504
Matador Resources Co.*1		15,900		431,685
Matrix Service Co.*		14,300		217,360
McDermott International, Inc.*		125,140		909,768
MRC Global, Inc.*		24,400		426,756
Murphy USA, Inc.*		2,300		158,700
Nabors Industries Ltd.		39,000		314,730
Natural Gas Services Group, Inc.*		10,341		293,684
Newpark Resources, Inc.*		32,400		324,000
Noble Corp. plc*1		73,400		337,640
Noble Energy, Inc.		9,210		261,196
Oasis Petroleum, Inc.*		73,100		666,672
Oceaneering International, Inc.		9,800		257,446
Oil States International, Inc.*		7,500		190,125
Pacific Ethanol, Inc.*		20,700		114,885
Parsley Energy, Inc. - Class A*		4,000		105,360
Patterson-UTI Energy, Inc.		35,500		743,370
PBF Energy, Inc. - Class A1		35,700		985,677
PDC Energy, Inc.*		15,900		779,577
Pioneer Energy Services Corp.*		45,800		116,790
Plug Power, Inc.*1		27,100		70,731
Renewable Energy Group, Inc.*1		18,400		223,560
REX American Resources Corp.*1		5,218		489,605
Rice Energy, Inc.*		5,000		144,700
Ring Energy, Inc.*		9,300		134,757
Rowan Cos. Plc - Class A*		42,800		549,980
RPC, Inc.1		20,900		518,111
RSP Permian, Inc.*		14,550		503,284
SEACOR Holdings, Inc.*		9,354		431,313
SemGroup Corp. - Class A1		12,800		368,000
Stone Energy Corp.*1		5,500		159,830
SunCoke Energy, Inc.*		34,600		316,244
Superior Energy Services, Inc.*		13,600		145,248
TETRA Technologies, Inc.*		44,800		128,128
Transocean Ltd.*		39,800		428,248
Unit Corp.*		23,000		473,340
W&T Offshore, Inc.*		19,900		60,695
Willbros Group, Inc.*		23,807		76,659
WPX Energy, Inc.*		38,050		437,575
				20,116,891
COMMON STOCKS (Continued)
FINANCIAL – 27.0%
1st Source Corp.		10,812		549,250
Access National Corp.		1,702		48,779
ACNB Corp.		2,100		58,170
Air Lease Corp.		12,700		541,274
Aircastle Ltd.		19,560		435,992
Alexander & Baldwin, Inc.		3,900		180,687
Allegiance Bancshares, Inc.*		800		29,440
Ambac Financial Group, Inc.*		11,800		203,668
American Equity Investment Life Holding Co.		44,890		1,305,401
American National Bankshares, Inc.		1,366		56,279
American National Insurance Co.		1,900		224,352
American River Bankshares		1,300		18,239
Ameris Bancorp1		6,300		302,400
AMERISAFE, Inc.		6,688		389,242
AmeriServ Financial, Inc.		6,700		26,800
Ames National Corp.		500		14,925
Argo Group International Holdings Ltd.		8,794		540,831
Arrow Financial Corp.		1,435		49,292
Artisan Partners Asset Management, Inc. - Class A		6,700		218,420
Aspen Insurance Holdings Ltd.		5,060		204,424
Associated Banc-Corp		9,400		227,950
Astoria Financial Corp.		37,700		810,550
Atlantic Coast Financial Corp.*		3,000		26,430
Atlas Financial Holdings, Inc.*		2,500		47,250
Baldwin & Lyons, Inc. - Class B		7,000		157,850
BancFirst Corp.		2,384		135,292
Bancorp, Inc.*		18,300		151,341
BancorpSouth, Inc.		14,500		464,725
Bank Mutual Corp.		11,501		116,735
Bank of Commerce Holdings		5,400		62,100
Bank of Hawaii Corp.		1,700		141,712
Bank of Marin Bancorp		1,055		72,267
BankFinancial Corp.		9,450		150,160
Bankwell Financial Group, Inc.		1,600		59,104
Banner Corp.		3,110		190,581
Bar Harbor Bankshares		5,854		183,581
Bear State Financial, Inc.1		4,900		50,274
Beneficial Bancorp, Inc.		8,600		142,760
Berkshire Hills Bancorp, Inc.		9,036		350,145
BOK Financial Corp.		4,200		374,136
Boston Private Financial Holdings, Inc.		11,900		196,945
Bridge Bancorp, Inc.		2,300		78,085
Brookline Bancorp, Inc.		25,600		396,800
Bryn Mawr Bank Corp.		477		20,893
C&F Financial Corp.		500		27,500

See accompanying Notes to Financial Statements.

9

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Camden National Corp.		4,271	$	186,386
Canadian Imperial Bank of Commerce		6,492		568,180
Capital Bank Financial Corp. - Class A		6,722		275,938
Capital City Bank Group, Inc.		3,545		85,115
Capitol Federal Financial, Inc.		29,900		439,530
Carolina Financial Corp.		3,600		129,168
Cass Information Systems, Inc.		1,400		88,816
Cathay General Bancorp		18,000		723,600
CenterState Bank Corp.		8,200		219,760
Central Pacific Financial Corp.		3,000		96,540
Central Valley Community Bancorp		7,760		173,048
Century Bancorp, Inc. - Class A		815		65,282
Charter Financial Corp.		2,700		50,031
Chemical Financial Corp.		11,490		600,467
Citizens & Northern Corp.		700		17,192
City Holding Co.1		3,499		251,613
Civista Bancshares, Inc.		5,240		117,062
Clifton Bancorp, Inc.		6,400		107,008
CNB Financial Corp.		4,430		121,028
CNO Financial Group, Inc.		54,580		1,273,897
CoBiz Financial, Inc.		4,300		84,452
Codorus Valley Bancorp, Inc.		1,118		34,334
Colony Bankcorp, Inc.		3,800		50,920
Columbia Banking System, Inc.		13,600		572,696
Community Bank System, Inc.		4,872		269,178
Community Bankers Trust Corp.*1		3,286		30,231
Community Financial Corp.1		900		31,833
Community Trust Bancorp, Inc.		680		31,620
ConnectOne Bancorp, Inc.		3,800		93,480
Consumer Portfolio Services, Inc.*		14,700		67,032
County Bancorp, Inc.		1,800		54,090
Cowen, Inc.*		6,650		118,370
Crawford & Co. - Class B		8,300		99,268
CU Bancorp*		2,352		91,199
Customers Bancorp, Inc.*		6,050		197,351
CVB Financial Corp.		16,200		391,554
Dime Community Bancshares, Inc.		4,900		105,350
Donegal Group, Inc. - Class A		5,031		81,150
Eagle Bancorp, Inc.*		2,137		143,286
eHealth, Inc.*		4,650		111,088
EMC Insurance Group, Inc.		7,749		218,134
Employers Holdings, Inc.		18,200		827,190
Encore Capital Group, Inc.*1		6,800		301,240
Enova International, Inc.*		10,200		137,190
Enstar Group Ltd.*		2,500		555,875
Enterprise Bancorp, Inc.		4,500		163,395
Enterprise Financial Services Corp.		3,100		131,285
COMMON STOCKS (Continued)
FINANCIAL (Continued)
ESSA Bancorp, Inc.		11,128		174,710
Evans Bancorp, Inc.		2,900		125,280
Farmers Capital Bank Corp.		2,000		84,100
Farmers National Banc Corp.1		5,600		84,280
FBL Financial Group, Inc. - Class A		14,400		1,072,800
Federal Agricultural Mortgage Corp. - Class C		7,808		567,954
Fidelity & Guaranty Life1		3,310		102,775
Fidelity Southern Corp.		9,107		215,289
Financial Institutions, Inc.		3,930		113,184
First American Financial Corp.		7,460		372,776
First Bancorp, Inc.		3,070		93,052
First BanCorp/Puerto Rico*		48,800		249,856
First Bancorp/Southern Pines NC		5,900		203,019
First Bancshares, Inc.1		1,086		32,743
First Bank/Hamilton NJ		1,300		17,290
First Busey Corp.		14,229		446,221
First Business Financial Services, Inc.		1,212		27,573
First Citizens BancShares, Inc. - Class A		1,100		411,279
First Commonwealth Financial Corp.		33,960		479,855
First Community Bancshares, Inc.		3,700		107,707
First Defiance Financial Corp.		7,850		412,046
First Financial Bancorp		12,900		337,335
First Financial Bankshares, Inc.1		5,900		266,680
First Financial Corp.		3,081		146,656
First Financial Northwest, Inc.		5,400		91,746
First Horizon National Corp.		13,000		248,950
First Internet Bancorp		1,900		61,370
First Interstate BancSystem, Inc. - Class A		7,926		303,169
First Merchants Corp.		12,605		541,133
First Mid-Illinois Bancshares, Inc.		1,732		66,509
First Midwest Bancorp, Inc.		28,600		669,812
First of Long Island Corp.		5,025		153,011
First United Corp.*		6,300		103,950
Flagstar Bancorp, Inc.*		4,200		149,016
Flushing Financial Corp.		8,900		264,508
FNB Corp.		43,652		612,438
FNFV Group*		17,400		298,410
Forestar Group, Inc.*		8,300		142,760
Franklin Financial Network, Inc.*		2,100		74,865
Fulton Financial Corp.		56,400		1,057,500
GAIN Capital Holdings, Inc.		5,200		33,228
Genworth Financial, Inc. - Class A*		34,500		132,825
German American Bancorp, Inc.		6,387		242,898
Glacier Bancorp, Inc.1		13,400		505,984
Global Indemnity Ltd.*		2,000		84,800
Great Southern Bancorp, Inc.		2,415		134,395

See accompanying Notes to Financial Statements.

10

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Great Western Bancorp, Inc.		4,960	$	204,749
Green Bancorp, Inc.*		12,500		295,625
Greenlight Capital Re Ltd. - Class A*		6,900		149,385
Guaranty Bancorp		3,000		83,400
Guaranty Federal Bancshares, Inc.		965		20,661
Hallmark Financial Services, Inc.*		12,699		147,435
Hancock Holding Co.		22,700		1,099,815
Hanmi Financial Corp.		6,200		191,890
Hanover Insurance Group, Inc.		6,900		668,817
HCI Group, Inc.1		4,200		160,650
Heartland Financial USA, Inc.		3,500		172,900
Heritage Commerce Corp.		7,540		107,294
Heritage Financial Corp.		7,070		208,565
Heritage Insurance Holdings, Inc.1		7,400		97,754
HFF, Inc. - Class A		7,200		284,832
Hilltop Holdings, Inc.		18,147		471,822
HMN Financial, Inc.*		1,020		18,207
Home Bancorp, Inc.		3,920		163,934
HomeStreet, Inc.*		4,200		113,400
Hope Bancorp, Inc.		12,217		216,363
Horace Mann Educators Corp.		15,900		625,665
Horizon Bancorp		4,561		133,044
Huntington Bancshares, Inc.		19,336		269,931
IBERIABANK Corp.		9,971		819,118
Independence Holding Co.		6,550		165,387
Independent Bank Corp.		4,889		110,736
Independent Bank Corp./Rockland MA		7,400		552,410
Independent Bank Group, Inc.		3,300		198,990
Infinity Property & Casualty Corp.		6,740		634,908
International Bancshares Corp.		17,700		709,770
INTL. FCStone, Inc.*		3,445		132,012
Investment Technology Group, Inc.		6,775		149,998
Investors Title Co.		1,000		179,070
Janus Henderson Group PLC		15,478		539,254
Kearny Financial Corp.		14,800		227,180
Kemper Corp.		22,330		1,183,490
Lakeland Bancorp, Inc.		13,435		274,074
Lakeland Financial Corp.		6,050		294,756
Legg Mason, Inc.		7,200		283,032
LPL Financial Holdings, Inc.		6,200		319,734
Macatawa Bank Corp.		4,200		43,092
Maiden Holdings Ltd.		37,040		294,468
MainSource Financial Group, Inc.		8,082		289,821
Malvern Bancorp, Inc.*1		2,546		68,106
Marlin Business Services Corp.		7,400		212,750
MB Financial, Inc.		12,543		564,686
MBIA, Inc.*		18,300		159,210
COMMON STOCKS (Continued)
FINANCIAL (Continued)
MBT Financial Corp.		7,000		76,650
Mercantile Bank Corp.		4,830		168,567
Mercury General Corp.		14,100		799,329
Meridian Bancorp, Inc.		6,700		124,955
Meta Financial Group, Inc.		2,600		203,840
MGIC Investment Corp.*		59,400		744,282
MidWestOne Financial Group, Inc.		2,100		70,896
MutualFirst Financial, Inc.		2,626		100,970
National Bankshares, Inc.1		1,700		76,415
National Commerce Corp.*		2,600		111,280
National Western Life Group, Inc. - Class A		1,900		663,100
Nationstar Mortgage Holdings, Inc.*		8,200		152,274
Navigators Group, Inc.		19,666		1,147,511
NBT Bancorp, Inc.		5,400		198,288
Nelnet, Inc. - Class A		6,700		338,350
NewStar Financial, Inc.		8,200		96,268
Nicolet Bankshares, Inc.*		2,265		130,305
NMI Holdings, Inc. - Class A*		29,500		365,800
Northeast Bancorp		2,410		63,022
Northrim BanCorp, Inc.		2,520		88,074
Northwest Bancshares, Inc.		20,108		347,265
OceanFirst Financial Corp.		14,809		407,099
OFG Bancorp1		17,700		161,955
Old Line Bancshares, Inc.		1,300		36,400
Old National Bancorp		33,566		614,258
Old Point Financial Corp.1		861		27,896
Old Second Bancorp, Inc.		14,600		196,370
Opus Bank		2,400		57,600
Oritani Financial Corp.		8,152		136,954
Orrstown Financial Services, Inc.		2,733		68,052
Pacific Premier Bancorp, Inc.*		5,778		218,119
Park National Corp.		2,100		226,779
Park Sterling Corp.		22,389		278,071
Parke Bancorp, Inc.		2,904		64,469
Pathfinder Bancorp, Inc.		1,600		24,272
Peapack Gladstone Financial Corp.		5,295		178,653
Penns Woods Bancorp, Inc.		1,000		46,470
Peoples Bancorp, Inc.		1,800		60,462
PHH Corp.*		10,300		143,479
Pinnacle Financial Partners, Inc.		13,823		925,450
Piper Jaffray Cos.		5,300		314,555
Preferred Bank/Los Angeles CA		7,100		428,485
Premier Financial Bancorp, Inc.		2,530		55,129
Primerica, Inc.		2,200		179,410
ProAssurance Corp.		5,500		300,575
Provident Financial Holdings, Inc.		4,300		84,280
Provident Financial Services, Inc.		14,800		394,716

See accompanying Notes to Financial Statements.

11

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
QCR Holdings, Inc.		2,640	$	120,120
Radian Group, Inc.		11,700		218,673
RE/MAX Holdings, Inc. - Class A		1,500		95,325
Regional Management Corp.*		7,900		191,259
Renasant Corp.		13,203		566,409
Riverview Bancorp, Inc.		12,348		103,723
RLI Corp.		4,200		240,912
S&T Bancorp, Inc.		10,016		396,433
Safety Insurance Group, Inc.		6,550		499,765
Sandy Spring Bancorp, Inc.		4,031		167,045
Seacoast Banking Corp. of Florida*		7,875		188,134
Security National Financial Corp. - Class A*		6,442		32,854
Selective Insurance Group, Inc.		33,593		1,808,983
ServisFirst Bancshares, Inc.1		4,000		155,400
Shore Bancshares, Inc.		3,600		59,940
SI Financial Group, Inc.		3,700		55,315
Sierra Bancorp		7,700		209,055
Simmons First National Corp. - Class A		4,052		234,611
SLM Corp.*		10,600		121,582
South State Corp.		2,755		248,088
Southern First Bancshares, Inc.*		2,000		72,700
Southern National Bancorp of Virginia, Inc.1		3,504		59,533
Southside Bancshares, Inc.		7,666		278,736
Southwest Bancorp, Inc.		6,100		168,055
St. Joe Co.*		6,200		116,870
State Auto Financial Corp.		15,545		407,745
State Bank Financial Corp.		9,400		269,310
State National Cos., Inc.		9,750		204,652
Sterling Bancorp		39,009		961,572
Stewart Information Services Corp.		7,280		274,893
Stifel Financial Corp.		9,300		497,178
Stock Yards Bancorp, Inc.		4,450		169,100
Summit Financial Group, Inc.		4,001		102,666
Sutherland Asset Management Corp.		5,600		87,920
Synovus Financial Corp.		8,828		406,618
TCF Financial Corp.		3,900		66,456
Texas Capital Bancshares, Inc.*		3,800		326,040
Third Point Reinsurance Ltd.*		18,000		280,800
Timberland Bancorp, Inc.		4,878		152,877
Tiptree, Inc.		8,100		50,625
Tompkins Financial Corp.		2,729		235,076
Towne Bank/Portsmouth VA1		7,392		247,632
TriCo Bancshares		4,525		184,394
TriState Capital Holdings, Inc.*		6,900		158,010
Triumph Bancorp, Inc.*		5,400		174,150
TrustCo Bank Corp. NY		19,200		170,880
Trustmark Corp.		20,750		687,240
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Two River Bancorp1		1,890		37,460
Umpqua Holdings Corp.		50,724		989,625
Union Bankshares Corp.		11,809		416,858
United Bankshares, Inc.1		4,341		161,268
United Community Bancorp		995		19,154
United Community Banks, Inc.		16,200		462,348
United Community Financial Corp.		40,760		391,296
United Financial Bancorp, Inc.		7,289		133,316
United Fire Group, Inc.		17,370		795,893
United Insurance Holdings Corp.		3,006		48,998
United Security Bancshares/Fresno CA		8,200		77,900
Unity Bancorp, Inc.		3,303		65,399
Universal Insurance Holdings, Inc.1		13,760		316,480
Univest Corp. of Pennsylvania		13,530		432,960
Validus Holdings Ltd.		7,900		388,759
Valley National Bancorp		5,191		62,552
Veritex Holdings, Inc.*		8,900		239,944
Virtus Investment Partners, Inc.		1,100		127,655
Waddell & Reed Financial, Inc. - Class A1		14,400		289,008
Walker & Dunlop, Inc.*		9,600		502,368
Washington Federal, Inc.		28,200		948,930
Washington Trust Bancorp, Inc.		1,900		108,775
Waterstone Financial, Inc.		8,924		174,018
Webster Financial Corp.		10,840		569,642
WesBanco, Inc.		11,343		465,290
West Bancorporation, Inc.		2,220		54,168
Westamerica Bancorporation1		4,300		256,022
Western New England Bancorp, Inc.		13,581		148,033
Wintrust Financial Corp.		12,300		963,213
World Acceptance Corp.*1		2,500		207,225
WSFS Financial Corp.		7,159		349,001
Xenith Bankshares, Inc.*		3,120		101,400
				81,573,121
INDUSTRIAL – 20.0%
AAON, Inc.		9,400		324,065
AAR Corp.		18,300		691,374
Actuant Corp. - Class A		4,900		125,440
Advanced Emissions Solutions, Inc.1		4,000		43,880
Advanced Energy Industries, Inc.*		4,100		331,116
Aegion Corp.*		7,989		185,984
Aerovironment, Inc.*		4,500		243,540
Air Transport Services Group, Inc.*		45,900		1,117,206
Alamo Group, Inc.		5,500		590,535
Albany International Corp. - Class A		3,600		206,640
Allied Motion Technologies, Inc.		4,006		101,512
American Railcar Industries, Inc.1		2,600		100,360
Ampco-Pittsburgh Corp.		2,800		48,720

See accompanying Notes to Financial Statements.

12

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Applied Optoelectronics, Inc.*1		2,200	$	142,274
ArcBest Corp.		7,100		237,495
Ardmore Shipping Corp.*1		13,600		112,200
Argan, Inc.		3,600		242,100
Arotech Corp.*		10,300		43,260
Astec Industries, Inc.		4,397		246,276
Atlas Air Worldwide Holdings, Inc.*		17,050		1,121,890
AVX Corp.		10,700		195,061
Ballantyne Strong, Inc.*		3,565		21,747
Barnes Group, Inc.		13,600		957,984
Bel Fuse, Inc. - Class B		2,780		86,736
Belden, Inc.		2,700		217,431
Benchmark Electronics, Inc.*		23,800		812,770
Berry Global Group, Inc.*		2,920		165,418
Brady Corp. - Class A		5,300		201,135
Briggs & Stratton Corp.		20,700		486,450
BWX Technologies, Inc.		6,800		380,936
Casella Waste Systems, Inc. - Class A*		11,100		208,680
CECO Environmental Corp.		8,800		74,448
Celadon Group, Inc.1		19,700		132,975
Chart Industries, Inc.*		9,200		360,916
Chase Corp.		1,700		189,380
Chicago Bridge & Iron Co. N.V.1		11,100		186,480
Coherent, Inc.*		5,789		1,361,399
Colfax Corp.*		3,200		133,248
Columbus McKinnon Corp.		7,600		287,812
Comfort Systems USA, Inc.		3,000		107,100
Control4 Corp.*		7,700		226,842
Core Molding Technologies, Inc.		4,700		103,118
Covenant Transportation Group, Inc. - Class A*		6,542		189,587
Cree, Inc.*		3,800		107,122
CTS Corp.		5,600		134,960
Cubic Corp.		4,900		249,900
Curtiss-Wright Corp.		11,600		1,212,664
DHT Holdings, Inc.		28,600		113,828
Dorian LPG Ltd.*		7,000		47,740
Ducommun, Inc.*		8,022		257,105
Dycom Industries, Inc.*		1,100		94,468
Eastern Co.		2,500		71,750
Echo Global Logistics, Inc.*		8,400		158,340
Electro Scientific Industries, Inc.*		13,150		183,048
EMCOR Group, Inc.		6,700		464,846
Encore Wire Corp.		8,300		371,633
EnPro Industries, Inc.		1,700		136,901
ESCO Technologies, Inc.		2,900		173,855
Esterline Technologies Corp.*		10,540		950,181
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Fabrinet*		4,300		159,358
Federal Signal Corp.		21,000		446,880
Fluidigm Corp.*		15,600		78,624
FreightCar America, Inc.		11,400		222,984
GasLog Ltd.1		13,700		239,065
GATX Corp.1		18,640		1,147,478
Gencor Industries, Inc.*		7,200		127,080
Generac Holdings, Inc.*		3,900		179,127
General Cable Corp.		21,600		407,160
General Finance Corp.*		10,700		54,035
Gibraltar Industries, Inc.*		16,950		527,993
Global Brass & Copper Holdings, Inc.		2,200		74,360
Golar LNG Ltd.1		12,500		282,625
Goldfield Corp.*		21,900		137,970
Granite Construction, Inc.		9,850		570,808
Greenbrier Cos., Inc.1		13,500		650,025
Greif, Inc. - Class A		8,900		521,006
Griffon Corp.		22,230		493,506
Handy & Harman Ltd.*		1,544		50,257
Hardinge, Inc.		9,900		151,173
Harsco Corp.*		24,300		507,870
Heartland Express, Inc.		10,200		255,816
Heritage-Crystal Clean, Inc.*		5,800		126,150
Hornbeck Offshore Services, Inc.*1		27,000		109,080
Hub Group, Inc. - Class A*		8,100		347,895
Hurco Cos., Inc.		4,902		203,923
Hyster-Yale Materials Handling, Inc.		4,080		311,875
IES Holdings, Inc.*		16,500		285,450
II-VI, Inc.*		18,870		776,500
Itron, Inc.*		5,900		456,955
John Bean Technologies Corp.		1,700		171,870
Kadant, Inc.		6,990		688,864
Kaman Corp.		2,000		111,560
KapStone Paper and Packaging Corp.1		11,100		238,539
KBR, Inc.		23,500		420,180
KEMET Corp.*		11,900		251,447
Kennametal, Inc.		18,000		726,120
Kimball Electronics, Inc.*		16,200		350,730
Kirby Corp.*1		1,600		105,520
KLX, Inc.*		9,200		486,956
Knight-Swift Transportation Holdings, Inc.*		8,400		349,020
Kratos Defense & Security Solutions, Inc.*		21,900		286,452
Lawson Products, Inc.*		1,646		41,479
Layne Christensen Co.*		6,500		81,575
LB Foster Co. - Class A		7,400		168,350
Littelfuse, Inc.		600		117,528
Louisiana-Pacific Corp.*		26,560		719,245

See accompanying Notes to Financial Statements.

13

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
LSB Industries, Inc.*1		7,700	$	61,138
Lydall, Inc.*		7,338		420,467
Manitowoc Co., Inc.*		22,800		205,200
Marten Transport Ltd.		27,000		554,850
MasTec, Inc.*		16,444		763,002
Methode Electronics, Inc.		2,730		115,616
Milacron Holdings Corp.*		1,900		32,034
Moog, Inc. - Class A*		5,600		467,208
MSA Safety, Inc.		2,400		190,824
Mueller Industries, Inc.		2,100		73,395
Mueller Water Products, Inc. - Class A		6,901		88,333
Multi-Color Corp.		5,238		429,254
Myers Industries, Inc.		4,500		94,275
MYR Group, Inc.*		5,100		148,614
National Presto Industries, Inc.		600		63,870
NL Industries, Inc.*		7,700		70,455
NN, Inc.		9,400		272,600
Nordson Corp.		1,700		201,450
Northwest Pipe Co.*		3,100		58,962
Novanta, Inc.*		5,350		233,260
Olympic Steel, Inc.		6,300		138,600
Orion Group Holdings, Inc.*		9,300		61,008
Oshkosh Corp.		1,900		156,826
Owens-Illinois, Inc.*		6,000		150,960
PAM Transportation Services, Inc.*		6,706		160,475
Park Electrochemical Corp.		4,700		86,950
Park-Ohio Holdings Corp.		4,700		214,320
Patrick Industries, Inc.*		1,460		122,786
Plexus Corp.*		5,800		325,264
Powell Industries, Inc.		2,600		77,974
Primoris Services Corp.		9,600		282,432
Quanex Building Products Corp.		9,000		206,550
Radiant Logistics, Inc.*		25,300		134,343
Raven Industries, Inc.		3,100		100,440
Regal Beloit Corp.1		5,900		466,100
Rexnord Corp.*		8,800		223,608
Roadrunner Transportation Systems, Inc.*		11,900		113,407
Rogers Corp.*		3,500		466,480
Saia, Inc.*		10,800		676,620
Sanmina Corp.*		44,190		1,641,658
Scorpio Tankers, Inc.		70,110		240,477
Ship Finance International Ltd.1		15,765		228,593
SigmaTron International, Inc.*		3,300		27,654
SPX Corp.*		7,900		231,786
Standex International Corp.		500		53,100
Sterling Construction Co., Inc.*		5,600		85,288
Stoneridge, Inc.*		6,400		126,784
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Summit Materials, Inc. - Class A*		15,013		480,866
Synalloy Corp.*		7,400		92,500
SYNNEX Corp.		15,200		1,922,952
Tech Data Corp.*		9,925		881,836
Teekay Corp.1		14,600		130,378
Teekay Tankers Ltd. - Class A1		39,000		63,180
Teledyne Technologies, Inc.*		5,000		795,900
Terex Corp.		25,100		1,130,002
Tetra Tech, Inc.		11,850		551,618
TimkenSteel Corp.*		19,000		313,500
TopBuild Corp.*		13,100		853,727
Transcat, Inc.*		5,141		70,175
Tredegar Corp.		10,592		190,656
Trex Co., Inc.*		6,000		540,420
TriMas Corp.*		8,300		224,100
Trinseo S.A.		9,600		644,160
Triumph Group, Inc.		6,100		181,475
TTM Technologies, Inc.*		52,444		806,064
Tutor Perini Corp.*		23,500		667,400
U.S. Ecology, Inc.		2,700		145,260
Universal Forest Products, Inc.		7,350		721,476
USA Truck, Inc.*		8,400		118,020
Vishay Intertechnology, Inc.		44,450		835,660
Vishay Precision Group, Inc.*		13,900		339,160
VSE Corp.		5,600		318,416
Watts Water Technologies, Inc. - Class A		3,400		235,280
Werner Enterprises, Inc.		12,400		453,220
Willis Lease Finance Corp.*		3,500		86,065
Worthington Industries, Inc.		1,400		64,400
XPO Logistics, Inc.*		17,612		1,193,741
YRC Worldwide, Inc.*1		4,700		64,860
ZAGG, Inc.*		26,260		413,595
Zebra Technologies Corp. - Class A*		1,800		195,444
				60,361,120
TECHNOLOGY – 7.4%
Actua Corp.*		11,600		177,480
Acxiom Corp.*		6,200		152,768
Advanced Micro Devices, Inc.*1		93,700		1,194,675
Agilysys, Inc.*		4,700		56,165
Alpha & Omega Semiconductor Ltd.*		20,050		330,624
Amkor Technology, Inc.*		58,300		615,065
Amtech Systems, Inc.*		6,900		82,662
Axcelis Technologies, Inc.*		4,525		123,759
AXT, Inc.*		14,450		132,218
Brooks Automation, Inc.		31,000		941,160
Cabot Microelectronics Corp.		4,900		391,657
CACI International, Inc. - Class A*		13,600		1,895,160

See accompanying Notes to Financial Statements.

14

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
COMMON STOCKS (Continued)
TECHNOLOGY (Continued)
Cavium, Inc.*		1,592	$	104,976
CEVA, Inc.*		5,200		222,560
Cirrus Logic, Inc.*		13,100		698,492
Cohu, Inc.		13,994		333,617
Convergys Corp.		27,200		704,208
CSG Systems International, Inc.		1,700		68,170
Cypress Semiconductor Corp.1		54,153		813,378
Digi International, Inc.*		8,400		89,040
Digital Turbine, Inc.*		30,800		46,508
Diodes, Inc.*		11,700		350,181
DMC Global, Inc.1		6,300		106,470
Donnelley Financial Solutions, Inc.*		1,637		35,294
DSP Group, Inc.*1		11,400		148,200
Ebix, Inc.1		14,070		918,067
Engility Holdings, Inc.*		9,706		336,604
Entegris, Inc.*		17,550		506,317
ExlService Holdings, Inc.*		3,410		198,871
ExOne Co.*1		6,000		68,160
FormFactor, Inc.*		35,136		592,042
Glu Mobile, Inc.*		43,300		162,808
GSI Technology, Inc.*		4,700		34,169
InnerWorkings, Inc.*		4,400		49,500
Inovalon Holdings, Inc. - Class A*1		9,300		158,565
Insight Enterprises, Inc.*		15,600		716,352
IXYS Corp.*		15,100		357,870
Key Tronic Corp.*		7,700		55,517
Kulicke & Soffa Industries, Inc.*		35,000		754,950
MagnaChip Semiconductor Corp.*		2,750		31,213
ManTech International Corp. - Class A		13,980		617,217
MaxLinear, Inc.*		5,833		138,534
Mercury Systems, Inc.*		12,400		643,312
MKS Instruments, Inc.		15,600		1,473,420
MTS Systems Corp.		1,600		85,520
NetScout Systems, Inc.*		15,700		507,895
PAR Technology Corp.*		3,200		33,408
pdvWireless, Inc.*1		2,800		83,440
Photronics, Inc.*		41,100		363,735
Pitney Bowes, Inc.		5,000		70,050
QAD, Inc. - Class A		2,200		75,570
Qorvo, Inc.*		3,705		261,869
Rudolph Technologies, Inc.*		6,470		170,161
Sapiens International Corp. N.V.*1		14,900		196,680
Sigma Designs, Inc.*		10,800		68,040
StarTek, Inc.*		5,600		65,800
Stratasys Ltd.*		5,900		136,408
Super Micro Computer, Inc.*		9,218		203,718
Sykes Enterprises, Inc.*		11,797		344,001
COMMON STOCKS (Continued)
TECHNOLOGY (Continued)
Syntel, Inc.		4,500		88,425
Take-Two Interactive Software, Inc.*		2,000		204,460
Teradyne, Inc.		3,200		119,328
Ultra Clean Holdings, Inc.*		14,850		454,707
Veeco Instruments, Inc.*		5,908		126,431
VeriFone Systems, Inc.*		7,600		154,128
Verint Systems, Inc.*		4,300		179,955
Virtusa Corp.*		1,200		45,336
Vocera Communications, Inc.*		2,000		62,740
Xcerra Corp.*		11,800		116,230
Zynga, Inc. - Class A*		117,300		443,394
				22,289,404
UTILITIES – 0.1%
Ameresco, Inc. - Class A*		19,413		151,421
TOTAL COMMON STOCKS
(Cost $202,322,838)				290,307,120

	Principal Amount
CORPORATE BONDS – 0.0%
INDUSTRIAL – 0.0%
Mueller Industries, Inc.
6.00%, 3/1/20272	$	22,000	22,679
TOTAL CORPORATE BONDS
(Cost $22,000)			22,679

	Number of Shares
EXCHANGE-TRADED FUNDS – 1.2%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 3X Shares ETF1		32,125	781,280
SPDR S&P Metals & Mining ETF1		18,388	591,726
SPDR S&P Oil & Gas Equipment & Services ETF1		105,500	1,749,190
SPDR S&P Oil & Gas Exploration & Production ETF1		11,800	402,262
TOTAL EXCHANGE-TRADED FUNDS
(Cost $3,091,029)			3,524,458

See accompanying Notes to Financial Statements.

15

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2017

	Number of Shares		Value
MONEY MARKET INVESTMENTS – 11.2%
Blackrock Liquidity Funds FedFund Portfolio - Class Institutional, 1.01%3, 4		914,210	$	914,210
Federated Treasury Obligations Fund - Class Institutional, 0.86%3		8,891,145		8,891,145
Invesco Government & Agency Portfolio - Class Institutional, 1.02%3, 4		23,980,647		23,980,647
TOTAL MONEY MARKET INVESTMENTS
(Cost $33,786,002)				33,786,002
TOTAL INVESTMENTS – 108.6%
(Cost $239,221,869)				327,640,259
Liabilities less other assets – (8.6)%				(25,879,792	)
TOTAL NET ASSETS – 100.0%			$	301,760,467

PLC – Public Limited Company

* Non-income producing security.

¹ All or a portion of shares are on loan. Total loaned securities had a fair value of $24,050,882 at September 30, 2017.

² Callable.

³ Variable rate security; the rate shown represents the 7-day yield at September 30, 2017.

⁴ Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $24,894,857 at September 30, 2017.

See accompanying Notes to Financial Statements.

16

Vericimetry U.S. Small Cap Value Fund

SUMMARY OF INVESTMENTS
As of September 30, 2017 (Unaudited)

Security Type/Industry	Percent of Total Net Assets
Common Stocks
Banks	14.0%
Insurance	7.4%
Electronics	4.6%
Retail	4.3%
Commercial Services	4.1%
Semiconductors	4.0%
Oil & Gas	3.8%
Savings & Loans	3.1%
Transportation	3.0%
Chemicals	2.6%
Diversified Financial Services	2.3%
Computers	2.2%
Oil & Gas Services	2.0%
Aerospace/Defense	2.0%
Engineering & Construction	2.0%
Food	1.9%
Healthcare-Services	1.8%
Miscellaneous Manufacturing	1.7%
Biotechnology	1.6%
Home Builders	1.5%
Auto Parts & Equipment	1.4%
Building Materials	1.4%
Entertainment	1.4%
Machinery-Diversified	1.3%
Software	1.2%
Healthcare-Products	1.2%
Internet	1.2%
Telecommunications	1.1%
Media	1.1%
Iron/Steel	1.0%
Lodging	1.0%
Apparel	1.0%
Mining	1.0%
Pharmaceuticals	1.0%
Leisure Time	0.9%
Distribution/Wholesale	0.8%
Machinery-Construction & Mining	0.7%
Electrical Components & Equipment	0.7%
Airlines	0.7%
Household Products/Wares	0.7%
Trucking & Leasing	0.6%
Metal Fabricate/Hardware	0.6%
Energy-Alternate Sources	0.6%
Packaging & Containers	0.5%
Hand/Machine Tools	0.5%
Environmental Control	0.4%
Forest Products & Paper	0.3%
Auto Manufacturers	0.3%
Real Estate	0.3%
Home Furnishings	0.2%
Textiles	0.2%
Housewares	0.2%
Agriculture	0.2%
Coal	0.1%
Pipelines	0.1%
Office Furnishings	0.1%
Storage/Warehousing	0.1%
Beverages	0.1%
Electric	0.1%
Cosmetics/Personal Care	0.0%1
REITS	0.0%1
Office/Business Equipment	0.0%1
Total Common Stocks	96.2%
Corporate Bonds
Metal Fabricate/Hardware	0.0%
Total Corporate Bonds	0.0%
Exchange-Traded Funds	1.2%
Money Market Investments	11.2%
Total Investments	108.6%
Liabilities less other assets	(8.6)%
Total Net Assets	100.0%

¹ Resulted in less than 0.05% per industry.

See accompanying Notes to Financial Statements.

17

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

STATEMENT OF ASSETS AND LIABILITIES
September 30, 2017

ASSETS
Investments in securities, at value (cost $239,221,869)	$	327,640,259	(1)
Receivables:
Securities sold		830,604
Fund shares issued		114,986
Dividends and interest		159,516
Securities lending income		22,309
Prepaid expenses and other assets		18,316
Total assets		328,785,990
LIABILITIES
Collateral due to broker for securities loaned		24,894,857
Payables:
Securities purchased		1,807,996
Fund shares redeemed		142,160
Due to Trustees		2,175
Due to Adviser		108,243
Accrued other expenses		70,092
Total liabilities		27,025,523
NET ASSETS	$	301,760,467
COMPONENTS OF NET ASSETS
Paid-in-capital	$	212,329,100
Accumulated undistributed net investment income		166,016
Accumulated undistributed net realized gain on investments		846,961
Net unrealized appreciation on investments		88,418,390
NET ASSETS	$	301,760,467
Shares outstanding no par value (unlimited shares authorized)		15,324,720
Net asset value, offering and redemption price per share	$	19.69

⁽¹⁾ Includes securities on loan of $24,050,882 (see Note 2).

See accompanying Notes to Financial Statements.

18

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

STATEMENT OF OPERATIONS
For the Year Ended September 30, 2017

INVESTMENT INCOME
Income
Dividends (net of foreign withholding taxes of $2,020)	$	3,239,679
Net securities lending income		210,371
Interest		51,633
Total investment income		3,501,683
Expenses
Investment advisory fees		1,408,626
Fund accounting and administration fees and expenses		144,959
Transfer agent fees		104,410
Professional fees		47,058
Registration fees		46,177
Custody fees		41,327
Shareholder reporting fees		31,735
Insurance fees		13,376
Trustees' fees and expenses		8,700
Miscellaneous expenses		3,784
Total expenses		1,850,152
Expenses waived by the Adviser		(159,801	)
Net expenses		1,690,351
Net investment income		1,811,332
Net Realized and Unrealized Gain on Investments
Net realized gain on investments		7,761,265
Net change in unrealized appreciation on investments		39,793,128
Net realized and unrealized gain on investments		47,554,393
Net Increase in Net Assets from Operations	$	49,365,725

See accompanying Notes to Financial Statements.

19

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended September 30, 2017			For the Year Ended September 30, 2016
INCREASE IN NET ASSETS FROM
Operations
Net investment income	$	1,811,332		$	2,092,663
Net realized gain (loss) on investments		7,761,265			(5,666,510	)
Net change in unrealized appreciation on investments		39,793,128			32,373,663
Net increase resulting from operations		49,365,725			28,799,816
Distributions to Shareholders
From net investment income		(1,770,699	)		(1,892,275	)
Net decrease resulting from distributions		(1,770,699	)		(1,892,275	)
Capital Transactions
Proceeds from shares issued		39,098,119			82,306,238
Reinvestment of distributions		1,766,811			1,888,511
Cost of shares redeemed		(47,921,627	)		(39,982,190	)
Net increase (decrease) resulting from capital transactions		(7,056,697	)		44,212,559
Total increase in net assets		40,538,329			71,120,100
Net Assets
Beginning of year		261,222,138			190,102,038
End of year	$	301,760,467		$	261,222,138
Accumulated undistributed net investment income	$	166,016		$	266,897
Capital Share Activity
Shares issued		2,140,587			5,535,531
Shares reinvested		94,262			120,913
Shares redeemed		(2,606,935	)		(2,647,407	)
Net increase (decrease) in capital shares		(372,086	)		3,009,037

See accompanying Notes to Financial Statements.

20

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each year
	For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015			For the Year Ended September 30, 2014			For the Year Ended September 30, 2013
Net asset value, beginning of year	$	16.64		$	14.98		$	15.32		$	14.89		$	11.33
Income from Investment Operations:
Net investment income		0.12			0.14			0.16			0.10			0.16
Net realized and unrealized gain (loss) on investments		3.04			1.65			(0.32	)		0.89			3.70
Total from investment operations		3.16			1.79			(0.16	)		0.99			3.86
Less Distributions:
From net investment income		(0.11	)		(0.13	)		(0.14	)		(0.08	)		(0.16	)
From net realized gain		—			—			(0.04	)		(0.48	)		(0.14	)
Total distributions		(0.11	)		(0.13	)		(0.18	)		(0.56	)		(0.30	)
Net asset value, end of year	$	19.69		$	16.64		$	14.98		$	15.32		$	14.89
Total return		19.06	%		12.01	%		(1.10	%)		6.70	%		34.88	%
Ratios and Supplemental Data
Net assets, end of year (in thousands)	$	301,760		$	261,222		$	190,102		$	161,458		$	103,755
Ratio of expenses to average net assets
Before fees reimbursed by the Adviser		0.66	%		0.68	%		0.69	%		0.72	%		1.17	%
After fees reimbursed by the Adviser		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assets
Before fees reimbursed by the Adviser		0.58	%		0.84	%		0.91	%		0.52	%		0.59	%
After fees reimbursed by the Adviser		0.64	%		0.92	%		1.00	%		0.64	%		1.16	%
Portfolio turnover rate		42	%		39	%		34	%		16	%		24	%

See accompanying Notes to Financial Statements.

21

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS
As of September 30, 2017

1. Organization

Vericimetry Funds (the “Trust”), a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust consists of one diversified series of shares: the Vericimetry U.S. Small Cap Value Fund (the “Fund”). The Fund’s primary investment objective is to achieve long-term capital appreciation. The Fund commenced operations on December 27, 2011.

2. Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board, Accounting Standards Codification Topic 946, Financial Services – Investment Companies including FASB Accounting Standard Update ASU 2013-08.

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses. Actual results may differ from those estimates and disclosure of contingent assets and liabilities.

(a) Investment Valuation – Investments in securities traded on a national securities exchange, including common stocks, exchange-traded funds and rights, are valued at the last reported sales price on the day of valuation. Securities traded on the Nasdaq National Market are valued at the Nasdaq Official Closing Price (“NOCP”). If there is no last reported sale or NOCP, the value of such securities will be at the mean between the most recent quoted bid and ask prices. Debt securities are valued on the basis of bid-side prices. Money market investments are valued at their traded net asset value. Short-term investments may be valued at amortized cost, when it approximates fair value. If amortized cost does not approximate fair value, short-term securities are reported at fair value. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by Vericimetry Advisors LLC (the “Adviser”) under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”).

Under GAAP, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels and described below:

Level 1 – quoted prices 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 to a Level 3 measurement.

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

22

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2017

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 September 30, 2017:

	Level 1		Level 2		Level 3***		Total
Investments in Securities
Common Stocks*
Basic Materials	$	14,908,834	$	—	$	—	$	14,908,834
Communications		10,066,973		—		—		10,066,973
Consumer, Cyclical		43,082,141		—		—		43,082,141
Consumer, Non-Cyclical		37,757,215		—		—		37,757,215
Energy		20,116,891		—		—		20,116,891
Financial		81,430,361		142,760		—		81,573,121
Industrial		60,361,120		—		—		60,361,120
Technology		22,289,404		—		—		22,289,404
Utilities		151,421		—		—		151,421
Corporate Bonds**
Industrial		—		22,679		—		22,679
Exchange-Traded Funds		3,524,458		—		—		3,524,458
Money Market Investments		33,786,002		—		—		33,786,002
Total Investments in Securities	$	327,474,820	$	165,439	$	—	$	327,640,259

* The Fund held a security classified as Level 2 security at period end because this security did not have any trading activity on September 29, 2017, the last business day of the fiscal year and thus did not have a last reported sales price of the day. As a result, this security was valued in accordance with procedures established by and under the general supervision and responsibility of the Board. This Level 2 security which was held on September 30, 2016 was classified as a Level 1 security at that time. The Fund recognizes transfers between levels at the end of the reporting period. The amount of such transfers out of Level 1 and into Level 2 was $142,760.

Certain Level 1 securities at September 30, 2017 which were held at September 30, 2016, were classified as Level 2 securities at September 30, 2016 because they did not have any trading activity on September 30, 2016 and were valued at the mean between the most recent bid and ask prices. The amount of such transfers out of Level 2 into Level 1 at September 30, 2017 was $50,040. There were no other transfers between Levels.

** All corporate bonds held in the Fund are classified as Level 2 securities.

*** There were no Level 3 securities as of September 30, 2017. There were no transfers into or out of Level 3 as of period end.

(b) Investment Transactions, Investment Income and Expenses – Investment transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair market value. Securities gains and losses are calculated based on highest cost, long-term holdings. Interest income is recognized on accrual basis and includes, where applicable, the amortization or accretion of premium or discount over the life of the security. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

(c) Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund. The Fund may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

23

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2017

GAAP requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

GAAP requires management of the Fund to analyze all open tax years (for the Fund, tax years 2014-2017), as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the year ended September 30, 2017, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(d) Distributions to Shareholders – The Fund declares and pays dividends at least annually from net investment income and from net realized gains, if any. Distributions to shareholders are recorded on ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

(e) Securities Lending – The Fund is authorized to lend a portion of its portfolio securities (up to a maximum value of one-third of the Fund’s total asset value) for the purpose of seeking to earn additional income net of fees. The Fund may pay reasonable administrative and custodial fees in connection with the loan. A principal risk in lending portfolio securities, as with other extensions of credit, is the possible loss of rights in the collateral should the borrower fail financially. In addition, the Fund may be exposed to the risk that the sale of any collateral realized will not yield proceeds sufficient to replace the loaned securities. In determining whether to lend securities to a particular borrower, 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. All loans are required to be secured continuously by collateral in cash, cash equivalents (negotiable certificates of deposit, bankers acceptances or letters of credit), or securities of the U.S. Government or its agencies maintained on a current basis at an amount at least equal to 102% of the current value of the securities loaned for domestic U.S. securities, (excluding Government Securities as defined below), and 105% of the current value of foreign equity loaned securities. Securities issued or guaranteed by the United States Government or its federal agencies or instrumentalities (“Government Securities”) may be maintained at 100% of current value. Collateral is received and maintained by the Fund’s securities lending agent concurrent with delivery of the loaned securities and kept in a segregated account or designated on the records of the custodian for the benefit of the Fund. The Fund will have the right to call a loan and obtain the securities loaned at any time on five days’ notice. While securities are on loan, the borrower will pay the Fund any income from the securities. Gain or loss in the value of securities loaned that may occur while the securities are on loan will be for the account of the Fund.

The Fund may invest any cash collateral in portfolio securities and earn additional income or receive an agreed-upon amount of income from a borrower who has delivered equivalent collateral. Any such investment of cash collateral will subject the Fund to the related investment risks. The Fund will not have the right to vote on any securities having voting rights during the existence of the loan. The Fund will have the right to regain record ownership of loaned securities in order to exercise ownership rights such as voting rights, subscription rights and rights to dividends, interest or distributions.

At September 30, 2017, the value of securities loaned by the Fund was $24,050,882 and the Fund received cash collateral of $24,894,857. Securities purchased via reinvestment of cash collateral received as part of the securities lending program consisted of institutional money market funds with overnight and continuous maturities.

(f) Disclosures about Offsetting Assets and Liabilities requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented. Management has evaluated the impact on the financial statement disclosures and determined that there is no effect. As there are no master netting arrangements relating to the Fund’s participation in securities lending, and all amounts related to securities lending are presented gross on the Fund’s Statement of Assets and Liabilities, no additional disclosures have been made on behalf of the Fund. Please reference Note 2(e) for additional disclosures related to securities lending, including collateral related to securities on loan.

24

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2017

3. Investment Advisory and Other Agreements

The Fund has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Adviser receives a fee from the Fund, accrued daily and paid monthly, at an annual rate equal to 0.50% of the Fund’s average daily net assets. However, the Adviser has contractually agreed through an Expense Limitation Agreement to waive its management fee or reimburse the Fund so that its total annual operating expenses (excluding non-operating costs, which includes but is not limited to taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments) do not exceed 0.60% of the Fund’s average daily net assets until January 31, 2018. For the year ended September 30, 2017, the Fund accrued $1,408,626 in advisory fees under the Investment Advisory Agreement.

Under the terms of the Expense Limitation Agreement, if at any time the expenses of the Fund are less than the expense limitation, the Adviser retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed within the prior three fiscal years, to the extent that such reimbursement will not cause the Fund’s annualized expenses to exceed 0.60% of its average net assets on an annualized basis, or the expense limitation in place at time of waiver. The Fund is not obligated to reimburse the Adviser for fees previously waived or expenses previously assumed by the Adviser more than three fiscal years before the date of such reimbursement. All such reimbursements are contingent upon Board review and approval. As of September 30, 2017, reimbursements that may potentially be made by the Fund to the Adviser total $500,448, which expire as follows:

September 30, 2018	$	162,276
September 30, 2019	$	178,371
September 30, 2020	$	159,801

Certain officers and a Trustee of the Trust are also officers of the Adviser. Such persons are not compensated by the Fund for the services they provide to the Fund.

4. Federal Income Tax Information

At September 30, 2017, gross unrealized appreciation and depreciation on investments owned by the Fund, based on cost for federal income tax purposes were as follows:

Cost of Investments	$	239,612,076
Gross Unrealized Appreciation	$	92,601,097
Gross Unrealized Depreciation		(4,572,914	)
Net Unrealized Appreciation	$	88,028,183

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.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2017, permanent differences in book and tax accounting have been reclassified between paid-in-capital, accumulated undistributed net investment income (loss) and accumulated net realized gain (loss) as follows:

Increase (Decrease)
Paid-in- Capital	Accumulated Undistributed Net Investment Income	Accumulated Undistributed Net Realized Gain on  Investments
$ 1	$ (141,514)	$ 141,513

25

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2017

As of September 30, 2017, the components of accumulated earnings on a tax basis were as follows:

Undistributed Ordinary Income	$	213,878
Undistributed Long-term Gains		1,199,559
Tax Accumulated Earnings		1,413,437
Accumulated Capital and Other Losses	$	—
Unrealized Appreciation on Investments		88,028,183
Total Accumulated Earnings	$	89,441,620

Capital loss carryovers are available to offset future realized capital gains and thereby reduce further taxable gain distributions. During the year ended September 30, 2017, the Fund utilized $5,481,824 of short-term and $1,272,780 of long-term non-expiring capital loss carryovers.

The tax character of distributions paid during the fiscal years ended September 30, 2017 and September 30, 2016 were as follows:

	September 30, 2017		September 30, 2016
Distributions Paid From:
Ordinary Income	$	1,770,699	$	1,892,275
Long-term Capital Gains		—		—
Total Distributions	$	1,770,699	$	1,892,275

5. Investment Transactions

For the year ended September 30, 2017, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:

Purchases	Sales
$ 115,339,736	$ 126,984,715

6. Concentration Risk

The Fund may invest a significant portion (27.0% as of September 30, 2017) of its assets in securities of companies in the financial services industry, developments affecting the financial services industry will have a disproportionate impact on the Fund. If the Fund invests more heavily in the financial sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector, such as interest rate risk and credit risk. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

7. Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

8. Events Subsequent to the Fiscal Year End

The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. There were no subsequent events or transactions that occurred that materially impacted the amounts or disclosures in the Fund’s financial statements, through the date of issuance of these financial statements.

26

Vericimetry Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Vericimetry U.S. Small Cap Value Fund and
Board of Trustees of Vericimetry Funds

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vericimetry Funds comprising Vericimetry U.S. Small Cap Value (the “Fund”) as of September 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2017, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Vericimetry U.S. Small Cap Value Fund as of September 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

COHEN & COMPANY, LTD.
Cleveland, Ohio
November 22, 2017

27

Vericimetry Funds

EXPENSE EXAMPLE
For the Six Months Ended September 30, 2017 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2017 through September 30, 2017 (the “period”).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

Expenses Paid During the Period

	Beginning account value April 1, 2017	Ending account value September 30, 2017	Expenses paid during the period ended September 30, 2017*
Actual Example	$ 1,000.00	$ 1,061.70	$ 3.10
Hypothetical Example, assuming a 5% return before expenses	1,000.00	1,021.99	3.04

* Expenses are equal to the Fund’s annualized expense ratio of 0.60% multiplied by the average account value over the period, multiplied by 183/365 (to reflect the six month period).

28

Vericimetry Funds

OTHER INFORMATION (Unaudited)

Proxy Voting

The Fund’s proxy voting guidelines and a record of the Vericimetry U.S. Small Cap Value Fund’s proxy votes for the year ended June 30 are available without charge, upon request, by calling 1-855-755-7550 and on the Securities and Exchange Commission’s website at www.sec.gov.

Quarterly Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the EDGAR database on the Securities and Exchange Commission’s website at www.sec.gov. These Forms may also be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information about the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Risk Disclosures

Economic, political, and issuer specific events may cause the value of securities to rise or fall. Because the value of your investment in the Fund will fluctuate, there is the risk that you will lose money. Securities of small and microcap companies are often less liquid, more volatile and they may have more limited resources. Value stocks may perform differently from the market as a whole and may underperform equity funds that use other investment strategies. The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results.

Tax Information

For the year ended September 30, 2017, 100.00% of the dividends paid from net investment income, including short-term capital gains (if any), for the Fund, is designated as qualified dividend income.

For the year ended September 30, 2017, 100.00% of the dividends paid from net investment income including short-term capital gains (if any), for the Fund, qualifies for the dividends received deduction available to corporate shareholders.

29

Vericimetry Funds

TRUSTEES AND OFFICERS
September 30, 2017 (Unaudited)

Interested Trustee and Officer
Name, Age and Address	Positions Held	Term of Office(1) and Length of Service	Principal Occupation(s) During Past 5 Years	Funds of the Trust Overseen	Other Public Company or Registered Investment Company Trusteeships Held During Past 5 Years
Mendel Fygenson, Ph.D.(2) 1968 North Lake Avenue, # 303 Altadena, CA 91001 Age: 60	Chairman, President, Secretary, & Trustee	Trustee since March 2016. Other positions since April 2016.	Professor, University of Southern California (1995 – Present); Consultant, Divine Analytics (2008 – Present); Chief Executive Officer, Vericimetry Advisors LLC (2014 – Present).	1	None

Independent Trustees
Name, Age and Address	Positions Held	Term of Office(1) and Length of Service	Principal Occupation(s) During Past 5 Years	Funds of the Trust Overseen	Other Public Company or Registered Investment Company Trusteeships Held During Past 5 Years
Brian K. Wing 1968 North Lake Avenue, # 303 Altadena, CA 91001 Age: 50	Trustee	Since August 2013.	Senior Vice President and Chief Financial Officer, Ryan LLC (tax services firm), Dallas, Texas (May 2016 – Present); Chief Financial Officer, HYLA Mobile, Irving, Texas (2013 – 2015); Chief Financial Officer, Treasurer and Senior Vice President (Operations), Consolidated Electrical Distributors, Inc., Irving, Texas (2009 – 2013); Executive Vice President, Corporate Development, MGA Entertainment, Inc., Van Nuys, California (2008 – 2009).	1	None
Chad Lasdon 1968 North Lake Avenue, # 303 Altadena, CA 91001 Age: 38	Trustee	Since March 2016.	Vice President and Relationship Manager, Bank of the West (2013 – 2016); Senior Vice President – Capital Markets, BentleyForbes (2008 – 2013).	1	None
Paul Karapetian 1968 North Lake Avenue, # 303 Altadena, CA 91001 Age: 40	Trustee	Since March 2016.	Senior Vice President, IDS Real Estate Group (2006 – Present).	1	None

30

Vericimetry Funds

TRUSTEES AND OFFICERS (Continued)
September 30, 2017 (Unaudited)

Officers
Name, Age and Address	Positions Held	Term of Office(1) and Length of Service	Principal Occupation(s) During Past 5 Years	Funds of the Trust Overseen
Christopher Thomas 1968 North Lake Avenue, # 303 Altadena, CA 91001 Age: 60	Chief Compliance Officer	Since September, 2014.	Chief Compliance Officer (2014 – present); Chief Compliance Officer, First Pacific Advisors, LLC, (2005 – 2014), Vice President, Controller, Fund Assistant Treasurer, First Pacific Advisors, LLC, (1995 – 2005).	1
Michael Thill 235 W. Galena Street, Milwaukee, WI 53212 Age: 39	Treasurer	Since October 2017.	Lead Administrator and Officer (2007 – present) and other positions (2000 – 2007) at UMB Fund Services, Inc.	1

⁽¹⁾ Each Trustee holds office for an indefinite term until his successor is elected and qualified. Each Officer holds office for an indefinite term at the pleasure of the Board and until his or her successor is elected and qualified.

⁽²⁾ Dr. Fygenson is considered an interested Trustee of the Trust, within the meaning of the 1940 Act, because of his affiliation with the Advisor.

The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1-855-755-7550 or visiting www.vericimetryfunds.com.

31

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Vericimetry U.S. Small Cap Value Fund

UMB Distribution Services, LLC, Distributor

P.O. Box 2175, Milwaukee, WI 53201-2175

www.vericimetryfunds.com

Item 2. Code of Ethics.

The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. A copy of this code of ethics is attached hereto as an Exhibit.

There were no substantive amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description. The Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The Registrant’s board of trustees has determined that Mr. Brian Wing is an audit committee financial expert serving on its audit committee and that Mr. Wing is independent.

Item 4. Principal Accountant Fees and Services.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements are listed below:

	For the Year Ended September 30, 2017	For the Year Ended September 30, 2016
Audit Fees	$13,500	$13,500
Audit-Related Fees	$0	$0
Tax Fees	$3,000	$3,000
All Other Fees	$0	$0

The Registrant’s audit committee has adopted an Audit Committee Charter that requires that the Audit Committee review the scope and plan of the registered public accounting firm’s annual and interim examinations, approve the services to be performed for the Registrant by the independent public accountants and approve the fees and other compensation payable to the independent accountants. For the year ended September 30, 2017, all of the audit and non-audit services provided by the Registrant’s principal accountant were pre-approved by the audit committee.

(f) None.

(g) None.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The schedule of investments in securities in unaffiliated issuers is included as part of the report to shareholders filed under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submissions of Matters to a Vote of Security Holders.

As of the end of the period covered by this report, the Registrant had not adopted any procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant's certifying officer has concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-2 under the Investment Company Act of 1940 (the "Act")) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on his evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

(b) There were no significant changes in the Registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics – Filed as an attachment to this filing.

(a)(2) 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.

(a)(3) Not Applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) – 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/ Mendel Fygenson
	Dr. Mendel Fygenson
	President
Date:	December 1, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the dates indicated.

Vericimetry Funds

By:	/s/ Mendel Fygenson
	Dr. Mendel Fygenson
	President
Date:	December 1, 2017
By:	/s/ Michael Thill
	Michael Thill
	Treasurer
Date:	December 1, 2017