Vericimetry Funds N-CSRS Certified semi-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 Number811-22578

Vericimetry Funds

(Exact name of registrant as specified in charter)

1968 N. Lake Avenue, #303

Altadena, CA 91001

(Address of principal executive offices) (Zip code)

Dr. Mendel Fygenson

Vericimetry Advisors LLC

1968 N. Lake Avenue, #303

Altadena, CA 91001

(Name and address of agent for service)

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

Date of fiscal year end:September 30

Date of reporting period:March 31, 2019

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

Semi-Annual Report

March 31, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank if you hold your shares through such an institution. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by calling 1-855-755-7550 if you hold your shares directly with Vericimetry U.S. Small Cap Value Fund, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary.

You may elect to receive all future reports in paper copies free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling 1-855-755-7550 if you hold your shares directly with Vericimetry U.S. Small Cap Value Fund, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary.

Vericimetry Funds

TABLE OF CONTENTS
March 31, 2019

Letter to Shareholders	1
Schedule of Investments	2
Financial Statements	15
Financial Highlights	18
Notes to Financial Statements	19
Expense Example	25
Other Information	26

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

March 31, 2019 (Unaudited)

Dear Shareholders,

We are pleased to present the enclosed semi-annual report for the Vericimetry U.S. Small Cap Value Fund (the “Fund”) for the period ended March 31, 2019.

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 strategies of investing in U.S. small capitalization and value securities.

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

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

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

Sincerely,

Dr. Mendel Fygenson

Chief Executive Officer

��

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

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

1

Vericimetry U.S. Small Cap Value Fund

Schedule of Investments

As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS – 96.8%
BASIC MATERIALS – 4.5%
AdvanSix, Inc.*		6,100	$	174,277
AK Steel Holding Corp.*1		21,000		57,750
Alcoa Corp.*		1,200		33,792
Allegheny Technologies, Inc.*		8,100		207,117
American Vanguard Corp.		13,300		229,026
Balchem Corp.		1,400		129,920
Carpenter Technology Corp.		21,600		990,360
Century Aluminum Co.*		28,400		252,192
Clearwater Paper Corp.*		3,300		64,284
Coeur Mining, Inc.*		53,800		219,504
Commercial Metals Co.		51,700		883,036
Domtar Corp.		3,300		163,845
Element Solutions, Inc.*		70,300		710,030
Ferroglobe PLC		12,200		25,010
Friedman Industries, Inc.		2,500		19,175
H.B. Fuller Co.		2,600		126,464
Hawkins, Inc.		2,100		77,343
Hecla Mining Co.		149,838		344,627
Ingevity Corp.*		1,600		168,976
Innophos Holdings, Inc.		2,700		81,378
Innospec, Inc.		1,950		162,533
Intrepid Potash, Inc.*		18,400		69,736
Kaiser Aluminum Corp.		4,213		441,228
Koppers Holdings, Inc.*		4,000		103,920
Kraton Corp.*		15,100		485,918
Kronos Worldwide, Inc.		5,000		70,100
Landec Corp.*		5,500		67,540
Materion Corp.		11,200		639,072
Mercer International, Inc.		24,700		333,697
Minerals Technologies, Inc.		2,500		146,975
Oil-Dri Corp. of America		1,400		43,596
Olin Corp.		9,500		219,830
PH Glatfelter Co.		17,967		253,694
PolyOne Corp.		1,400		41,034
Rayonier Advanced Materials, Inc.		16,750		227,130
Reliance Steel & Aluminum Co.		3,000		270,780
Resolute Forest Products, Inc.		20,600		162,740
Rogers Corp.*		700		111,216
Schnitzer Steel Industries, Inc. - Class A		8,200		196,800
Schweitzer-Mauduit International, Inc.		2,900		112,288
Shiloh Industries, Inc.*		3,600		19,800
Stepan Co.		6,850		599,512
Tronox Holdings PLC - Class A		16,000		210,400
United States Steel Corp.		5,400		105,246
Univar, Inc.*		1,525		33,794
Universal Stainless & Alloy Products, Inc.*		3,300		54,681
Verso Corp. - Class A*		14,300		306,306
				10,447,672
COMMUNICATIONS – 4.6%
1-800-Flowers.com, Inc. - Class A*		3,813		69,511
ADTRAN, Inc.		5,900		80,830
Alaska Communications Systems Group, Inc.*		13,700		26,304
ATN International, Inc.		5,929		334,336
Cars.com, Inc.*		8,400		191,520
Cincinnati Bell, Inc.*		5,400		51,516
Consolidated Communications Holdings, Inc.1		15,300		166,923
DHI Group, Inc.*		12,600		30,618
Digi International, Inc.*		12,600		159,642
Entercom Communications Corp. - Class A		7,300		38,325
Entravision Communications Corp. - Class A		12,400		40,176
ePlus, Inc.*		5,680		502,907
EW Scripps Co. - Class A		29,016		609,336
Finisar Corp.*		51,900		1,202,523
Gannett Co., Inc.		55,700		587,078
GCI Liberty, Inc.*		1,100		61,171
Gray Television, Inc.*		39,800		850,128
Harmonic, Inc.*1		14,300		77,506
Hemisphere Media Group, Inc.*		1,600		22,560
Houghton Mifflin Harcourt Co.*		5,800		42,166
Iridium Communications, Inc.*1		46,700		1,234,748
KVH Industries, Inc.*		2,500		25,475
Lands' End, Inc.*1		1,500		24,915
Liberty Expedia Holdings, Inc. - Class A*		1,900		81,320
Liberty Latin America Ltd. - Class C*		3,500		68,075
Limelight Networks, Inc.*		13,200		42,636
LogMeIn, Inc.		900		72,090
Marchex, Inc. - Class B*		19,000		89,870
Meet Group, Inc.*		9,000		45,270
Meredith Corp.1		2,900		160,254
NETGEAR, Inc.*		12,900		427,248
New Media Investment Group, Inc.		15,500		162,750
New York Times Co. - Class A		3,300		108,405
Nexstar Media Group, Inc. - Class A		1,900		205,903
NIC, Inc.		9,000		153,810
Perficient, Inc.*		4,900		134,211
Preformed Line Products Co.		700		37,163
Rubicon Project, Inc.*		9,567		58,168
Saga Communications, Inc. - Class A		2,000		66,380
Scholastic Corp.		17,130		681,089
Sinclair Broadcast Group, Inc. - Class A		6,800		261,664

See accompanying Notes to Financial Statements.

2

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
COMMUNICATIONS (Continued)
Spok Holdings, Inc.		7,100	$	96,702
Synacor, Inc.*		13,700		21,509
TechTarget, Inc.*		2,800		45,556
TEGNA, Inc.		5,300		74,730
Telephone & Data Systems, Inc.		27,800		854,294
TESSCO Technologies, Inc.		1,800		27,864
United States Cellular Corp.*		1,400		64,274
Vonage Holdings Corp.*		2,500		25,100
Westell Technologies, Inc. - Class A*		11,000		22,440
				10,518,989
CONSUMER, CYCLICAL – 15.7%
Abercrombie & Fitch Co. - Class A		22,900		627,689
Adient PLC		4,300		55,728
Allegiant Travel Co.		400		51,788
AMC Entertainment Holdings, Inc. - Class A1		7,500		111,375
America's Car-Mart, Inc.*		1,400		127,876
American Axle & Manufacturing Holdings, Inc.*		46,100		659,691
American Eagle Outfitters, Inc.		4,800		106,416
Anixter International, Inc.*		7,900		443,269
Asbury Automotive Group, Inc.*		1,200		83,232
AutoNation, Inc.*		1,300		46,436
Barnes & Noble Education, Inc.*1		9,300		39,060
Barnes & Noble, Inc.		6,700		36,381
Bassett Furniture Industries, Inc.		2,750		45,128
BBX Capital Corp.		7,800		46,176
Beacon Roofing Supply, Inc.*		8,710		280,114
Beazer Homes USA, Inc.*		3,500		40,285
Bed Bath & Beyond, Inc.		51,700		878,383
Big 5 Sporting Goods Corp.1		7,400		23,532
Biglari Holdings, Inc. - Class A*		10		7,354
BMC Stock Holdings, Inc.*		11,300		199,671
Boot Barn Holdings, Inc.*		7,900		232,576
Boyd Gaming Corp.		1,500		41,040
Buckle, Inc.1		6,400		119,808
Burlington Stores, Inc.*		1,100		172,348
Caleres, Inc.		13,900		343,191
Callaway Golf Co.		15,350		244,526
Cannae Holdings, Inc.*		14,900		361,474
Cato Corp. - Class A		9,600		143,808
Century Casinos, Inc.*		3,400		30,804
Century Communities, Inc.*1		6,072		145,546
Choice Hotels International, Inc.1		3,300		256,542
Churchill Downs, Inc.		780		70,403
Citi Trends, Inc.		2,700		52,137
Columbia Sportswear Co.		8,016		835,107
Conn's, Inc.*		3,400		77,724
Container Store Group, Inc.*1		8,900		78,320
Cooper Tire & Rubber Co.		5,300		158,417
Cooper-Standard Holdings, Inc.*		1,550		72,788
Core-Mark Holding Co., Inc.		9,200		341,596
Crocs, Inc.*		1,650		42,488
Dana, Inc.		9,700		172,078
Dave & Buster's Entertainment, Inc.		500		24,935
Deckers Outdoor Corp.*		4,000		587,960
Del Frisco's Restaurant Group, Inc.*		5,025		32,210
Del Taco Restaurants, Inc.*		4,000		40,240
Delta Apparel, Inc.*		3,600		79,992
Dick's Sporting Goods, Inc.1		10,050		369,941
Dillard's, Inc. - Class A1		6,600		475,332
Dine Brands Global, Inc.		700		63,903
Dorman Products, Inc.*		2,000		176,180
Douglas Dynamics, Inc.		1,500		57,105
DSW, Inc. - Class A		16,700		371,074
El Pollo Loco Holdings, Inc.*		8,900		115,789
Eldorado Resorts, Inc.*		900		42,021
Ethan Allen Interiors, Inc.		4,000		76,520
Express, Inc.*		12,700		54,356
EZCORP, Inc. - Class A*		24,500		228,340
FirstCash, Inc.		5,808		502,392
Flexsteel Industries, Inc.		2,172		50,369
Fossil Group, Inc.*1		4,600		63,112
Fox Factory Holding Corp.*		2,600		181,714
Fred's, Inc. - Class A*1		9,500		23,465
G-III Apparel Group Ltd.*		21,900		875,124
GameStop Corp. - Class A1		1,600		16,256
Genesco, Inc.*		4,100		186,755
Gentherm, Inc.*		1,700		62,662
GMS, Inc.*		4,200		63,504
Green Brick Partners, Inc.*		7,898		69,108
Group 1 Automotive, Inc.		9,800		634,060
Guess?, Inc.1		29,050		569,380
H&E Equipment Services, Inc.		1,000		25,110
Hamilton Beach Brands Holding Co. - Class A		2,800		60,088
Hamilton Beach Brands Holding Co. - Class B		2,891		62,041
Haverty Furniture Cos., Inc.		10,300		225,364
Hawaiian Holdings, Inc.		3,000		78,750
Herman Miller, Inc.		1,700		59,806
Hibbett Sports, Inc.*1		2,500		57,025
Hilton Grand Vacations, Inc.*		1,300		40,105
Hooker Furniture Corp.		1,660		47,858

See accompanying Notes to Financial Statements.

3

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Houston Wire & Cable Co.*		3,700	$	23,421
Installed Building Products, Inc.*		2,500		121,250
Interface, Inc.		3,200		49,024
International Speedway Corp. - Class A1		3,400		148,342
iRobot Corp.*1		600		70,614
J. Jill, Inc.1		4,300		23,607
J.C. Penney Co., Inc.*1		45,300		67,497
Jack in the Box, Inc.		470		38,098
Johnson Outdoors, Inc. - Class A		2,700		192,672
KB Home		7,100		171,607
Kewaunee Scientific Corp.		1,300		27,378
Kimball International, Inc. - Class B		4,000		56,560
Kirkland's, Inc.*		1,200		8,436
La-Z-Boy, Inc.		8,530		281,405
Lakeland Industries, Inc.*1		2,900		34,046
LCI Industries		2,800		215,096
LGI Homes, Inc.*1		5,800		349,392
Liberty TripAdvisor Holdings, Inc. - Class A*		10,300		146,157
Lifetime Brands, Inc.		4,600		43,470
Lithia Motors, Inc. - Class A		4,300		398,825
M/I Homes, Inc.*		10,000		266,200
Marcus Corp.		9,580		383,679
MarineMax, Inc.*		10,000		191,600
Marriott Vacations Worldwide Corp.		6,005		561,467
MDC Holdings, Inc.		27,136		788,572
Meritage Homes Corp.*		16,300		728,773
Mesa Air Group, Inc.*		2,900		24,186
Methode Electronics, Inc.		5,000		143,900
Miller Industries, Inc.		5,025		155,021
Mobile Mini, Inc.		14,600		495,524
Modine Manufacturing Co.*		19,004		263,585
Monarch Casino & Resort, Inc.*		2,300		101,016
Motorcar Parts of America, Inc.*1		3,700		69,819
Movado Group, Inc.		6,550		238,289
Navistar International Corp.*		4,400		142,120
Office Depot, Inc.		219,550		796,966
Oxford Industries, Inc.		1,300		97,838
Papa Murphy's Holdings, Inc.*1		7,900		41,396
PC Connection, Inc.		13,242		485,584
Penn National Gaming, Inc.*1		3,500		70,350
Penske Automotive Group, Inc.		3,200		142,880
PetMed Express, Inc.1		1,900		43,282
RCI Hospitality Holdings, Inc.		3,600		82,692
Reading International, Inc. - Class A*		8,989		143,464
Red Lion Hotels Corp.*		7,200		58,176
Red Robin Gourmet Burgers, Inc.*		900		25,929
Regis Corp.*		19,646		386,437
Rocky Brands, Inc.		3,700		88,652
Rush Enterprises, Inc. - Class A		14,437		603,611
Rush Enterprises, Inc. - Class B		4,880		202,666
Sally Beauty Holdings, Inc.*		6,300		115,983
ScanSource, Inc.*		9,300		333,126
Shoe Carnival, Inc.1		6,300		214,389
Signet Jewelers Ltd.		8,750		237,650
SkyWest, Inc.		30,580		1,660,188
Sonic Automotive, Inc. - Class A		4,400		65,164
Spartan Motors, Inc.		10,627		93,836
Speedway Motorsports, Inc.		13,819		199,961
Spirit Airlines, Inc.*		10,200		539,172
Standard Motor Products, Inc.		3,300		162,030
Steelcase, Inc. - Class A1		6,600		96,030
Steven Madden Ltd.		5,950		201,348
Superior Group of Cos., Inc.		1,954		32,475
Superior Industries International, Inc.		3,800		18,088
Tandy Leather Factory, Inc.*		4,000		24,000
Taylor Morrison Home Corp. - Class A*		41,488		736,412
Tenneco, Inc. - Class A		1,500		33,240
Thor Industries, Inc.		1,000		62,370
Tile Shop Holdings, Inc.		4,600		26,036
Tilly's, Inc. - Class A		6,190		68,895
Titan International, Inc.		11,350		67,760
Titan Machinery, Inc.*1		6,600		102,696
Toll Brothers, Inc.		20,900		756,580
Tower International, Inc.		2,400		50,472
TRI Pointe Group, Inc.*1		63,900		807,696
Triton International Ltd./Bermuda		19,400		603,340
Tuesday Morning Corp.*		11,200		23,744
Unifi, Inc.*		4,297		83,147
UniFirst Corp.		4,000		614,000
Universal Electronics, Inc.*		3,500		130,025
Vera Bradley, Inc.*		12,600		166,950
Veritiv Corp.*		4,400		115,808
Vince Holding Corp.*1		2,100		26,040
Vista Outdoor, Inc.*		3,300		26,433
Visteon Corp.*		700		47,145
Wabash National Corp.		14,200		192,410
WESCO International, Inc.*		8,550		453,235
William Lyon Homes - Class A*		15,700		241,309
Winnebago Industries, Inc.		7,400		230,510
Wolverine World Wide, Inc.1		8,900		317,997
World Fuel Services Corp.		25,600		739,584
Zumiez, Inc.*		12,600		313,614
				35,973,710

See accompanying Notes to Financial Statements.

4

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL – 12.8%
Aaron's, Inc.		24,200	$	1,272,920
ABM Industries, Inc.		13,100		476,185
Acadia Healthcare Co., Inc.*1		19,300		565,683
ACCO Brands Corp.		59,200		506,752
Achillion Pharmaceuticals, Inc.*		23,600		69,856
Adtalem Global Education, Inc.*		17,400		805,968
Akorn, Inc.*		21,700		76,384
Alico, Inc.		500		13,605
AMAG Pharmaceuticals, Inc.*		5,000		64,400
American Public Education, Inc.*		6,100		183,732
Andersons, Inc.		9,800		315,854
AngioDynamics, Inc.*		18,600		425,196
Apollo Medical Holdings, Inc.*1		2,500		45,800
Assertio Therapeutics, Inc.*		28,500		144,495
Avanos Medical, Inc.*		2,800		119,504
B&G Foods, Inc.1		3,800		92,796
Bridgepoint Education, Inc.*		4,500		27,495
Brookdale Senior Living, Inc.*		13,000		85,540
CAI International, Inc.*		6,900		160,080
Cal-Maine Foods, Inc.		2,600		116,038
Cardtronics PLC - Class A*		2,000		71,160
Career Education Corp.*		7,806		128,955
Cass Information Systems, Inc.		648		30,650
CBIZ, Inc.*		14,300		289,432
Central Garden & Pet Co. - Class A*		7,770		180,653
Chemed Corp.		900		288,063
Coca-Cola Consolidated, Inc.		400		115,132
Collectors Universe, Inc.		1,900		33,288
Community Health Systems, Inc.*1		13,500		50,355
Concert Pharmaceuticals, Inc.*		3,800		45,866
CONMED Corp.		7,400		615,532
CorVel Corp.*		1,700		110,908
CRA International, Inc.		3,700		186,998
Cross Country Healthcare, Inc.*		9,600		67,488
CSS Industries, Inc.		2,100		12,579
Darling Ingredients, Inc.*		56,300		1,218,895
Dean Foods Co.		20,500		62,115
Diplomat Pharmacy, Inc.*		4,200		24,402
Edgewell Personal Care Co.*		1,400		61,446
Emerald Expositions Events, Inc.		3,700		46,990
Emergent BioSolutions, Inc.*		800		40,416
Enanta Pharmaceuticals, Inc.*		1,650		157,608
Endo International PLC*		11,100		89,133
Ennis, Inc.		9,900		205,524
Ensign Group, Inc.		3,140		160,737
Epizyme, Inc.*		2,700		33,453
EVERTEC, Inc.		1,700		47,277
FONAR Corp.*		1,200		24,564
Franklin Covey Co.*		1,200		30,360
Fresh Del Monte Produce, Inc.		16,800		454,104
FTI Consulting, Inc.*		19,400		1,490,308
Graham Holdings Co. - Class B		500		341,590
Grand Canyon Education, Inc.*		1,300		148,863
Green Dot Corp. - Class A*		1,800		109,170
Haemonetics Corp.*		900		78,732
Hain Celestial Group, Inc.*1		2,800		64,736
Heidrick & Struggles International, Inc.		6,700		256,811
Helen of Troy Ltd.*		2,800		324,688
Herc Holdings, Inc.*		4,300		167,614
Hertz Global Holdings, Inc.*		29,950		520,231
Horizon Pharma Plc*		4,200		111,006
Hostess Brands, Inc.*		14,500		181,250
Huron Consulting Group, Inc.*		1,700		80,274
ICF International, Inc.		8,798		669,352
ICU Medical, Inc.*		1,000		239,330
Ingles Markets, Inc. - Class A		3,450		95,289
Innoviva, Inc.*		4,200		58,926
Insperity, Inc.		3,100		383,346
Integer Holdings Corp.*		10,460		788,893
Inter Parfums, Inc.		600		45,522
Invacare Corp.		8,400		70,308
John B Sanfilippo & Son, Inc.		2,168		155,814
K12, Inc.*		16,650		568,264
Kelly Services, Inc. - Class A		17,400		383,844
Korn Ferry		11,320		506,910
Lancaster Colony Corp.		300		47,007
Lannett Co., Inc.*1		9,500		74,765
Lantheus Holdings, Inc.*		1,600		39,168
LHC Group, Inc.*		6,968		772,472
LiveRamp Holdings, Inc.*		3,700		201,909
LSC Communications, Inc.		7,100		46,363
Macquarie Infrastructure Corp.		5,800		239,076
Magellan Health, Inc.*		10,700		705,344
Mallinckrodt PLC*		32,400		704,376
ManpowerGroup, Inc.		1,700		140,573
Matthews International Corp. - Class A		4,030		148,909
Meridian Bioscience, Inc.		2,700		47,547
Merit Medical Systems, Inc.*		2,300		142,209
Merrimack Pharmaceuticals, Inc.*		4,900		34,055
Misonix, Inc.*		2,700		51,921
Myriad Genetics, Inc.*		5,900		195,880
NanoString Technologies, Inc.*		4,500		107,685
National HealthCare Corp.		2,800		212,464
Natural Alternatives International, Inc.*		2,800		32,200

See accompanying Notes to Financial Statements.

5

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Natural Grocers by Vitamin Cottage, Inc.*		3,300	$	39,435
Navigant Consulting, Inc.		20,800		404,976
Owens & Minor, Inc.		13,200		54,120
Patterson Cos., Inc.		3,400		74,290
PDL BioPharma, Inc.*		50,600		188,232
Performant Financial Corp.*		15,300		31,671
Phibro Animal Health Corp. - Class A		2,100		69,300
Portola Pharmaceuticals, Inc.*1		9,100		315,770
Prestige Consumer Healthcare, Inc.*		13,000		388,830
Prothena Corp. PLC*		2,400		29,112
Providence Service Corp.*		400		26,648
Pyxus International, Inc.*1		1,700		40,613
Quad/Graphics, Inc.		7,625		90,738
Quanex Building Products Corp.		9,600		152,544
RadNet, Inc.*		4,769		59,088
Rent-A-Center, Inc.*		12,800		267,136
Resources Connection, Inc.		9,300		153,822
RR Donnelley & Sons Co.		17,900		84,488
RTI Surgical Holdings, Inc.*		12,400		74,524
Sanderson Farms, Inc.1		4,250		560,320
Sarepta Therapeutics, Inc.*1		1,100		131,109
SEACOR Marine Holdings, Inc.*		3,900		51,909
Select Medical Holdings Corp.*		34,049		479,750
Seneca Foods Corp. - Class A*		2,100		51,660
Simply Good Foods Co.*		2,000		41,180
Smart & Final Stores, Inc.*		4,500		22,230
SpartanNash Co.		10,200		161,874
Spectrum Brands Holdings, Inc.		800		43,824
Spectrum Pharmaceuticals, Inc.*		4,100		43,829
Spero Therapeutics, Inc.*		3,000		38,430
Strategic Education, Inc.		250		32,828
Surgery Partners, Inc.*1		1,800		20,304
Syneos Health, Inc.*		2,200		113,872
Team, Inc.*1		7,300		127,750
Tejon Ranch Co.*		1,900		33,440
Tenet Healthcare Corp.*		2,300		66,332
Textainer Group Holdings Ltd.*		5,800		55,970
Tootsie Roll Industries, Inc.1		1,030		38,357
Travelport Worldwide Ltd.		4,300		67,639
TreeHouse Foods, Inc.*		2,800		180,740
TriNet Group, Inc.*		3,200		191,168
Triple-S Management Corp. - Class B*		10,600		241,892
TrueBlue, Inc.*		11,700		276,588
United Natural Foods, Inc.*		16,800		222,096
United Therapeutics Corp.*		1,100		129,107
Universal Corp.		3,200		184,416
VBI Vaccines, Inc.*		13,900		25,993
Vectrus, Inc.*		1,500		39,885
Viad Corp.		8,400		472,836
Village Super Market, Inc. - Class A		2,100		57,393
WD-40 Co.1		700		118,608
Weis Markets, Inc.		8,852		361,250
Zynerba Pharmaceuticals, Inc.*1		6,200		33,604
				29,500,880
ENERGY – 8.3%
Adams Resources & Energy, Inc.		1,175		45,896
Archrock, Inc.		46,700		456,726
Basic Energy Services, Inc.*		8,200		31,160
Berry Petroleum Corp.		4,600		53,084
Bonanza Creek Energy, Inc.*		5,700		129,333
C&J Energy Services, Inc.*		20,900		324,368
California Resources Corp.*		12,300		316,233
Callon Petroleum Co.*		72,350		546,242
CARBO Ceramics, Inc.*1		6,100		21,350
Chesapeake Energy Corp.*1		22,323		69,201
Clean Energy Fuels Corp.*		15,700		48,513
CNX Resources Corp.*		14,700		158,319
Concho Resources, Inc.		2,256		250,326
CONSOL Energy, Inc.*		2,925		100,094
CVR Energy, Inc.		10,600		436,720
Delek U.S. Holdings, Inc.		18,038		656,944
Denbury Resources, Inc.*		13,700		28,085
Diamond Offshore Drilling, Inc.*1		13,600		142,664
DMC Global, Inc.		6,700		332,588
Dril-Quip, Inc.*		11,175		512,374
Earthstone Energy, Inc. - Class A*		7,700		54,516
Encana Corp.		38,475		278,559
Ensco PLC - Class A1		97,679		383,878
Era Group, Inc.*		5,100		58,854
Exterran Corp.*		7,900		133,115
Extraction Oil & Gas, Inc.*1		33,200		140,436
Flotek Industries, Inc.*1		17,300		56,052
Forum Energy Technologies, Inc.*		12,300		62,853
FTS International, Inc.*		5,700		57,000
FutureFuel Corp.		8,600		115,240
Green Plains, Inc.		15,200		253,536
Gulfport Energy Corp.*		34,600		277,492
Hallador Energy Co.		5,100		26,826
Helix Energy Solutions Group, Inc.*		51,400		406,574
Helmerich & Payne, Inc.		9,200		511,152
HighPoint Resources Corp.*		47,200		104,312
ION Geophysical Corp.*		3,000		43,320
KLX Energy Services Holdings, Inc.*		1,400		35,196
Laredo Petroleum, Inc.*		42,600		131,634

See accompanying Notes to Financial Statements.

6

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
ENERGY (Continued)
Matador Resources Co.*		3,400	$	65,722
Matrix Service Co.*		9,100		178,178
McDermott International, Inc.*1		17,614		131,048
Midstates Petroleum Co., Inc.*		4,200		41,034
MRC Global, Inc.*		3,100		54,188
Nabors Industries Ltd.		199,100		684,904
NACCO Industries, Inc. - Class A		2,791		106,672
Natural Gas Services Group, Inc.*		5,441		94,184
Newpark Resources, Inc.*		20,100		184,116
Noble Corp. plc*		47,200		135,464
NOW, Inc.*		15,300		213,588
Oasis Petroleum, Inc.*		96,800		584,672
Oceaneering International, Inc.*		14,800		233,396
Oil States International, Inc.*		23,000		390,080
Par Pacific Holdings, Inc.*		4,500		80,145
Parsley Energy, Inc. - Class A*		33,400		644,620
Patterson-UTI Energy, Inc.		20,500		287,410
PBF Energy, Inc. - Class A		28,800		896,832
PDC Energy, Inc.*		18,500		752,580
Pioneer Energy Services Corp.*		15,500		27,435
Profire Energy, Inc.*		14,300		25,597
ProPetro Holding Corp.*		900		20,286
QEP Resources, Inc.*		52,800		411,312
Range Resources Corp.1		22,800		256,272
Renewable Energy Group, Inc.*1		16,050		352,458
REX American Resources Corp.*		3,018		243,281
Ring Energy, Inc.*		14,400		84,528
Rowan Cos. Plc - Class A*		44,900		484,471
SandRidge Energy, Inc.*		4,300		34,486
Select Energy Services, Inc. - Class A*		4,800		57,696
SemGroup Corp. - Class A		13,600		200,464
SM Energy Co.		22,400		391,776
Smart Sand, Inc.*1		9,700		43,165
Solaris Oilfield Infrastructure, Inc. - Class A1		3,500		57,540
Southwestern Energy Co.*		143,000		670,670
SRC Energy, Inc.*1		57,350		293,632
SunCoke Energy, Inc.*		18,400		156,216
Superior Energy Services, Inc.*		23,100		107,877
TETRA Technologies, Inc.*		26,000		60,840
Trecora Resources*		3,000		27,270
U.S. Silica Holdings, Inc.1		18,900		328,104
Unit Corp.*		18,300		260,592
VAALCO Energy, Inc.*		14,500		32,480
W&T Offshore, Inc.*		10,300		71,070
Warrior Met Coal, Inc.		2,900		88,160
Whiting Petroleum Corp.*1		12,800		334,592
WPX Energy, Inc.*		21,350		279,898
				18,951,766
FINANCIAL – 26.3%
1st Source Corp.		10,312		463,112
ACNB Corp.		1,400		51,800
Air Lease Corp.		11,600		398,460
Aircastle Ltd.		23,560		476,854
Alexander & Baldwin, Inc.		6,339		161,264
Altisource Portfolio Solutions S.A.*1		3,900		92,313
Ambac Financial Group, Inc.*		15,300		277,236
American Equity Investment Life Holding Co.		44,090		1,191,312
American National Bankshares, Inc.		1,366		47,701
American National Insurance Co.		1,900		229,558
American River Bankshares		1,300		16,900
Ameris Bancorp1		1,910		65,609
AMERISAFE, Inc.		6,888		409,147
AmeriServ Financial, Inc.		6,700		26,934
Argo Group International Holdings Ltd.		10,913		771,113
Associated Banc-Corp		14,253		304,302
Assured Guaranty Ltd.		1,200		53,316
Axis Capital Holdings Ltd.1		900		49,302
Axos Financial, Inc.*		6,500		188,240
Banc of California, Inc.		8,600		119,024
BancFirst Corp.		2,384		124,326
Bancorp, Inc.*		4,900		39,592
BancorpSouth Bank1		8,000		225,760
Bank of Commerce Holdings		6,200		65,410
Bank of Marin Bancorp		1,510		61,442
Bank OZK		9,000		260,820
BankFinancial Corp.		9,450		140,521
BankUnited, Inc.		1,900		63,460
Banner Corp.		7,610		412,234
Bar Harbor Bankshares		3,554		91,942
Berkshire Hills Bancorp, Inc.		15,536		423,201
BGC Partners, Inc. - Class A		4,300		22,833
Blucora, Inc.*		16,900		564,122
Blue Hills Bancorp, Inc.		5,300		126,670
Boston Private Financial Holdings, Inc.		7,900		86,584
Bridge Bancorp, Inc.		1,000		29,300
Brookline Bancorp, Inc.		28,900		416,160
C&F Financial Corp.		1,100		55,660
Cadence BanCorp		2,923		54,222
Camden National Corp.		3,671		153,154
Capital City Bank Group, Inc.		2,045		44,540
Capitol Federal Financial, Inc.		33,400		445,890
Carolina Financial Corp.		2,500		86,475

See accompanying Notes to Financial Statements.

7

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Cathay General Bancorp		15,300	$	518,823
CenterState Bank Corp.		2,973		70,787
Central Pacific Financial Corp.		3,000		86,520
Central Valley Community Bancorp		2,560		50,048
Century Bancorp, Inc. - Class A		515		37,595
Chemical Financial Corp.		10,290		423,536
Citizens & Northern Corp.		700		17,528
City Holding Co.		3,499		266,589
Civista Bancshares, Inc.		1,096		23,926
CNB Financial Corp.		4,430		111,946
CNO Financial Group, Inc.		50,980		824,856
Codorus Valley Bancorp, Inc.		831		17,742
Columbia Banking System, Inc.		10,200		333,438
Community Bank System, Inc.		4,872		291,199
Community Bankers Trust Corp.		3,286		24,054
Community Financial Corp.		900		25,533
Community Trust Bancorp, Inc.		3,380		138,783
ConnectOne Bancorp, Inc.		6,100		120,170
Consumer Portfolio Services, Inc.*		10,700		37,343
Cowen, Inc.*		4,550		65,930
Crawford & Co. - Class B		8,300		75,779
Customers Bancorp, Inc.*		10,950		200,494
CVB Financial Corp.		16,200		341,010
Dime Community Bancshares, Inc.		11,600		217,268
Donegal Group, Inc. - Class A		5,031		67,667
Eagle Bancorp, Inc.*		1,037		52,057
eHealth, Inc.*		2,000		124,680
EMC Insurance Group, Inc.		7,749		247,038
Employers Holdings, Inc.		15,600		625,716
Encore Capital Group, Inc.*1		5,200		141,596
Enova International, Inc.*		6,900		157,458
Enstar Group Ltd.*		1,900		330,600
Enterprise Bancorp, Inc.		2,500		71,825
Enterprise Financial Services Corp.		2,400		97,848
ESSA Bancorp, Inc.		7,128		109,771
Farmers National Banc Corp.		5,600		77,224
FBL Financial Group, Inc. - Class A		12,800		802,816
Federal Agricultural Mortgage Corp. - Class C		4,108		297,542
Federated Investors, Inc. - Class B		4,300		126,033
FedNat Holding Co.		1,100		17,644
Fidelity Southern Corp.		5,207		142,620
Fifth Third Bancorp		20,652		520,843
Financial Institutions, Inc.		6,130		166,613
First American Financial Corp.		4,060		209,090
First Bancorp, Inc.		2,070		51,584
First BanCorp/Puerto Rico		91,200		1,045,152
First Bancorp/Southern Pines NC		5,300		184,228
First Bancshares, Inc.		1,086		33,557
First Bank/Hamilton NJ		1,300		14,989
First Busey Corp.		9,429		230,068
First Business Financial Services, Inc.		1,612		32,272
First Citizens BancShares, Inc. - Class A		300		122,160
First Commonwealth Financial Corp.		33,960		427,896
First Community Bankshares, Inc.		4,500		149,130
First Defiance Financial Corp.		12,800		367,872
First Financial Bancorp		21,513		517,603
First Financial Bankshares, Inc.1		6,800		392,904
First Financial Corp.		2,481		104,202
First Financial Northwest, Inc.		5,400		85,050
First Foundation, Inc.		1,700		23,069
First Interstate BancSystem, Inc. - Class A		7,926		315,613
First Merchants Corp.		8,905		328,149
First Mid-Illinois Bancshares, Inc.		732		24,390
First Midwest Bancorp, Inc.		28,600		585,156
First United Corp.		1,200		20,712
Flagstar Bancorp, Inc.		11,700		385,164
Flushing Financial Corp.		8,900		195,177
FNB Corp.		13,152		139,411
Franklin Financial Network, Inc.		1,200		34,812
Fulton Financial Corp.		52,700		815,796
GAIN Capital Holdings, Inc.1		5,300		33,284
Genworth Financial, Inc. - Class A*		34,500		132,135
German American Bancorp, Inc.		2,187		64,298
Glacier Bancorp, Inc.		10,900		436,763
Global Indemnity Ltd.		2,000		60,760
Great Southern Bancorp, Inc.		2,315		120,148
Great Western Bancorp, Inc.		8,560		270,410
Greenhill & Co., Inc.1		2,200		47,322
Greenlight Capital Re Ltd. - Class A*		4,800		52,176
Hallmark Financial Services, Inc.*		7,199		74,870
Hancock Whitney Corp.		14,800		597,920
Hanover Insurance Group, Inc.		7,500		856,275
HCI Group, Inc.		800		34,184
Heartland Financial USA, Inc.		2,500		106,625
Heritage Commerce Corp.		4,740		57,354
Heritage Financial Corp.		6,170		185,964
Heritage Insurance Holdings, Inc.		3,400		49,640
HFF, Inc. - Class A		3,600		171,900
Hilltop Holdings, Inc.		14,647		267,308
HMN Financial, Inc.*		2,120		45,644
Home Bancorp, Inc.		2,520		83,790
HomeStreet, Inc.*		9,400		247,690
Hope Bancorp, Inc.		23,717		310,218

See accompanying Notes to Financial Statements.

8

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Horace Mann Educators Corp.		17,600	$	619,696
Horizon Bancorp, Inc.		6,841		110,072
IBERIABANK Corp.1		10,671		765,217
Impac Mortgage Holdings, Inc.*1		5,600		21,952
Independence Holding Co.		3,050		107,512
Independent Bank Corp.		3,789		81,463
Independent Bank Corp./Rockland MA		5,600		453,656
Independent Bank Group, Inc.		3,975		203,878
International Bancshares Corp.		17,700		673,131
INTL. FCStone, Inc.*		1,945		75,388
Investors Title Co.		700		110,530
Kearny Financial Corp.		22,422		288,571
Kemper Corp.		22,711		1,729,216
Lakeland Bancorp, Inc.		13,435		200,585
Lakeland Financial Corp.		3,750		169,575
Legg Mason, Inc.		2,800		76,636
LendingTree, Inc.*1		700		246,092
Live Oak Bancshares, Inc.1		3,000		43,830
LPL Financial Holdings, Inc.		2,800		195,020
Macatawa Bank Corp.		4,200		41,748
Marlin Business Services Corp.		3,300		70,950
MBT Financial Corp.		7,000		70,140
McGrath RentCorp		7,035		397,970
Mercantile Bank Corp.		4,830		158,038
Mercury General Corp.		3,700		185,259
Meridian Bancorp, Inc.		3,300		51,777
MGIC Investment Corp.*		43,000		567,170
Midland States Bancorp, Inc.		2,100		50,526
MidWestOne Financial Group, Inc.		2,100		57,225
Mr Cooper Group, Inc.*		11,307		108,434
MutualFirst Financial, Inc.		1,926		57,722
National Bankshares, Inc.		350		14,998
National Commerce Corp.*		1,900		74,499
National Western Life Group, Inc. - Class A		1,400		367,458
Navient Corp.		7,000		80,990
NBT Bancorp, Inc.		4,300		154,843
Nelnet, Inc. - Class A		8,000		440,560
New York Community Bancorp, Inc.		6,800		78,676
Nicolet Bankshares, Inc.*		1,765		105,194
NMI Holdings, Inc. - Class A*		6,000		155,220
Northfield Bancorp, Inc.		3,400		47,260
Northrim BanCorp, Inc.		3,320		114,274
Northwest Bancshares, Inc.		36,108		612,753
Norwood Financial Corp.		900		27,756
OceanFirst Financial Corp.		11,509		276,907
Ocwen Financial Corp.*		31,600		57,512
OFG Bancorp		18,400		364,136
Old Line Bancshares, Inc.		1,300		32,409
Old National Bancorp		36,466		598,042
Old Second Bancorp, Inc.		8,200		103,238
Oppenheimer Holdings, Inc. - Class A		4,800		124,896
Opus Bank		2,400		47,520
Oritani Financial Corp.		8,152		135,568
Pacific Premier Bancorp, Inc.		3,578		94,924
Park National Corp.		1,700		161,075
Parke Bancorp, Inc.		1,894		39,566
Peapack Gladstone Financial Corp.		3,895		102,127
Peoples Bancorp, Inc.		1,800		55,746
Pinnacle Financial Partners, Inc.		5,723		313,048
Piper Jaffray Cos.		5,600		407,848
Popular, Inc.		9,900		516,087
PRA Group, Inc.*		10,450		280,164
Preferred Bank/Los Angeles CA		3,200		143,904
Premier Financial Bancorp, Inc.		4,912		77,168
Primerica, Inc.		1,900		232,085
ProAssurance Corp.		2,400		83,064
Protective Insurance Corp.		5,100		94,452
Provident Financial Holdings, Inc.		4,300		85,656
Provident Financial Services, Inc.		32,000		828,480
RE/MAX Holdings, Inc. - Class A		3,000		115,620
Ready Capital Corp.		5,600		82,152
Realogy Holdings Corp.1		1,900		21,660
Regional Management Corp.*		5,800		141,636
Renasant Corp.		13,203		446,922
Republic Bancorp, Inc. - Class A		1,500		67,080
Riverview Bancorp, Inc.		9,048		66,141
RLI Corp.1		3,500		251,125
S&T Bancorp, Inc.		10,016		395,932
Safety Insurance Group, Inc.		5,350		466,199
Sandy Spring Bancorp, Inc.		4,031		126,090
Seacoast Banking Corp. of Florida*		7,275		191,696
Selective Insurance Group, Inc.		24,193		1,530,933
ServisFirst Bancshares, Inc.		800		27,008
Shore Bancshares, Inc.		3,600		53,676
SI Financial Group, Inc.		3,700		47,767
Sierra Bancorp		5,300		128,790
Simmons First National Corp. - Class A		12,864		314,911
South State Corp.		3,389		231,604
Southern First Bancshares, Inc.*		1,300		44,031
Southern National Bancorp of Virginia, Inc.		3,504		51,334
Southside Bancshares, Inc.		5,266		174,989
State Auto Financial Corp.		14,145		465,653
Sterling Bancorp		29,496		549,510
Stewart Information Services Corp.		7,280		310,783

See accompanying Notes to Financial Statements.

9

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Stifel Financial Corp.		10,550	$	556,618
Stock Yards Bancorp, Inc.		1,450		49,025
Summit Financial Group, Inc.		2,801		74,255
TCF Financial Corp.		13,500		279,315
Third Point Reinsurance Ltd.*		26,000		269,880
Timberland Bancorp, Inc.		4,878		136,486
Tiptree, Inc.		8,100		51,273
Tompkins Financial Corp.		2,729		207,595
Towne Bank/Portsmouth VA1		5,392		133,452
TriCo Bancshares		3,225		126,710
TriState Capital Holdings, Inc.*		2,300		46,989
Triumph Bancorp, Inc.*		1,600		47,024
TrustCo Bank Corp. NY		19,200		148,992
Trustmark Corp.		20,750		697,822
Two River Bancorp		1,890		29,957
Umpqua Holdings Corp.1		16,724		275,946
Union Bankshares Corp.		19,103		617,600
United Bankshares, Inc.1		4,341		157,318
United Community Banks, Inc.		14,100		351,513
United Community Financial Corp.		40,760		381,106
United Financial Bancorp, Inc.		7,289		104,597
United Fire Group, Inc.		12,970		566,919
United Insurance Holdings Corp.		3,006		47,795
Unity Bancorp, Inc.		1,903		35,929
Universal Insurance Holdings, Inc.		4,960		153,760
Univest Financial Corp.		6,830		167,062
Veritex Holdings, Inc.		5,060		122,553
Virtus Investment Partners, Inc.		1,100		107,305
Waddell & Reed Financial, Inc. - Class A1		9,600		165,984
Walker & Dunlop, Inc.		7,100		361,461
Washington Federal, Inc.		28,200		814,698
Washington Trust Bancorp, Inc.		1,000		48,150
Waterstone Financial, Inc.		8,924		146,889
WesBanco, Inc.		15,349		610,123
Westamerica Bancorporation1		3,500		216,300
Western New England Bancorp, Inc.		8,381		77,357
Wintrust Financial Corp.		7,400		498,242
WisdomTree Investments, Inc.1		7,100		50,126
World Acceptance Corp.*		2,700		316,251
WSFS Financial Corp.		8,796		339,526
				60,440,414
INDUSTRIAL – 17.7%
AAON, Inc.		3,400		157,012
AAR Corp.		16,300		529,913
Actuant Corp. - Class A		5,400		131,598
Advanced Energy Industries, Inc.*		5,300		263,304
Aegion Corp.*		13,589		238,759
Air Transport Services Group, Inc.*		17,300		398,765
Alamo Group, Inc.		3,900		389,766
Alarm.com Holdings, Inc.*		800		51,920
Albany International Corp. - Class A		2,500		178,975
Allied Motion Technologies, Inc.		2,606		89,594
American Woodmark Corp.*		2,100		173,523
Apogee Enterprises, Inc.		5,000		187,450
Applied Optoelectronics, Inc.*1		2,300		28,060
ArcBest Corp.		13,600		418,744
Ardmore Shipping Corp.*		7,800		48,048
Argan, Inc.		4,200		209,790
Armstrong Flooring, Inc.*		6,600		89,760
Arotech Corp.*		11,900		34,867
Astec Industries, Inc.		6,897		260,431
Atlas Air Worldwide Holdings, Inc.*		14,250		720,480
Aware, Inc.*		6,800		24,616
AZZ, Inc.		2,800		114,604
Barnes Group, Inc.		14,900		766,009
Bel Fuse, Inc. - Class B		2,780		70,278
Belden, Inc.1		4,200		225,540
Benchmark Electronics, Inc.1		29,100		763,875
Boise Cascade Co.		17,300		462,948
Brady Corp. - Class A		5,300		245,973
Briggs & Stratton Corp.		8,200		97,006
Casella Waste Systems, Inc. - Class A*		4,500		160,020
CECO Environmental Corp.*		8,200		59,040
Chart Industries, Inc.*		8,200		742,264
Chase Corp.		1,000		92,540
CIRCOR International, Inc.*		7,600		247,760
Coherent, Inc.*		3,100		439,332
Columbus McKinnon Corp.		6,800		233,580
Comfort Systems USA, Inc.		6,800		356,252
Comtech Telecommunications Corp.		9,200		213,624
Control4 Corp.*		2,500		42,325
Core Molding Technologies, Inc.		2,900		21,402
Costamare, Inc.1		20,400		106,080
Covenant Transportation Group, Inc. - Class A*		5,142		97,595
CSW Industrials, Inc.*		1,760		100,830
Curtiss-Wright Corp.		6,000		680,040
Daseke, Inc.*		10,200		51,918
DHT Holdings, Inc.		17,100		76,266
Dorian LPG Ltd.*		7,071		45,396
Ducommun, Inc.*		5,222		227,261
DXP Enterprises, Inc.*		800		31,136
Eastern Co.		2,500		68,800
Echo Global Logistics, Inc.*		9,000		223,020

See accompanying Notes to Financial Statements.

10

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
EMCOR Group, Inc.		6,800	$	496,944
Encore Wire Corp.		8,300		474,926
EnPro Industries, Inc.		2,100		135,345
ESCO Technologies, Inc.		6,050		405,532
Fabrinet*		12,500		654,500
FARO Technologies, Inc.*		1,200		52,692
Federal Signal Corp.		17,500		454,825
Forterra, Inc.*1		5,300		22,366
Forward Air Corp.		1,200		77,676
Franklin Electric Co., Inc.		800		40,872
FreightCar America, Inc.*1		3,300		20,328
GasLog Ltd.		19,200		335,232
GATX Corp.		18,640		1,423,537
Gencor Industries, Inc.*		3,700		45,732
Generac Holdings, Inc.*		3,900		199,797
General Finance Corp.*		7,900		73,707
Genesee & Wyoming, Inc. - Class A*		2,200		191,708
Gibraltar Industries, Inc.*		11,150		452,802
Global Brass & Copper Holdings, Inc.		2,200		75,768
Goldfield Corp.*		9,900		21,879
Granite Construction, Inc.1		7,705		332,471
Great Lakes Dredge & Dock Corp.*		22,900		204,039
Greenbrier Cos., Inc.		17,000		547,910
Greif, Inc. - Class A		8,900		367,125
Griffon Corp.		20,130		372,002
Haynes International, Inc.		4,300		141,169
Heartland Express, Inc.		3,600		69,408
Heritage-Crystal Clean, Inc.*		3,300		90,585
Hillenbrand, Inc.		2,900		120,437
Hub Group, Inc. - Class A*		12,700		518,795
Hudson Technologies, Inc.*1		19,200		37,056
Hurco Cos., Inc.		2,902		117,038
Hyster-Yale Materials Handling, Inc.		3,480		217,013
Ichor Holdings Ltd.*1		4,100		92,578
IES Holdings, Inc.*		6,700		119,059
II-VI, Inc.*		6,470		240,943
International Seaways, Inc.*		3,400		58,276
Intevac, Inc.*		11,300		69,269
Itron, Inc.*		2,300		107,295
Kadant, Inc.		3,190		280,592
Kaman Corp.		3,700		216,228
KBR, Inc.		7,000		133,630
KEMET Corp.		4,800		81,456
Kimball Electronics, Inc.*		16,200		250,938
Kirby Corp.*1		2,500		187,775
Knowles Corp.*		22,400		394,912
Kratos Defense & Security Solutions, Inc.*		3,100		48,453
Lawson Products, Inc.*		2,446		76,707
Louisiana-Pacific Corp.		6,360		155,057
LS Starrett Co. - Class A*		3,800		29,260
LSB Industries, Inc.*		5,700		35,568
Lydall, Inc.*		3,238		75,963
Manitex International, Inc.*		3,400		26,010
Manitowoc Co., Inc.*		2,700		44,307
Marten Transport Ltd.		24,900		443,967
MasTec, Inc.*		3,544		170,466
Matson, Inc.		6,700		241,803
Milacron Holdings Corp.*		1,800		20,376
Moog, Inc. - Class A		5,600		486,920
MSA Safety, Inc.		2,400		248,160
Multi-Color Corp.		5,938		296,247
Myers Industries, Inc.		4,500		76,995
MYR Group, Inc.*		5,100		176,613
National Presto Industries, Inc.		1,000		108,550
NL Industries, Inc.*		9,300		36,084
NN, Inc.		7,700		57,673
Olympic Steel, Inc.		2,699		42,833
Orion Group Holdings, Inc.*		3,900		11,388
Oshkosh Corp.		950		71,374
OSI Systems, Inc.*		1,400		122,640
Overseas Shipholding Group, Inc. - Class A*		23,100		52,899
PAM Transportation Services, Inc.*		1,506		73,704
Park Electrochemical Corp.1		1,800		28,260
Park-Ohio Holdings Corp.		2,500		80,950
Patrick Industries, Inc.*		1,400		63,448
Perma-Fix Environmental Services*		8,500		29,835
Plexus Corp.*		13,900		847,205
Powell Industries, Inc.		1,900		50,445
Primoris Services Corp.		4,500		93,060
Raven Industries, Inc.		1,200		46,044
Regal Beloit Corp.		6,800		556,716
Rexnord Corp.*		8,800		221,232
Saia, Inc.*		4,700		287,170
Sanmina Corp.*		36,390		1,049,851
Scorpio Tankers, Inc.		9,230		183,123
SEACOR Holdings, Inc.*		11,254		475,819
Ship Finance International Ltd.1		16,765		206,880
Simpson Manufacturing Co., Inc.		2,100		124,467
SPX Corp.*		7,900		274,841
SPX FLOW, Inc.*		6,700		213,730
Standex International Corp.		500		36,700
Stoneridge, Inc.*		2,600		75,036
Strattec Security Corp.		1,392		40,897

See accompanying Notes to Financial Statements.

11

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Summit Materials, Inc. - Class A*		10,700	$	169,809
Synalloy Corp.		1,000		15,200
SYNNEX Corp.		10,635		1,014,473
Tech Data Corp.*		11,125		1,139,311
Teledyne Technologies, Inc.*		2,600		616,226
Terex Corp.		7,100		228,123
Tetra Tech, Inc.		7,350		437,987
Timken Co.		1,900		82,878
TimkenSteel Corp.*		6,500		70,590
TopBuild Corp.*		10,700		693,574
Transcat, Inc.*		1,541		35,412
Tredegar Corp.		16,092		259,725
Trex Co., Inc.*		5,200		319,904
TriMas Corp.*		8,300		250,909
Triumph Group, Inc.		6,100		116,266
Tsakos Energy Navigation Ltd.1		7,400		22,940
TTM Technologies, Inc.*		55,244		648,012
Tutor Perini Corp.*		21,900		374,928
U.S. Concrete, Inc.*		1,800		74,556
Ultralife Corp.*		5,000		51,350
Universal Forest Products, Inc.		19,650		587,338
USA Truck, Inc.*		1,700		24,548
Vishay Intertechnology, Inc.		49,150		907,800
Vishay Precision Group, Inc.*		6,400		218,944
VSE Corp.		2,200		69,476
Watts Water Technologies, Inc. - Class A		3,400		274,788
Werner Enterprises, Inc.		18,600		635,190
Wesco Aircraft Holdings, Inc.*		8,900		78,231
Willis Lease Finance Corp.*		4,000		169,560
WillScot Corp.*		2,400		26,616
YRC Worldwide, Inc.*		8,300		55,527
				40,598,173
TECHNOLOGY – 6.8%
Agilysys, Inc.*		5,500		116,435
Allscripts Healthcare Solutions, Inc.*		20,400		194,616
Alpha & Omega Semiconductor Ltd.*		10,850		124,883
Amkor Technology, Inc.*		65,200		556,808
AVX Corp.		14,300		247,962
Axcelis Technologies, Inc.*		6,200		124,744
AXT, Inc.*		10,150		45,168
Brooks Automation, Inc.		8,600		252,238
Cabot Microelectronics Corp.		1,966		220,113
CACI International, Inc. - Class A*		10,000		1,820,200
Castlight Health, Inc. - Class B*		20,300		76,125
Cirrus Logic, Inc.*		5,300		222,971
Cohu, Inc.		8,082		119,210
Computer Programs & Systems, Inc.1		1,800		53,442
Cray, Inc.*		3,500		91,175
Cree, Inc.*		18,800		1,075,736
CSG Systems International, Inc.		1,700		71,910
CTS Corp.		13,900		408,243
Cubic Corp.		5,000		281,200
Cypress Semiconductor Corp.		11,553		172,371
Diebold Nixdorf, Inc.1		18,100		200,367
Diodes, Inc.*		24,600		853,620
DSP Group, Inc.*		8,000		112,560
Electronics For Imaging, Inc.*		8,000		215,200
Entegris, Inc.		1,900		67,811
ExlService Holdings, Inc.*		1,810		108,636
FormFactor, Inc.*		24,936		401,220
Glu Mobile, Inc.*		5,900		64,546
GSE Systems, Inc.*		8,700		24,360
HubSpot, Inc.*		300		49,863
InnerWorkings, Inc.*1		5,400		19,548
Insight Enterprises, Inc.*		18,500		1,018,610
Kopin Corp.*1		19,100		25,594
Kulicke & Soffa Industries, Inc.		34,700		767,217
Lumentum Holdings, Inc.*		438		24,765
MACOM Technology Solutions Holdings, Inc.*1		3,700		61,827
ManTech International Corp. - Class A		15,280		825,426
Mercury Systems, Inc.*		2,000		128,160
MKS Instruments, Inc.		2,500		232,625
Monotype Imaging Holdings, Inc.		5,100		101,439
MTS Systems Corp.		2,900		157,934
Nanometrics, Inc.*		1,200		37,056
NetScout Systems, Inc.*		15,500		435,085
New Relic, Inc.*		600		59,220
Omnicell, Inc.*		1,700		137,428
OneSpan, Inc.*		1,900		36,518
PAR Technology Corp.*		1,800		44,028
PDF Solutions, Inc.*		7,800		96,330
Photronics, Inc.*		24,000		226,800
Presidio, Inc.		3,000		44,400
Rambus, Inc.*		12,400		129,580
Richardson Electronics Ltd./United States		3,900		26,442
Rudolph Technologies, Inc.*		8,570		195,396
Science Applications International Corp.		1,397		107,499
StarTek, Inc.*		3,400		26,792
Stratasys Ltd.*		9,200		219,144
Sykes Enterprises, Inc.*		16,297		460,879
Synaptics, Inc.*		900		35,775
Synchronoss Technologies, Inc.*		3,800		23,104
Telenav, Inc.*		5,434		32,984

See accompanying Notes to Financial Statements.

12

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS(Continued)As of March 31, 2019 (Unaudited)

	Number of Shares		��	Value
COMMON STOCKS (Continued)
TECHNOLOGY (Continued)
TiVo Corp.		17,460		$	162,727
TTEC Holdings, Inc.		4,500			163,035
Ultra Clean Holdings, Inc.*1		9,600			99,360
Unisys Corp.*		1,400			16,338
Veeco Instruments, Inc.*		8,100			87,804
Verint Systems, Inc.*		1,800			107,748
Veritone, Inc.*1		8,000			41,600
Virtusa Corp.*		800			42,760
Xperi Corp.		5,900			138,060
Zynga, Inc. - Class A*		105,900			564,447
					15,535,217
UTILITIES – 0.1%
Ameresco, Inc. - Class A*		8,713			140,976
TOTAL COMMON STOCKS
(Cost $177,086,199)					222,107,797
PREFERRED STOCKS – 0.0%
DIVERSIFIED – 0.0%
Steel Partners Holdings LP
6.00%, 2/7/20262		2,291			49,554
TOTAL PREFERRED STOCKS
(Cost $49,880)					49,554

	Principal Amount
CORPORATE BONDS – 0.0%
INDUSTRIAL – 0.0%
Mueller Industries, Inc.
6.00%, 3/1/20272	$	22,000	21,722
TOTAL CORPORATE BONDS
(Cost $22,000)			21,722

	Number of Shares
EXCHANGE-TRADED FUNDS – 0.2%
Direxion Daily Small Cap Bull 3X Shares - ETF1		7,700	470,624
TOTAL EXCHANGE-TRADED FUNDS
(Cost $362,389)			470,624

RIGHTS – 0.0%
BASIC MATERIALS – 0.0%
A Schulman, Inc*	8,650		—
FINANCIAL – 0.0%
First Eagle Holdings, Inc.*	8,200		—
TOTAL RIGHTS
(Cost $—)			—
MONEY MARKET INVESTMENTS – 7.9%
Blackrock Liquidity Funds FedFund Portfolio - Class Institutional, 2.55%3,4	1,611,407		1,611,407
Federated Treasury Obligations Fund - Class Institutional, 2.26%3,5	6,408,098		6,408,098
Invesco Government & Agency Portfolio - Class Institutional, 2.45%3,4	10,000,000		10,000,000
TOTAL MONEY MARKET INVESTMENTS
(Cost $18,019,505)			18,019,505
TOTAL INVESTMENTS – 104.9%
(Cost $195,539,973)			240,669,202
Liabilities less other assets – (4.9)%			(11,302,555	)
TOTAL NET ASSETS – 100.0%		$	229,366,647

LP – Limited Partnership

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 $11,766,476 at March 31, 2019.

² Callable.

³ Variable rate security; the rate shown represents the rate at March 31, 2019.

⁴ All or a portion of this security was purchased with cash proceeds from securities lending. Total collateral had a fair value of $11,611,407 at March 31, 2019.

⁵ All or a portion of this security is segregated as collateral for option contracts. Total collateral had a fair value of $500,000 at March 31, 2019.

See accompanying Notes to Financial Statements.

13

Vericimetry U.S. Small Cap Value Fund

SUMMARY OF INVESTMENTS
As of March 31, 2019 (Unaudited)

Security Type/Industry	Percent of Total Net Assets
Common Stocks
Banks	13.0%
Insurance	6.9%
Retail	6.1%
Commercial Services	5.6%
Oil & Gas	5.3%
Electronics	4.2%
Savings & Loans	3.4%
Semiconductors	3.1%
Transportation	2.8%
Diversified Financial Services	2.6%
Computers	2.5%
Home Builders	2.5%
Telecommunications	2.2%
Oil & Gas Services	2.2%
Chemicals	1.9%
Healthcare-Services	1.7%
Media	1.7%
Engineering & Construction	1.6%
Building Materials	1.6%
Distribution/Wholesale	1.6%
Aerospace/Defense	1.5%
Machinery-Diversified	1.5%
Food	1.3%
Healthcare-Products	1.3%
Iron/Steel	1.2%
Miscellaneous Manufacturing	1.2%
Software	1.2%
Pharmaceuticals	1.1%
Apparel	1.1%
Airlines	1.0%
Auto Parts & Equipment	1.0%
Trucking & Leasing	1.0%
Mining	0.9%
Agriculture	0.8%
Internet	0.7%
Entertainment	0.7%
Forest Products & Paper	0.6%
Household Products/Wares	0.6%
Metal Fabricate/Hardware	0.6%
Energy-Alternate Sources	0.4%
Electrical Components & Equipment	0.4%
Biotechnology	0.4%
Lodging	0.4%
Environmental Control	0.4%
Leisure Time	0.3%
Machinery-Construction & Mining	0.3%
Real Estate	0.3%
Packaging & Containers	0.3%
Hand/Machine Tools	0.3%
Textiles	0.3%
Home Furnishings	0.2%
Storage/Warehousing	0.2%
Coal	0.2%
Auto Manufacturers	0.1%
Office Furnishings	0.1%
REITS	0.1%
Pipelines	0.1%
Electric	0.1%
Beverages	0.1%
Cosmetics/Personal Care	0.0%1
Advertising	0.0%1
Housewares	0.0%1
Total Common Stocks	96.8%
Preferred Stocks	0.0%
Corporate Bonds
Metal Fabricate/Hardware	0.0%
Total Corporate Bonds	0.0%
Exchange-Traded Funds	0.2%
Rights	0.0%
Money Market Investments	7.9%
Total Investments	104.9%
Liabilities less other assets	(4.9)%
Total Net Assets	100.0%

¹ Resulted in less than 0.05% per industry.

See accompanying Notes to Financial Statements.

14

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

STATEMENT OF ASSETS AND LIABILITIES
As of March 31, 2019 (Unaudited)

ASSETS
Investments in securities, at value (cost $195,539,973)	$	240,669,202	(1)
Cash		6,981
Receivables:
Securities sold		378,990
Fund shares issued		3,106
Dividends and interest		174,432
Securities lending income		3,518
Prepaid expenses and other assets		34,840
Total assets		241,271,069
LIABILITIES
Collateral due to broker for securities loaned		11,611,407
Payables:
Fund shares redeemed		85,069
Due to Trustees		4,338
Due to Adviser		83,875
Due to Broker		55,699
Fund accounting and administration fees and expenses		11,612
Transfer agent fees		13,490
Custody fees		12,826
Accrued other expenses		26,106
Total liabilities		11,904,422
NET ASSETS	$	229,366,647
COMPONENTS OF NET ASSETS
Paid-in-capital	$	180,821,071
Total distributable earnings		48,545,576
NET ASSETS	$	229,366,647
Shares outstanding, no par value (unlimited shares authorized)		13,723,749
Net asset value, offering and redemption price per share	$	16.71

⁽¹⁾ Includes securities on loan of $11,766,476 (see Note 2).

See accompanying Notes to Financial Statements.

15

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

STATEMENT OF OPERATIONS
For the Six Months Ended March 31, 2019 (Unaudited)

INVESTMENT INCOME
Income
Dividends (net of foreign withholding taxes of $428)	$	1,757,065
Securities lending income		28,789
Interest		151,505
Total investment income		1,937,359
Expenses
Investment advisory fees		623,599
Fund accounting and administration fees and expenses		66,181
Transfer agent fees		48,675
Custody fees		26,416
Professional fees		23,435
Registration fees		22,758
Shareholder reporting fees		13,052
Trustees' fees and expenses		4,338
Interest expense		4,309
Insurance fees		3,977
Miscellaneous expenses		2,209
Total expenses		838,949
Fees waived/expenses reimbursed by the Adviser		(86,323	)
Net expenses		752,626
Net investment income		1,184,733
Net Realized and Unrealized Gain (Loss) on Investments and Purchased Options Contracts
Net realized gain (loss) on:
Investments		7,037,806
Purchased option contracts		(550,679	)
Net realized gain		6,487,127
Net change in unrealized depreciation on investments		(44,891,551	)
Net realized and unrealized loss on investments and purchased options contracts		(38,404,424	)
Net Decrease in Net Assets from Operations	$	(37,219,691	)

See accompanying Notes to Financial Statements.

16

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended March 31, 2019 (Unaudited)			For the Year Ended September 30, 2018
INCREASE IN NET ASSETS FROM
Operations
Net investment income	$	1,184,733		$	2,296,157
Net realized gain on investments and purchased options contracts		6,487,127			22,332,232
Net change in unrealized appreciation (depreciation) on investments		(44,891,551	)		1,602,390
Net increase (decrease) resulting from operations		(37,219,691	)		26,230,779
Distributions to Shareholders		(24,450,424	)		(3,582,770	)
Capital Transactions
Proceeds from shares issued		34,230,627			30,302,326
Reinvestment of distributions		24,399,713			3,575,982
Cost of shares redeemed		(70,613,439	)		(55,266,923	)
Net decrease resulting from capital transactions		(11,983,099	)		(21,388,615	)
Total increase (decrease) in net assets		(73,653,214	)		1,259,394
Net Assets
Beginning of period		303,019,861			301,760,467
End of period	$	229,366,647		$	303,019,861
Capital Share Activity
Shares issued		2,162,034			1,481,310
Shares reinvested		1,517,529			175,290
Shares redeemed		(4,288,414	)		(2,648,720	)
Net decrease in capital shares		(608,851	)		(992,120	)

See accompanying Notes to Financial Statements.

17

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Financial Highlights

For a capital share outstanding throughout each period
	For the Six Months Ended March 31, 2019 (Unaudited)			For the Year Ended September 30, 2018			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
Net asset value, beginning of period	$	21.14		$	19.69		$	16.64		$	14.98		$	15.32		$	14.89
Income from Investment Operations:
Net investment income		0.09			0.15			0.12			0.14			0.16			0.10
Net realized and unrealized gain (loss) on investments		(2.77	)		1.54			3.04			1.65			(0.32	)		0.89
Total from investment operations		(2.68	)		1.69			3.16			1.79			(0.16	)		0.99
Less Distributions:
From net investment income		(0.07	)		(0.16	)		(0.11	)		(0.13	)		(0.14	)		(0.08	)
From net realized gain		(1.68	)		(0.08	)		—			—			(0.04	)		(0.48	)
Total distributions		(1.75	)		(0.24	)		(0.11	)		(0.13	)		(0.18	)		(0.56	)
Net asset value, end of period	$	16.71		$	21.14		$	19.69		$	16.64		$	14.98		$	15.32
Total return		(12.35	%)2		8.62	%		19.06	%		12.01	%		(1.10	%)		6.70	%
Ratios and Supplemental Data
Net assets, end of period (in thousands)	$	229,367		$	303,020		$	301,760		$	261,222		$	190,102		$	161,458
Ratio of expenses to average net assets (including interest expense)
Before fees reimbursed by the Adviser		0.67	%1,3		0.65	%1		0.66	%		0.68	%		0.69	%		0.72	%
After fees reimbursed by the Adviser		0.60	%1,3		0.60	%1		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assets (including interest expense)
Before fees reimbursed by the Adviser		0.88	%3		0.69	%		0.58	%		0.84	%		0.91	%		0.52	%
After fees reimbursed by the Adviser		0.95	%3		0.74	%		0.64	%		0.92	%		1.00	%		0.64	%
Portfolio turnover rate		31	%2		46	%		42	%		39	%		34	%		16	%

¹ Ratio of interest expense to average net assets was less than 0.005%.

² Not Annualized.

³ Annualized.

See accompanying Notes to Financial Statements.

18

Vericimetry Funds

Notes to Financial Statements

As of March 31, 2019 (Unaudited)

1. Organization

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

2. Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification Topic 946, Financial Services – Investment Companies, including FASB Accounting Standards Update 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, preferred stocks, exchange-traded funds and rights, are valued at the last reported sales price on the day of valuation. Securities traded on the Nasdaq National Market are valued at the Nasdaq Official Closing Price (“NOCP”). If there is no last reported sale or NOCP, the value of such securities will be at the mean between the most recent quoted bid and ask prices. Purchased options and other when-issued securities will follow the same pricing methods as the applicable equity securities. Debt securities are valued on the basis of bid-side prices. Money market investments are valued at their traded net asset value. Short-term investments may be valued at amortized cost, when it approximates fair value. If amortized cost does not approximate fair value, short-term securities are reported at fair value. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by Vericimetry Advisors LLC (the “Adviser”) under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”).

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

Level 1 – quoted prices in active markets for identical securities that the Fund has the ability to access. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement to a Level 3 measurement.

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

19

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS(Continued)As of March 31, 2019 (Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the fair values of the Fund’s investments in each category as of March 31, 2019:

	Level 1		Level 2		Level 3			Total
Investments in Securities
Common Stocks*
Basic Materials	$	10,447,672	$	—	$	—		$	10,447,672
Communications		10,518,989		—		—			10,518,989
Consumer, Cyclical		35,911,669		62,041		—			35,973,710
Consumer, Non-Cyclical		29,500,880		—		—			29,500,880
Energy		18,951,766		—		—			18,951,766
Financial		60,440,414		—		—			60,440,414
Industrial		40,598,173		—		—			40,598,173
Technology		15,535,217		—		—			15,535,217
Utilities		140,976		—		—			140,976
Preferred Stocks
Diversified		49,554		—		—			49,554
Corporate Bonds*
Industrial		—		21,722		—			21,722
Exchange-Traded Funds		470,624		—		—			470,624
Rights		—		—		—	**		—
Money Market Investments		18,019,505		—		—			18,019,505
Total Investments in Securities	$	240,585,439	$	83,763	$	—		$	240,669,202

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

** The adviser valued these holdings at $0 as of March 31, 2019.

There were no transfers into or out of Level 3 during the reporting period.

(b) Investment Transactions, Investment Income and Expenses – Investment transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Securities gains and losses are calculated based on highest cost, long-term holdings. Interest income is recognized on 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.

20

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS(Continued)As of March 31, 2019 (Unaudited)

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

GAAP requires management of the Fund to analyze all open tax years (for the Fund, tax years 2015-2018), as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the six months ended March 31, 2019, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

(e) Securities Lending – The Fund is authorized to lend a portion of its portfolio securities (up to a maximum value of one-third of the Fund’s total asset value) for the purpose of seeking to earn additional income net of fees. The Fund may pay reasonable administrative and custodial fees in connection with any such loan. A principal risk in lending portfolio securities, as with other extensions of credit, is the possible loss of rights in the collateral should the borrower fail financially. In addition, the Fund may be exposed to the risk that the sale of any collateral realized will not yield proceeds sufficient to replace the loaned securities. In determining whether to lend securities to a particular borrower, 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. However, the Fund will have the right to regain record ownership of loaned securities in order to exercise ownership rights such as voting rights, subscription rights and rights to dividends, interest or distributions.

At March 31, 2019, the value of securities loaned by the Fund was $11,766,476 and the Fund received cash collateral of $11,611,407. 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) Option Contracts – An option is an agreement whereby for a premium or fee, one party gains the right to buy (or sell) the underlying asset from the other party at a specified price on or after a specified date. The Fund may lose the value of the premium paid if the underlying asset does not change in price sufficiently and the Fund chooses not to exercise the option before it expires. The Fund may buy options on individual equities as a potentially cost effective way to gain exposure to these securities and possibly acquire or dispose of the underlying securities. The Fund may buy options on equity indexes or their ETF equivalents as a potentially cost effective way to gain exposure to these indexes.

(g) Asset Coverage for Options Positions – The Fund is required to deposit and maintain margin with respect to its futures and options positions. Such margin deposits will vary depending on the nature of the underlying instrument (and the related initial margin requirements), the current market value of the instrument and other positions held by the Fund. The Fund will hold liquid assets

21

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS(Continued)As of March 31, 2019 (Unaudited)

or enter into transactions to cover the underlying obligation or set aside in a segregated account at the Fund’s custodian liquid assets, such as cash, U.S. Government securities or other high grade liquid debt obligations equal in value to the amount due on the underlying obligation. Such segregated assets will be marked-to-market daily, and additional assets will be placed in the segregated account whenever the total value of the segregated account falls below the amount due on the underlying obligation. At March 31, 2019, such collateral is denoted in the Fund’s Schedule of Investments.

(h) Derivatives and Hedging requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows. As of March 31, 2019, the Fund had no open derivative instruments. The limited use of derivatives by the Fund during the 2019 fiscal year was related to purchased equity options and resulted in a net realized loss of $550,679, which is reflected on the Statement of Operations. The Fund had purchased option transactions during the six months ended March 31, 2019, however, due to the timing of these transactions, the average monthly notional amount for the Fund was $0.

(i) 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. There are no master netting arrangements relating to the Fund’s use of option contracts.

3. Investment Advisory and Other Agreements

The Fund has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Adviser receives a fee from the Fund, accrued daily and paid monthly, at an annual rate equal to 0.50% of the Fund’s average daily net assets. However, the Adviser has contractually agreed through an Expense Limitation Agreement to waive its management fee or reimburse the Fund so that its total annual operating expenses (excluding non-operating costs, which includes but is not limited to taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, 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, 2020. For six months ended March 31, 2019, the Fund accrued $623,599 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $86,323.

Under the terms of the Expense Limitation Agreement, if at any time the expenses of the Fund are less than the expense limitation, the Adviser retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed within the prior three years, to the extent that such reimbursement will not cause the Fund’s annualized expenses to exceed 0.60% of its average net assets on an annualized basis, or the expense limitation in place at time of waiver or reimbursement. The Fund is not obligated to reimburse the Adviser for fees previously waived or expenses previously assumed by the Adviser more than three years before the date of such reimbursement. All such reimbursements are contingent upon Board review and approval. As of March 31, 2019, reimbursements that may potentially be made by the Fund to the Adviser total $572,128, which expire as follows:

September 30, 2019	$	178,371
September 30, 2020	$	159,801
September 30, 2021	$	147,633
September 30, 2022	$	86,323

UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and administrator; UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund’s custodian. UMB Distribution Services, LLC, an affiliate of UMBFS, serves as the Fund’s distributor. Amounts paid to UMBFS and its affiliates by the Fund are reflected on the Statement of Operations.

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

22

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS(Continued)As of March 31, 2019 (Unaudited)

4. Federal Income Tax Information

At September 30, 2018, 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	$	271,968,134
Gross Unrealized Appreciation	$	95,282,001
Gross Unrealized Depreciation		(5,963,257	)
Net Unrealized Appreciation	$	89,318,744

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

As of September 30, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	$	141,202
Undistributed Long-term Gains		20,764,888
Accumulated Capital and Other Losses		(9,143	)
Unrealized Appreciation on Investments		89,318,744
Total Distributable Earnings	$	110,215,691

The tax character of distributions paid during the fiscal years ended September 30, 2018 and September 30, 2017 were as follows:

	September 30, 2018		September 30, 2017
Distributions Paid From:
Ordinary Income	$	2,383,207	$	1,770,699
Long-term Capital Gains		1,199,563		—
Total Distributions	$	3,582,770	$	1,770,699

5. Investment Transactions

For the six months ended March 31, 2019, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:

Purchases	Sales
$ 72,237,430	$ 104,169,406

6. 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.

23

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS(Continued)As of March 31, 2019 (Unaudited)

7. Events Subsequent to the Fiscal Period End

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

24

Vericimetry Funds

Expense Example

For the Six Months Ended March 31, 2019 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2018 through March 31, 2019 (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 October 1, 2018	Ending account value March 31, 2019	Expenses paid during the period ended March 31, 2019*
Actual Example	$ 1,000.00	$ 876.50	$ 2.82
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 182/365 (to reflect the six month period).

25

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.

26

This page intentionally left blank.

This page intentionally left blank.

This page intentionally left blank.

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.

Not applicable to semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual reports.

Item 4. Principal Accountant Fees and Services

Not applicable to semi-annual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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 – Not applicable to semi-annual reports.

(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.

(a)(4) 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:	June 4, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the dates indicated.
Vericimetry Funds
By:	/s/ Mendel Fygenson
	Dr. Mendel Fygenson
	President
Date:	June 4, 2019
By:	/s/ Michael Thill
	Michael Thill
	Treasurer
Date:	June 4, 2019