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)

972 West Campus Lane

Goleta, CA 93117

(Address of principal executive offices) (Zip code)

Dr. Mendel Fygenson

Vericimetry Advisors LLC

972 West Campus Lane

Goleta, CA 93117

(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, 2023

Item 1. Reports to Stockholders.

(a) 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, 2023

Vericimetry Funds

TABLE OF CONTENTS
September 30, 2023

Letter to Shareholders	1
Manager’s Discussion and Analysis	2
Performance Summary	3
Schedule of Investments	4
Statement of Assets and Liabilities	15
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	19
Report of Independent Registered Public Accounting Firm	25
Expense Example	26
Other Information	27
Trustees and Officers	28

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

As of September 30, 2023 (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 period ended September 30, 2023.

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 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 Funds

Manager’s Discussion and Analysis

September 30, 2023 (Unaudited)

The following overview summarizes the results of the Vericimetry U.S. Small Cap Value Fund (the “Fund”) for the fiscal year ended on September 30, 2023. In general, the Fund seeks to deliver the long side of the small-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, include both price appreciation/depreciation and reinvestment of dividends.

For the fiscal year ended on September 30, 2023, the Fund had positive returns, and it outperformed its benchmark – the Russell 2000^® Value Index (the “Benchmark”). Overall, the Fund’s fiscal-year annualized return was a positive 12.85% versus the Benchmark’s positive return of 7.84%. For most of the year, the Fund was more than 95% fully invested and had a well- diversified portfolio, with at least 770 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 positive return, as illustrated by the Russell 3000^® Index. Small cap stocks, represented by the Russell 2000^® Indices had lower 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 negative impact on the Fund’s returns.

Value stocks underperformed growth stocks across all size categories, with the exception of Microcaps, as indicated by various Russell indices. Thus, the value differential, which the Fund seeks to deliver through a multifactor approach, had a negative impact on the Fund’s returns.

Returns for the Fiscal Year Ended September 30, 2023

Russell 1000 Growth	27.72%
Russell 3000 Growth	26.63%
Russell 1000	21.19%
RUSSELL 3000	20.46%
Russell 1000 Value	14.44%
Russell 3000 Value	14.05%
Russell 2000 Growth	9.59%
Russell 2000	8.93%
Russell 2000 Value	7.84%
Russell Microcap Value	-0.70%
Russell Microcap	-1.35%
Russell Microcap Growth	-3.10%

Source: Russell Investment Group

2

Vericimetry Funds

Performance Summary (Unaudited)

September 30, 2023

Comparison of a Hypothetical $10,000 Investment
in the Vericimetry U.S. Small Cap Value Fund and the Russell 2000^® Value Index⁽¹⁾⁽²⁾

Average Annualized Total Returns For the periods ended September 30, 2023
	One Year	Five Year	Ten Year	Since Inception (3)
Vericimetry U.S. Small Cap Value Fund	12.85%	5.00%	6.91%	9.77%
Russell 2000® Value Index(1)	7.84%	2.59%	6.19%	8.51%

⁽¹⁾ The Russell 2000^® Value Index measures the performance of the 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. Investors cannot invest directly in an index.

⁽²⁾ This chart assumes an initial investment of $10,000 made on September 30, 2013. Total returns are based on net change in NAV, assuming reinvestment of distributions.

⁽³⁾ 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 0.67% are reflective of the information disclosed in the Fund’s prospectus dated January 28, 2023 and may differ from the expense ratios disclosed in this report. The Adviser has contractually agreed to waive all or a portion of its management fees and/or reimburse expenses at least through January 31, 2025 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 the Fund’s 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, 2023

	Number of Shares		Value
COMMON STOCKS — 93.1%
BASIC MATERIALS — 5.4%
AdvanSix, Inc.		3,982	$	123,761
American Vanguard Corp.		5,810		63,503
Ashland, Inc.		1,203		98,261
ATI, Inc.*		15,883		653,585
Avient Corp.		2,490		87,947
Cabot Corp.		2,568		177,885
Carpenter Technology Corp.		10,617		713,569
Centrus Energy Corp. - Class A*		610		34,624
Century Aluminum Co.*		7,290		52,415
Coeur Mining, Inc.*		17,220		38,228
Commercial Metals Co.		27,500		1,358,775
Ecovyst, Inc.*		7,110		69,962
Element Solutions, Inc.		50,030		981,088
Encore Energy Corp.*		7,900		25,754
H.B. Fuller Co.		3,172		217,631
Hawkins, Inc.		1,040		61,204
Haynes International, Inc.		3,500		162,820
Hecla Mining Co.		107,898		421,881
Huntsman Corp.		14,365		350,506
Innospec, Inc.		940		96,068
Kaiser Aluminum Corp.		1,003		75,486
Koppers Holdings, Inc.		2,251		89,027
Kronos Worldwide, Inc.		4,870		37,743
Mativ Holdings, Inc.		2,970		42,352
Mercer International, Inc.		11,500		98,670
Minerals Technologies, Inc.		5,510		301,728
NewMarket Corp.		98		44,594
Olin Corp.		10,215		510,546
Orion S.A.		2,260		48,093
Quaker Chemical Corp.		237		37,920
Rayonier Advanced Materials, Inc.*		13,295		47,064
Rogers Corp.*		507		66,655
Royal Gold, Inc.		331		35,195
Schnitzer Steel Industries, Inc. - Class A		1,816		50,576
Stepan Co.		1,790		134,196
Tronox Holdings PLC		23,425		314,832
United States Steel Corp.		34,235		1,111,953
				8,836,097
COMMUNICATIONS — 1.6%
Advantage Solutions, Inc.*1		90,970		258,355
ATN International, Inc.		2,069		65,298
CarParts.com, Inc.*		7,540		31,065
Cars.com, Inc.*		4,045		68,199
Cogent Communications Holdings, Inc.		690		42,711
Consolidated Communications Holdings, Inc.*		8,840		30,233

	Number of Shares		Value
COMMON STOCKS (Continued)
COMMUNICATIONS (Continued)
Cumulus Media, Inc. - Class A*		7,510	$	38,226
EchoStar Corp. - Class A*		2,830		47,402
Entravision Communications Corp. - Class A		7,065		25,787
ePlus, Inc.*		2,920		185,478
EW Scripps Co. - Class A*		10,876		59,600
Gray Television, Inc.		10,965		75,878
HealthStream, Inc.		890		19,206
InterDigital, Inc.		650		52,156
Iridium Communications, Inc.		4,180		190,148
Lands’ End, Inc.*		3,150		23,530
Liberty Latin America Ltd. - Class A*		10,250		83,640
Magnite, Inc.*		1,810		13,647
NETGEAR, Inc.*		1,500		18,885
Nexstar Media Group, Inc.		290		41,577
Opendoor Technologies, Inc.*		12,840		33,898
Preformed Line Products Co.		720		117,058
QuinStreet, Inc.*		3,470		31,126
Saga Communications, Inc. - Class A		760		16,310
Scholastic Corp.		9,320		355,465
Shenandoah Telecommunications Co.		3,640		75,020
Shutterstock, Inc.		640		24,352
Sinclair, Inc.		3,480		39,046
TEGNA, Inc.		9,250		134,772
Telephone and Data Systems, Inc.		12,209		223,547
Thryv Holdings, Inc.*		1,696		31,834
Viasat, Inc.*		9,137		168,669
Ziff Davis, Inc.*		490		31,208
				2,653,326
CONSUMER, CYCLICAL — 17.6%
Abercrombie & Fitch Co. - Class A*		9,353		527,229
Academy Sports & Outdoors, Inc.		8,863		418,954
Acushnet Holdings Corp.		1,165		61,792
Adient PLC*		6,285		230,659
Allegiant Travel Co.		2,035		156,410
A-Mark Precious Metals, Inc.		830		24,344
American Axle & Manufacturing Holdings, Inc.*		18,305		132,894
American Eagle Outfitters, Inc.		22,462		373,094
Asbury Automotive Group, Inc.*		895		205,913
AutoNation, Inc.*		4,027		609,688
Bally’s Corp.*		2,200		28,842
Bassett Furniture Industries, Inc.		1,130		16,555
Beacon Roofing Supply, Inc.*		13,140		1,014,014
Beazer Homes USA, Inc.*		3,410		84,943
Big 5 Sporting Goods Corp.		3,620		25,376

See accompanying Notes to Financial Statements.

4

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)As of September 30, 2023

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Biglari Holdings, Inc. - Class B*		120	$	19,920
Bloomin’ Brands, Inc.		4,963		122,040
Bluegreen Vacations Holding Corp.		1,130		41,448
BlueLinx Holdings, Inc.*		1,500		123,135
Boyd Gaming Corp.		495		30,111
Buckle, Inc.		2,150		71,788
Caleres, Inc.		6,133		176,385
Cato Corp. - Class A		5,070		38,836
Century Communities, Inc.		9,072		605,828
Children’s Place, Inc.*		2,520		68,116
Chuy’s Holdings, Inc.*		1,820		64,756
Conn’s, Inc.*		7,890		31,166
Container Store Group, Inc.*		5,820		13,095
Crocs, Inc.*		265		23,381
Daktronics, Inc.*		3,330		29,704
Dana, Inc.		24,846		364,491
Dave & Buster’s Entertainment, Inc.*		1,730		64,131
Designer Brands, Inc. - Class A		8,490		107,483
Dick’s Sporting Goods, Inc.		2,360		256,249
Dillard’s, Inc. - Class A		2,786		921,637
Dorman Products, Inc.*		260		19,698
El Pollo Loco Holdings, Inc.		3,380		30,251
Ethan Allen Interiors, Inc.		6,870		205,413
FirstCash Holdings, Inc.		402		40,353
Foot Locker, Inc.		9,663		167,653
Forestar Group, Inc.*		3,162		85,184
Fossil Group, Inc.*		7,500		15,450
Gap, Inc.		18,906		200,971
Genesco, Inc.*		4,260		131,293
G-III Apparel Group Ltd.*		9,030		225,028
GMS, Inc.*		8,300		530,951
Goodyear Tire & Rubber Co.*		42,006		522,135
Green Brick Partners, Inc.*		7,248		300,864
Group 1 Automotive, Inc.		4,004		1,075,915
Guess?, Inc.1		8,020		173,553
H&E Equipment Services, Inc.		2,345		101,281
Hamilton Beach Brands Holding Co. - Class A		2,891		35,877
Haverty Furniture Cos., Inc.		4,630		133,251
Hibbett, Inc.		1,210		57,487
HNI Corp.		2,410		83,458
Holley, Inc.*		4,400		21,956
Hooker Furnishings Corp.		1,980		38,511
Hovnanian Enterprises, Inc. - Class A*		950		96,577
Installed Building Products, Inc.		280		34,969
Interface, Inc.		4,470		43,851
J Jill, Inc.*		3,330		98,568

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
JAKKS Pacific, Inc.*		820	$	15,244
JetBlue Airways Corp.*		10,024		46,110
Johnson Outdoors, Inc. - Class A		720		39,377
KB Home		4,850		224,458
Kohl’s Corp.		2,170		45,483
Kontoor Brands, Inc.		1,100		48,301
La-Z-Boy, Inc.		8,190		252,907
LCI Industries		1,557		182,823
LGI Homes, Inc.*		2,496		248,327
Life Time Group Holdings, Inc.*		5,200		79,092
Lifetime Brands, Inc.		5,450		30,684
Light & Wonder, Inc.*		3,542		252,651
Lithia Motors, Inc.		130		38,393
M/I Homes, Inc.*		6,505		546,680
Macy’s, Inc.		24,937		289,519
Madison Square Garden Entertainment Corp.*		1,950		64,174
Malibu Boats, Inc. - Class A*		245		12,010
Marcus Corp.		3,670		56,885
MarineMax, Inc.*		3,010		98,788
Marriott Vacations Worldwide Corp.		2,490		250,569
MDC Holdings, Inc.		12,225		504,037
Meritage Homes Corp.		6,966		852,569
Methode Electronics, Inc.		2,260		51,641
Miller Industries, Inc.		2,765		108,416
MillerKnoll, Inc.		6,010		146,944
Motorcar Parts of America, Inc.*		4,530		36,648
Movado Group, Inc.		4,990		136,476
Murphy USA, Inc.		292		99,785
National Vision Holdings, Inc.*		3,698		59,834
Nu Skin Enterprises, Inc. - Class A		990		20,998
ODP Corp.*		13,270		612,410
Ollie’s Bargain Outlet Holdings, Inc.*		430		33,187
OPENLANE, Inc.*		10,324		154,034
Oxford Industries, Inc.		1,310		125,930
Patrick Industries, Inc.		2,200		165,132
PC Connection, Inc.		4,362		232,844
Penske Automotive Group, Inc.		7,088		1,184,121
Playa Hotels & Resorts N.V.*		9,727		70,423
PriceSmart, Inc.		850		63,266
PVH Corp.		6,779		518,661
RCI Hospitality Holdings, Inc.		550		33,363
Resideo Technologies, Inc.*		14,460		228,468
REV Group, Inc.		9,130		146,080
Rocky Brands, Inc.		1,750		25,725
Rush Enterprises, Inc. - Class A		14,422		588,850
Rush Enterprises, Inc. - Class B		6,862		310,780

See accompanying Notes to Financial Statements.

5

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)As of September 30, 2023

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
ScanSource, Inc.*		4,700	$	142,457
Shoe Carnival, Inc.		5,630		135,289
Signet Jewelers Ltd.		5,690		408,599
Skechers USA, Inc. - Class A*		4,630		226,638
Skyline Champion Corp.*		820		52,250
SkyWest, Inc.*		17,490		733,531
Sonic Automotive, Inc. - Class A		4,197		200,449
Sphere Entertainment Co.*		3,450		128,202
Spirit Airlines, Inc.		9,715		160,297
Standard Motor Products, Inc.		1,390		46,732
Steelcase, Inc. - Class A		10,665		119,128
Tapestry, Inc.		1,050		30,188
Taylor Morrison Home Corp.*		24,903		1,061,117
Texas Roadhouse, Inc.		140		13,454
Thor Industries, Inc.		4,301		409,154
Titan Machinery, Inc.*		5,500		146,190
TKO Group Holdings, Inc.		300		25,218
Toll Brothers, Inc.		3,140		232,234
Topgolf Callaway Brands Corp.*		5,090		70,446
Tri Pointe Homes, Inc.*		28,090		768,261
UniFirst Corp.		600		97,806
Urban Outfitters, Inc.*		10,367		338,897
Veritiv Corp.		2,983		503,829
Vista Outdoor, Inc.*		6,149		203,655
VSE Corp.		1,160		58,510
Wabash National Corp.		3,370		71,174
WESCO International, Inc.		8,062		1,159,477
Winmark Corp.		370		138,058
Winnebago Industries, Inc.		4,605		273,767
Xperi, Inc.*		2,842		28,022
Zumiez, Inc.*		5,180		92,204
				28,963,235
CONSUMER, NON-CYCLICAL — 9.9%
Aaron’s Co., Inc.		4,070		42,613
ABM Industries, Inc.		12,065		482,721
Acadia Healthcare Co., Inc.*		13,109		921,694
ACCO Brands Corp.		13,780		79,097
Adtalem Global Education, Inc.*		12,230		524,056
Alight, Inc.*		3,010		21,341
Andersons, Inc.		9,480		488,315
AngioDynamics, Inc.*		3,540		25,877
Anika Therapeutics, Inc.*		1,700		31,671
Artivion, Inc.*		4,440		67,310
Avanos Medical, Inc.*		9,120		184,406
Brookdale Senior Living, Inc.*		14,145		58,560
Cal-Maine Foods, Inc.		1,733		83,912

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
CBIZ, Inc.*		9,380	$	486,822
Central Garden & Pet Co. - Class A*		6,990		280,229
Coca-Cola Consolidated, Inc.		310		197,259
Coty, Inc. - Class A*		10,898		119,551
CRA International, Inc.		1,290		129,980
Cross Country Healthcare, Inc.*		3,480		86,269
Deluxe Corp.		4,760		89,916
Edgewell Personal Care Co.		10,120		374,035
Enhabit, Inc.*		2,590		29,138
Ennis, Inc.		5,900		125,198
Enovis Corp.*		5,233		275,936
Envista Holdings Corp.*		2,480		69,142
First Advantage Corp.		5,210		71,846
Fresh Del Monte Produce, Inc.		11,020		284,757
FTI Consulting, Inc.*		500		89,205
Fulgent Genetics, Inc.*		530		14,172
Graham Holdings Co. - Class B		570		332,310
Grand Canyon Education, Inc.*		840		98,179
Green Dot Corp. - Class A*		6,430		89,570
Hain Celestial Group, Inc.*		3,090		32,043
Heidrick & Struggles International, Inc.		4,495		112,465
Herc Holdings, Inc.		1,013		120,486
Hostess Brands, Inc.*		21,530		717,164
Huron Consulting Group, Inc.*		2,630		273,941
ICF International, Inc.		3,433		414,741
Inari Medical, Inc.*		390		25,506
Ingles Markets, Inc. - Class A		4,967		374,164
Ingredion, Inc.		1,268		124,771
Innoviva, Inc.*		12,590		163,544
Integer Holdings Corp.*		6,460		506,658
John B Sanfilippo & Son, Inc.		580		57,304
KalVista Pharmaceuticals, Inc.*		2,700		26,001
Kelly Services, Inc. - Class A		8,850		160,982
Korn Ferry		8,955		424,825
Laureate Education, Inc.		12,050		169,905
LifeStance Health Group, Inc.*		6,480		44,518
Ligand Pharmaceuticals, Inc.*		1,035		62,017
LiveRamp Holdings, Inc.*		7,389		213,099
ManpowerGroup, Inc.		990		72,587
Matthews International Corp. - Class A		5,400		210,114
Mister Car Wash, Inc.*		4,830		26,613
Monro, Inc.		1,752		48,653
Multiplan Corp.*		34,780		58,430
National Beverage Corp.*		780		36,676
National HealthCare Corp.		1,820		116,444
National Research Corp.		3,040		134,885
Natural Grocers by Vitamin Cottage, Inc.		4,950		63,905

See accompanying Notes to Financial Statements.

6

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)As of September 30, 2023

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
NeoGenomics, Inc.*		3,054	$	37,564
Omni AB, Inc. - Earnout Shares2		477		—
Omni AB, Inc. - Earnout Shares2		477		—
Owens & Minor, Inc.*		6,990		112,958
Patterson Cos., Inc.		3,095		91,736
Pediatrix Medical Group, Inc.*		2,863		36,389
Perdoceo Education Corp.		12,310		210,501
Pilgrim’s Pride Corp.*		2,410		55,020
Post Holdings, Inc.*		2,820		241,787
Premier, Inc. - Class A		1,320		28,380
Prestige Consumer Healthcare, Inc.*		9,295		531,581
PROG Holdings, Inc.*		8,043		267,108
Quad/Graphics, Inc.*		4,040		20,321
Quanex Building Products Corp.		7,275		204,937
Repay Holdings Corp.*		4,490		34,079
Sabre Corp.*		13,320		59,807
Select Medical Holdings Corp.		2,524		63,781
Seneca Foods Corp. - Class A*		2,260		121,656
SpartanNash Co.		10,653		234,366
Sprouts Farmers Market, Inc.*		2,638		112,906
Strategic Education, Inc.		2,350		176,838
Stride, Inc.*		9,345		420,805
Supernus Pharmaceuticals, Inc.*		892		24,592
Tango Therapeutics, Inc.*		5,840		65,758
Tenet Healthcare Corp.*		940		61,937
Textainer Group Holdings Ltd.		11,095		413,289
TreeHouse Foods, Inc.*		5,067		220,820
TrueBlue, Inc.*		4,670		68,509
UFP Technologies, Inc.*		130		20,989
United Natural Foods, Inc.*		7,570		107,040
Universal Corp.		400		18,884
Upbound Group, Inc.		870		25,622
USANA Health Sciences, Inc.*		1,310		76,779
Varex Imaging Corp.*		2,920		54,867
Veracyte, Inc.*		1,543		34,455
Village Super Market, Inc. - Class A		2,030		45,959
Weis Markets, Inc.		7,179		452,277
WillScot Mobile Mini Holdings Corp.*		11,980		498,248
Zimvie, Inc.*		3,150		29,642
				16,329,715
ENERGY — 10.8%
Adams Resources & Energy, Inc.		1,150		38,744
Alpha Metallurgical Resources, Inc.		1,838		477,384
Alto Ingredients, Inc.*		10,500		46,410
Antero Midstream Corp.		9,560		114,529
APA Corp.		4,350		178,785
Arch Resources, Inc.		1,600		273,056

	Number of Shares		Value
COMMON STOCKS (Continued)
ENERGY (Continued)
Archrock, Inc.		26,780	$	337,428
Baytex Energy Corp.		9,512		41,949
Berry Corp.		7,605		62,361
Bristow Group, Inc.*		3,470		97,750
California Resources Corp.		3,220		180,352
Callon Petroleum Co.*		4,105		160,588
ChampionX Corp.		2,110		75,158
Chevron Corp.		5,892		993,509
Chord Energy Corp.		4,921		797,546
Civeo Corp.		670		13,889
Civitas Resources, Inc.		7,701		622,780
CNX Resources Corp.*		31,011		700,228
Comstock Resources, Inc.		7,924		87,402
CONSOL Energy, Inc.		8,251		865,612
CVR Energy, Inc.		5,466		186,008
Delek U.S. Holdings, Inc.		7,058		200,518
Diamond Offshore Drilling, Inc.*		1,200		17,616
Diamondback Energy, Inc.		2,569		397,887
Dril-Quip, Inc.*		2,430		68,453
Earthstone Energy, Inc. - Class A*		2,250		45,540
EnLink Midstream LLC		20,045		244,950
EQT Corp.		1,379		55,960
Equitrans Midstream Corp.		25,268		236,761
Expro Group Holdings N.V.*		2,495		57,959
FutureFuel Corp.		7,600		54,492
Golar LNG Ltd.		4,285		103,954
Green Plains, Inc.*		2,684		80,788
Hallador Energy Co.*		8,530		123,003
Helix Energy Solutions Group, Inc.*		24,350		271,990
Helmerich & Payne, Inc.		16,039		676,204
Liberty Energy, Inc.		2,650		49,078
Matador Resources Co.		11,147		663,024
Murphy Oil Corp.		30,052		1,362,858
Nabors Industries Ltd.*		640		78,810
NACCO Industries, Inc. - Class A		2,700		94,689
Newpark Resources, Inc.*		17,215		118,956
Noble Corp. PLC		992		50,245
NOV, Inc.		6,955		145,360
NOW, Inc.*		14,935		177,278
Oceaneering International, Inc.*		6,702		172,375
Oil States International, Inc.*		17,565		147,019
Par Pacific Holdings, Inc.*		3,979		143,005
Patterson-UTI Energy, Inc.		20,643		285,699
PBF Energy, Inc. - Class A		22,817		1,221,394
Peabody Energy Corp.		20,123		522,997
Permian Resources Corp.		27,895		389,414
Pioneer Natural Resources Co.		1,128		258,932

See accompanying Notes to Financial Statements.

7

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)As of September 30, 2023

	Number of Shares		Value
COMMON STOCKS (Continued)
ENERGY (Continued)
ProPetro Holding Corp.*		16,750	$	178,053
Ramaco Resources, Inc. - Class A		11,250		123,638
Ramaco Resources, Inc. - Class B		860		10,260
REX American Resources Corp.*		2,600		105,872
RPC, Inc.		3,960		35,402
SandRidge Energy, Inc.		2,136		33,450
Seadrill Ltd.*		1,060		47,477
SM Energy Co.		4,454		176,601
SunCoke Energy, Inc.		24,340		247,051
Talos Energy, Inc.*		9,388		154,339
Targa Resources Corp.		3,610		309,449
TechnipFMC PLC		16,606		337,766
Tidewater, Inc.*		1,270		90,259
Transocean Ltd.*		29,783		244,518
U.S. Silica Holdings, Inc.*		11,839		166,220
VAALCO Energy, Inc.		8,160		35,822
Vital Energy, Inc.*		1,920		106,406
Warrior Met Coal, Inc.		9,615		491,134
Weatherford International PLC*		530		47,875
				17,810,268
FINANCIAL — 25.0%
1st Source Corp.		4,832		203,379
Air Lease Corp.		22,794		898,312
Amalgamated Financial Corp.		2,210		38,056
Ambac Financial Group, Inc.*		6,390		77,063
Amerant Bancorp, Inc.		2,790		48,658
American Equity Investment Life Holding Co.*		29,372		1,575,514
American National Bankshares, Inc.		560		21,246
Ameris Bancorp		5,646		216,750
AMERISAFE, Inc.		1,540		77,108
Anywhere Real Estate, Inc.*		12,250		78,767
Argo Group International Holdings Ltd.		8,248		246,120
Associated Banc-Corp		28,940		495,163
Assured Guaranty Ltd.		11,308		684,360
Atlantic Union Bankshares Corp.		15,553		447,615
Avantax, Inc.*		2,640		67,531
Axis Capital Holdings Ltd.		7,975		449,551
Axos Financial, Inc.*		5,295		200,469
Banc of California, Inc.		10,420		129,000
BancFirst Corp.		484		41,977
Bancorp, Inc.*		2,467		85,111
Bank of NT Butterfield & Son Ltd.		1,180		31,954
Bank OZK		15,529		575,660
Bank7 Corp.		770		17,333
BankFinancial Corp.		3,130		26,981
BankUnited, Inc.		11,844		268,859

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Bankwell Financial Group, Inc.		515	$	12,499
Banner Corp.		6,890		291,998
Bar Harbor Bankshares		1,790		42,298
BCB Bancorp, Inc.		2,950		32,863
Berkshire Hills Bancorp, Inc.		6,346		127,237
Bread Financial Holdings, Inc.		5,840		199,728
Brighthouse Financial, Inc.*		10,628		520,134
Brookline Bancorp, Inc.		13,105		119,387
Byline Bancorp, Inc.		2,860		56,371
C&F Financial Corp.		710		38,056
Cadence Bank		16,541		351,000
Camden National Corp.		691		19,500
Capital City Bank Group, Inc.		2,390		71,294
Capitol Federal Financial, Inc.		7,820		37,301
Carter Bankshares, Inc.*		1,610		20,173
Cathay General Bancorp		8,740		303,802
Central Pacific Financial Corp.		1,380		23,018
Central Valley Community Bancorp		1,800		25,398
Chemung Financial Corp.		680		26,935
Citizens, Inc.*1		16,780		47,823
City Holding Co.		2,059		186,031
CNB Financial Corp.		2,560		46,362
CNO Financial Group, Inc.		27,099		643,059
Columbia Banking System, Inc.		14,571		295,791
Comerica, Inc.		1,210		50,276
Community Bank System, Inc.		2,612		110,253
Community Trust Bancorp, Inc.		1,470		50,362
ConnectOne Bancorp, Inc.		6,500		115,895
Consumer Portfolio Services, Inc.*		3,597		32,625
Credit Acceptance Corp.*		77		35,429
CrossFirst Bankshares, Inc.*		3,800		38,342
Cushman & Wakefield PLC*		5,510		41,986
Customers Bancorp, Inc.*		9,915		341,572
CVB Financial Corp.		5,870		97,266
Dime Community Bancshares, Inc.		4,449		88,802
Donegal Group, Inc. - Class A		1,421		20,256
Eagle Bancorp, Inc.		797		17,096
Employers Holdings, Inc.		5,819		232,469
Enact Holdings, Inc.		2,253		61,349
Encore Capital Group, Inc.*		6,460		308,530
Enova International, Inc.*		6,105		310,561
Enstar Group Ltd.*		1,260		304,920
Enterprise Financial Services Corp.		3,205		120,187
Esquire Financial Holdings, Inc.		1,609		73,515
ESSA Bancorp, Inc.		960		14,410
Essent Group Ltd.		6,047		285,963
Evercore, Inc. - Class A		410		56,531

See accompanying Notes to Financial Statements.

8

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)As of September 30, 2023

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
EZCORP, Inc. - Class A*		16,920	$	139,590
Federal Agricultural Mortgage Corp. - Class C		1,728		266,630
Financial Institutions, Inc.		2,250		37,868
First BanCorp/Puerto Rico		54,950		739,627
First Bancorp/Southern Pines NC		1,184		33,318
First Bancshares, Inc.		566		15,265
First Bank/Hamilton NJ		1,170		12,613
First Busey Corp.		5,489		105,499
First Business Financial Services, Inc.		1,320		39,613
First Commonwealth Financial Corp.		21,140		258,119
First Community Bankshares, Inc.		1,750		51,538
First Financial Bancorp		20,709		405,896
First Financial Corp.		1,821		61,568
First Financial Northwest, Inc.		1,360		17,299
First Foundation, Inc.		4,210		25,597
First Horizon Corp.		10,192		112,316
First Interstate BancSystem, Inc. - Class A		4,906		122,356
First Merchants Corp.		6,962		193,683
First Mid Bancshares, Inc.		1,992		52,908
Flushing Financial Corp.		4,110		53,964
FNB Corp.		38,057		410,635
FRP Holdings, Inc.*		1,070		57,748
FS Bancorp, Inc.		1,120		33,040
Fulton Financial Corp.		40,311		488,166
Genworth Financial, Inc. - Class A*		112,838		661,231
Glacier Bancorp, Inc.		2,150		61,275
Great Southern Bancorp, Inc.		2,735		131,061
Hancock Whitney Corp.		16,593		613,775
Hanmi Financial Corp.		9,080		147,368
Hanover Insurance Group, Inc.		530		58,819
Heartland Financial USA, Inc.		5,040		148,327
Heritage Commerce Corp.		6,040		51,159
Heritage Financial Corp.		1,618		26,390
Hilltop Holdings, Inc.		10,232		290,180
Home Bancorp, Inc.		940		29,958
Hope Bancorp, Inc.		19,307		170,867
Horace Mann Educators Corp.		9,241		271,501
Horizon Bancorp, Inc.		3,741		39,954
Howard Hughes Holdings, Inc.*		4,619		342,406
Independent Bank Corp.		2,580		47,317
Independent Bank Corp.		1,755		86,153
Independent Bank Group, Inc.		6,305		249,363
International Bancshares Corp.		13,035		564,937
Invesco Ltd.		2,570		37,316
Jackson Financial, Inc. - Class A		13,913		531,755

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Janus Henderson Group PLC		10,032	$	259,026
Kearny Financial Corp.		9,692		67,166
Kemper Corp.		2,650		111,379
Kennedy-Wilson Holdings, Inc.		7,365		108,560
Lakeland Bancorp, Inc.		10,935		138,000
LCNB Corp.		1,420		20,263
Legacy Housing Corp.*		676		13,121
LendingClub Corp.*		7,360		44,896
Live Oak Bancshares, Inc.		3,380		97,851
LPL Financial Holdings, Inc.		240		57,036
Marcus & Millichap, Inc.		1,960		57,506
McGrath RentCorp		2,695		270,147
Mercantile Bank Corp.		1,560		48,220
Merchants Bancorp		640		17,741
Metropolitan Bank Holding Corp.*		560		20,317
MGIC Investment Corp.		28,270		471,826
Midland States Bancorp, Inc.		3,660		75,176
MidWestOne Financial Group, Inc.		1,400		28,462
Mr Cooper Group, Inc.*		14,242		762,802
National Western Life Group, Inc. -Class A		510		223,120
Navient Corp.		33,364		574,528
NBT Bancorp, Inc.		700		22,183
Nelnet, Inc. - Class A		6,130		547,532
New York Community Bancorp, Inc.		88,751		1,006,436
NMI Holdings, Inc. - Class A*		15,117		409,520
Northeast Bank		1,190		52,479
Northfield Bancorp, Inc.		5,760		54,432
Northrim BanCorp, Inc.		1,860		73,693
Northwest Bancshares, Inc.		19,571		200,211
Oak Valley Bancorp		1,810		45,395
OceanFirst Financial Corp.		7,491		108,395
OFG Bancorp		16,040		478,954
Old National Bancorp		40,696		591,720
Old Second Bancorp, Inc.		2,780		37,836
OneMain Holdings, Inc.		2,350		94,211
Oppenheimer Holdings, Inc. - Class A		2,050		78,535
Pacific Premier Bancorp, Inc.		18,590		404,518
Park National Corp.		185		17,486
Pathward Financial, Inc.		3,445		158,780
PCB Bancorp		3,540		54,693
Peapack-Gladstone Financial Corp.		3,435		88,108
PennyMac Financial Services, Inc.		7,127		474,658
Peoples Bancorp, Inc.		6,863		174,183
Peoples Financial Services Corp.		780		31,278
Pinnacle Financial Partners, Inc.		2,477		166,058
Piper Sandler Cos.		1,943		282,337

See accompanying Notes to Financial Statements.

9

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)As of September 30, 2023

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Popular, Inc.		9,050	$	570,240
PRA Group, Inc.*		1,370		26,318
Preferred Bank/Los Angeles CA		3,860		240,285
Premier Financial Corp.		5,144		87,757
Primerica, Inc.		590		114,466
Primis Financial Corp.		2,444		19,919
ProAssurance Corp.		6,915		130,624
Provident Financial Holdings, Inc.		1,180		15,446
Provident Financial Services, Inc.		20,160		308,246
QCR Holdings, Inc.		1,667		80,883
Radian Group, Inc.		12,515		314,252
RE/MAX Holdings, Inc. - Class A		3,229		41,783
Regional Management Corp.		2,360		65,325
Reinsurance Group of America, Inc.		199		28,893
Renasant Corp.		11,493		301,002
Republic Bancorp, Inc. - Class A		1,290		56,824
S&T Bancorp, Inc.		2,273		61,553
Safety Insurance Group, Inc.		1,790		122,060
Sandy Spring Bancorp, Inc.		4,031		86,384
Seacoast Banking Corp. of Florida		3,015		66,209
Selective Insurance Group, Inc.		3,834		395,554
Shore Bancshares, Inc.		1,750		18,410
Sierra Bancorp		2,330		44,177
Simmons First National Corp. - Class A		17,587		298,276
SiriusPoint Ltd.*		14,610		148,584
SmartFinancial, Inc.		1,270		27,140
Southside Bancshares, Inc.		1,366		39,204
SouthState Corp.		5,043		339,696
Stellar Bancorp, Inc.		2,529		53,918
Stewart Information Services Corp.		2,660		116,508
Stifel Financial Corp.		3,100		190,464
Stock Yards Bancorp, Inc.		840		33,004
StoneX Group, Inc.*		2,191		212,352
Summit Financial Group, Inc.		3,811		85,900
Texas Capital Bancshares, Inc.*		9,492		559,079
Timberland Bancorp, Inc.		1,578		42,764
Tiptree, Inc.		8,130		136,259
Tompkins Financial Corp.		1,369		67,067
Towne Bank/Portsmouth VA		2,010		46,089
TriCo Bancshares		2,193		70,242
TrustCo Bank Corp. NY		2,420		66,042
Trustmark Corp.		8,127		176,600
United Bankshares, Inc.		10,232		282,301
United Community Banks, Inc.		7,622		193,675
United Fire Group, Inc.		3,030		59,842
Unity Bancorp, Inc.		2,293		53,725
Universal Insurance Holdings, Inc.		1,800		25,236

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Univest Financial Corp.		5,540	$	96,285
Unum Group		19,087		938,890
Valley National Bancorp		35,023		299,797
Veritex Holdings, Inc.		1,300		23,335
Virtus Investment Partners, Inc.		160		32,318
Walker & Dunlop, Inc.		2,054		152,489
Washington Federal, Inc.		19,450		498,309
Waterstone Financial, Inc.		1,894		20,739
Webster Financial Corp.		7,689		309,944
WesBanco, Inc.		10,891		265,958
Westamerica BanCorp		930		40,223
Western Alliance Bancorp		2,386		109,684
White Mountains Insurance Group Ltd.		235		351,487
Wintrust Financial Corp.		4,344		327,972
World Acceptance Corp.*		250		31,765
WSFS Financial Corp.		5,851		213,561
Zions Bancorp N.A.		1,211		42,252
				41,041,517
INDUSTRIAL — 18.0%
AAON, Inc.		1,200		68,244
AAR Corp.*		8,900		529,817
Acuity Brands, Inc.		140		23,843
Air Transport Services Group, Inc.*		4,640		96,837
Alamo Group, Inc.		640		110,630
American Woodmark Corp.*		2,530		191,293
Ampco-Pittsburgh Corp.*		5,730		15,070
Apogee Enterprises, Inc.		2,980		140,298
Applied Industrial Technologies, Inc.		490		75,759
ArcBest Corp.		8,480		861,992
Arcosa, Inc.		5,709		410,477
Ardmore Shipping Corp.		5,140		66,871
Astec Industries, Inc.		4,577		215,622
Atkore, Inc.*		1,275		190,217
Avnet, Inc.		11,156		537,608
AZEK Co., Inc.*		4,900		145,726
AZZ, Inc.		1,200		54,696
Barnes Group, Inc.		9,027		306,647
Bel Fuse, Inc. - Class B		2,710		129,321
Benchmark Electronics, Inc.		10,280		249,393
Boise Cascade Co.		8,314		856,675
Brady Corp. - Class A		2,395		131,533
Clearwater Paper Corp.*		2,535		91,894
Columbus McKinnon Corp.		5,120		178,739
Comfort Systems USA, Inc.		929		158,311
Comtech Telecommunications Corp.		5,380		47,075
Concrete Pumping Holdings, Inc.*		2,760		23,681
Costamare, Inc.		20,907		201,125

See accompanying Notes to Financial Statements.

10

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)As of September 30, 2023

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Covenant Logistics Group, Inc.		2,552	$	111,905
DHT Holdings, Inc.		42,820		441,046
Dorian LPG Ltd.		10,080		289,598
Ducommun, Inc.*		2,007		87,325
DXP Enterprises, Inc.*		1,480		51,711
Eagle Bulk Shipping, Inc.1		2,870		120,626
Eagle Materials, Inc.		430		71,604
EMCOR Group, Inc.		908		191,034
Encore Wire Corp.		5,945		1,084,725
EnerSys		1,320		124,964
EnPro Industries, Inc.		4,415		535,054
Enviri Corp.*		8,040		58,049
Esab Corp.		7,113		499,475
ESCO Technologies, Inc.		2,801		292,536
Federal Signal Corp.		4,918		293,752
Flowserve Corp.		2,450		97,437
Fluor Corp.*		2,829		103,824
Frontdoor, Inc.*		8,130		248,697
Frontline PLC		26,044		489,106
GATX Corp.		8,215		894,038
Genco Shipping & Trading Ltd.		9,285		129,897
Gibraltar Industries, Inc.*		5,089		343,558
GoPro, Inc. - Class A*		8,010		25,151
Granite Construction, Inc.		7,633		290,207
Great Lakes Dredge & Dock Corp.*		11,840		94,365
Greenbrier Cos., Inc.		7,355		294,200
Greif, Inc. - Class A		5,210		348,080
Griffon Corp.		6,350		251,905
GXO Logistics, Inc.*		3,620		212,313
Hayward Holdings, Inc.*		9,530		134,373
Heartland Express, Inc.		2,240		32,906
Heritage-Crystal Clean, Inc.*		2,830		128,341
Hillenbrand, Inc.		2,247		95,071
Hub Group, Inc. - Class A*		9,780		768,121
Ichor Holdings Ltd.*		4,558		141,116
International Seaways, Inc.		8,614		387,630
JELD-WEN Holding, Inc.*		3,420		45,691
John Bean Technologies Corp.		500		52,570
Kennametal, Inc.		6,015		149,653
Kimball Electronics, Inc.*		6,580		180,160
Kirby Corp.*		3,478		287,978
Knowles Corp.*		16,595		245,772
Kratos Defense & Security Solutions, Inc.*		4,492		67,470
Louisiana-Pacific Corp.		1,330		73,509
LSB Industries, Inc.*		3,550		36,317
LSI Industries, Inc.		5,860		93,057
Manitowoc Co., Inc.*		5,290		79,615

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Marten Transport Ltd.		20,425	$	402,577
MasTec, Inc.*		760		54,697
Materion Corp.		3,654		372,379
Matson, Inc.		3,696		327,909
Mistras Group, Inc.*		6,030		32,864
Modine Manufacturing Co.*		14,142		646,996
Moog, Inc. - Class A		1,455		164,357
Mueller Industries, Inc.		3,640		273,582
MYR Group, Inc.*		3,273		441,069
National Presto Industries, Inc.		460		33,332
NEXTracker, Inc. - Class A*		460		18,474
NL Industries, Inc.		5,450		25,888
Northwest Pipe Co.*		1,917		57,836
nVent Electric PLC		4,145		219,644
O-I Glass, Inc.*		13,045		218,243
Olympic Steel, Inc.		4,049		227,594
Overseas Shipholding Group, Inc. -Class A*		9,400		41,266
PAM Transportation Services, Inc.*		1,454		31,334
Park Aerospace Corp.		1,160		18,015
Plexus Corp.*		3,930		365,411
Powell Industries, Inc.		1,400		116,060
Primoris Services Corp.		4,580		149,903
Proto Labs, Inc.*		1,720		45,408
RBC Bearings, Inc.*		160		37,461
Regal Rexnord Corp.		3,896		556,660
Ryder System, Inc.		2,573		275,182
Ryerson Holding Corp.		4,970		144,577
Saia, Inc.*		130		51,825
Sanmina Corp.*		17,381		943,441
Schneider National, Inc. - Class B		5,700		157,833
Scorpio Tankers, Inc.		8,856		479,287
SFL Corp. Ltd.		3,130		34,900
Smith & Wesson Brands, Inc.		9,320		120,321
SPX Technologies, Inc.*		2,765		225,071
Standex International Corp.		730		106,354
Sterling Infrastructure, Inc.*		2,470		181,496
Stoneridge, Inc.*		1,830		36,728
Sturm Ruger & Co., Inc.		719		37,474
Summit Materials, Inc. - Class A*		16,108		501,603
TD SYNNEX Corp.		1,180		117,835
Teekay Corp.*		10,192		62,885
Teekay Tankers Ltd. - Class A		4,353		181,215
Terex Corp.		3,295		189,858
Thermon Group Holdings, Inc.*		3,370		92,574
Timken Co.		1,905		139,998
TimkenSteel Corp.*		11,432		248,303

See accompanying Notes to Financial Statements.

11

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)As of September 30, 2023

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
TopBuild Corp.*		215	$	54,094
TriMas Corp.		6,050		149,798
Trinity Industries, Inc.		14,845		361,476
TTM Technologies, Inc.*		32,774		422,129
UFP Industries, Inc.		5,430		556,032
Vishay Intertechnology, Inc.		27,399		677,303
Watts Water Technologies, Inc. - Class A		440		76,041
Werner Enterprises, Inc.		10,110		393,785
Willis Lease Finance Corp.*		1,740		73,602
World Kinect Corp.		9,090		203,889
Worthington Industries, Inc.		2,520		155,786
				29,516,580
TECHNOLOGY — 4.0%
ACI Worldwide, Inc.*		890		20,078
Adeia, Inc.		16,957		181,101
Alpha & Omega Semiconductor Ltd.*		6,665		198,884
Amkor Technology, Inc.		36,896		833,850
Axcelis Technologies, Inc.*		797		129,951
CACI International, Inc. - Class A*		1,589		498,835
Cardlytics, Inc.*		4,320		71,280
Cerence, Inc.*		1,060		21,592
Cohu, Inc.*		4,382		150,916
Computer Programs and Systems, Inc.*		1,150		18,331
Concentrix Corp.		420		33,646
Conduent, Inc.*		11,320		39,394
Digi International, Inc.*		5,865		158,355
Diodes, Inc.*		1,177		92,795
Donnelley Financial Solutions, Inc.*		460		25,889
Ebix, Inc.		2,150		21,242
ExlService Holdings, Inc.*		1,000		28,040
Insight Enterprises, Inc.*		6,225		905,737
IPG Photonics Corp.*		525		53,308
Kaleyra, Inc.*		6,720		48,653
KBR, Inc.		1,186		69,903
Kulicke & Soffa Industries, Inc.		2,858		138,985
Maximus, Inc.		480		35,846
NetScout Systems, Inc.*		11,990		335,960
Onto Innovation, Inc.*		1,476		188,219
Parsons Corp.*		1,620		88,047
Photronics, Inc.*		13,193		266,631
PubMatic, Inc. - Class A*		760		9,196
Rambus, Inc.*		5,125		285,924
Richardson Electronics Ltd./United States		2,340		25,576
Semtech Corp.*		5,061		130,321
SMART Global Holdings, Inc.*		1,670		40,664
Super Micro Computer, Inc.*		3,426		939,478
Ultra Clean Holdings, Inc.*		4,090		121,350

	Number of Shares		Value
COMMON STOCKS (Continued)
TECHNOLOGY (Continued)
Veradigm, Inc.*		18,109	$	237,952
Vishay Precision Group, Inc.*		2,480		83,278
Xerox Holdings Corp.		1,520		23,849
				6,553,056
UTILITIES — 0.8%
American States Water Co.		790		62,157
Brookfield Infrastructure Corp. - Class A		12,869		454,780
California Water Service Group		582		27,534
IDACORP, Inc.		330		30,905
MGE Energy, Inc.		354		24,253
New Jersey Resources Corp.		2,626		106,694
Northwest Natural Holding Co.		1,470		56,095
NRG Energy, Inc.		3,300		127,116
ONE Gas, Inc.		2,030		138,608
Ormat Technologies, Inc.		1,031		72,088
Otter Tail Corp.		1,531		116,234
SJW Group		840		50,492
				1,266,956
TOTAL COMMON STOCKS
(Cost $109,150,615)				152,970,750
EXCHANGE-TRADED FUNDS — 1.6%
Direxion Daily Homebuilders & Supplies Bull 3x Shares - ETF		2,883		158,219
Direxion Daily Small Cap Bull 3X Shares ETF		20,999		603,511
iShares Russell 2000 Value ETF		6,015		815,333
SPDR S&P Regional Banking ETF1		19,953		833,437
VanEck Oil Services ETF1		600		207,024
TOTAL EXCHANGE-TRADED FUNDS
(Cost $2,327,439)				2,617,524
PREFERRED STOCKS — 0.1%
CONSUMER, CYCLICAL — 0.1%
Qurate Retail, Inc. 8.00%, 3/15/20313		274		7,850
WESCO International, Inc. 10.63%3,4,5		5,008		132,261
				140,111
INDUSTRIAL — 0.0%
Steel Partners Holdings LP 6.00%, 2/7/20263		1,855		43,185
TOTAL PREFERRED STOCKS
(Cost $188,490)				183,296

See accompanying Notes to Financial Statements.

12

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)As of September 30, 2023

	Number of Shares		Value
WARRANTS — 0.0%
BASIC MATERIALS — 0.0%
Resolute Forest Products, Inc., Expiration Date: December 31, 2025*2		12,820	$	—
CONSUMER, NON-CYCLICAL — 0.0%
Akouos, Inc., Expiration Date: December 5, 2024*2		5,159		—
Jounce Therapeutics, Expiration Date: December 31, 2025*2		18,810		—
				—
TOTAL WARRANTS
(Cost $0)				—
MONEY MARKET INVESTMENTS — 5.1%
Federated Treasury Obligations Fund - Class Institutional, 5.14%4,6		500,000		500,000
Fidelity Institutional Government Portfolio - Class I, 5.16%4		6,214,552		6,214,552
Invesco Government & Agency Portfolio, 5.26%4,7		1,599,420		1,599,420
TOTAL MONEY MARKET INVESTMENTS
(Cost $8,313,972)				8,313,972
TOTAL INVESTMENTS — 99.9%
(Cost $119,980,516)				164,085,542
Other assets less liabilities — 0.1%				209,288
TOTAL NET ASSETS — 100.0%			$	164,294,830

LLC – Limited Liability Company

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 $1,556,479 at September 30, 2023.

² Security valued at fair value as determined by the investment adviser under the supervision of the Board of Trustees. The total value of these securities is $0, which represents 0.00% of total net assets of the Fund. Value determined using significant unobservable inputs. See Note 2 in the Notes to Financial Statements.

³ Callable.

⁴ Variable rate security; the rate shown represents the rate at September 30, 2023.

⁵ Perpetual security; maturity date is not applicable.

⁶ All or a portion of this security is segregated as collateral for options contracts. The total value of these securities is $500,000 at September 30, 2023. The Fund had option contracts transactions during the year ended September 30, 2023, however, due to the timing of these transactions, there were no open options contracts as of September 30, 2023.

⁷ Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $1,599,420 at September 30, 2023.

See accompanying Notes to Financial Statements.

13

Vericimetry U.S. Small Cap Value Fund

SUMMARY OF INVESTMENTS
As of September 30, 2023 (Unaudited)

Security Type/Industry	Percent of Total Net Assets
Common Stocks
Banks	11.8%
Retail	7.4%
Oil & Gas	6.5%
Insurance	6.4%
Commercial Services	4.5%
Transportation	4.4%
Home Builders	4.0%
Diversified Financial Services	3.9%
Electronics	2.9%
Building Materials	2.7%
Iron/Steel	2.5%
Chemicals	2.4%
Savings & Loans	2.2%
Distribution/Wholesale	2.2%
Coal	2.0%
Food	1.9%
Computers	1.8%
Semiconductors	1.7%
Oil & Gas Services	1.6%
Engineering & Construction	1.5%
Miscellaneous Manufacturing	1.2%
Auto Parts & Equipment	0.9%
Metal Fabricate/Hardware	0.9%
Apparel	0.8%
Healthcare-Products	0.8%
Electrical Components & Equipment	0.8%
Healthcare-Services	0.8%
Machinery-Diversified	0.8%
Trucking & Leasing	0.8%
Aerospace/Defense	0.7%
Airlines	0.7%
Real Estate	0.6%
Pipelines	0.6%
Telecommunications	0.6%
Media	0.5%
Software	0.5%
Pharmaceuticals	0.5%
Packaging & Containers	0.5%
Agriculture	0.5%
Entertainment	0.5%
Gas	0.5%
Hand/Machine Tools	0.4%
Mining	0.4%
Household Products/Wares	0.3%
Internet	0.3%
Cosmetics/Personal Care	0.3%
Machinery-Construction & Mining	0.3%
Home Furnishings	0.3%
Leisure Time	0.3%
Electric	0.2%
Biotechnology	0.2%
Energy-Alternate Sources	0.2%
Advertising	0.2%
Office Furnishings	0.2%
Beverages	0.1%
Auto Manufacturers	0.1%
Lodging	0.1%
Environmental Control	0.1%
Water	0.1%
Forest Products & Paper	0.1%
Textiles	0.1%
Housewares	0.0%1
Office/Business Equipment	0.0%1
Toys/Games/Hobbies	0.0%1
Total Common Stocks	93.1%
Preferred Stocks	0.1%
Distribution/Wholesale	0.1%
Metal Fabricate/Hardware	0.0%1
Retail	0.0%1
Total Preferred Stocks	0.1%
Exchange-Traded Funds	1.6%
Warrants	0.0%
Money Market Investments	5.1%
Total Investments	99.9%
Other assets less liabilities	0.1%
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 September 30, 2023

ASSETS:
Investments in securities, at value (cost $119,980,516)	$	164,085,542	(1)
Cash held at broker		642,732
Receivables:
Securities sold		2,373,324
Dividends and interest		128,148
Securities lending income		656
Prepaid expenses and other assets		18,343
Total assets		167,248,745
LIABILITIES:
Collateral due to broker for securities loaned		1,599,420
Payables:
Securities purchased		1,240,034
Due to Trustees		2,175
Due to Adviser		60,517
Fund accounting and administration fees and expenses		12,793
Transfer agent fees		5,594
Custody fees		6,403
Accrued other expenses		26,979
Total liabilities		2,953,915
Commitments and contingencies (Note 3)
NET ASSETS	$	164,294,830
COMPONENTS OF NET ASSETS:
Paid-in capital	$	118,987,271
Total distributable earnings		45,307,559
NET ASSETS	$	164,294,830
Shares outstanding, no par value (unlimited shares authorized)		9,069,265
Net asset value, offering and redemption price per share	$	18.12

⁽¹⁾   Includes securities on loan of $1,556,479 (see Note 2).

See accompanying Notes to Financial Statements.

15

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Statement of Operations

For the Year Ended September 30, 2023

INVESTMENT INCOME
Income
Dividends (net of foreign withholding taxes of $1,096)	$	3,310,872
Securities lending income		25,602
Interest		197,547
Total investment Income		3,534,021
Expenses
Investment advisory fees		848,604
Fund accounting and administration fees and expenses		76,153
Professional fees		51,170
Custody fees		40,026
Transfer agent fees		36,809
Registration fees		36,093
Shareholder reporting fees		15,015
Trustees’ fees and expenses		8,700
Insurance fees		6,563
Miscellaneous expenses		1,414
Total expenses		1,120,547
Fees waived by the Adviser		(102,223	)
Net expenses		1,018,324
Net investment income		2,515,697
Net Realized and Unrealized Gain on Investments and Options Contracts
Net realized gain (loss) on:
Investments		3,357,387
Purchased options contracts		(841,757	)
Net realized gain		2,515,630
Net change in unrealized appreciation/depreciation on investments		14,957,988
Net realized and unrealized gain on investments and options contracts		17,473,618
Net Increase in Net Assets from Operations	$	19,989,315

See accompanying Notes to Financial Statements.

16

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Statements of Changes in Net Assets

	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations
Net investment income	$	2,515,697		$	1,949,095
Net realized gain on investments, purchased options contracts and written options contracts		2,515,630			11,613,430
Net change in unrealized appreciation/depreciation on investments		14,957,988			(32,349,338	)
Net increase (decrease) in net assets resulting from operations		19,989,315			(18,786,813	)
Distributions to Shareholders	$	(13,076,800	)	$	(28,637,692	)
Capital Transactions
Proceeds from shares issued		14,107,742			35,348,911
Reinvestment of distributions		13,062,117			28,602,145
Cost of shares redeemed		(25,379,178	)		(21,123,185	)
Net increase resulting from capital transactions		1,790,681			42,827,871
Total increase (decrease) in net assets		8,703,196			(4,596,634	)
Net Assets:
Beginning of year		155,591,634			160,188,268
End of year	$	164,294,830		$	155,591,634
Capital Share Activity
Shares issued		769,395			1,653,537
Shares reinvested		689,602			1,442,177
Shares redeemed		(1,384,441	)		(1,032,231	)
Net increase in capital shares		74,556			2,063,483

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 year
	For the Year Ended September 30, 2023			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019
Net asset value, beginning of year	$	17.30		$	23.11		$	13.69		$	16.56		$	21.14
Income (Loss) from Investment Operations:
Net investment income1		0.27			0.23			0.18			0.16			0.17
Net realized and unrealized gain (loss) on investments		2.00			(2.14	)		9.44			(2.61	)		(2.92	)
Total from investment operations		2.27			(1.91	)		9.62			(2.45	)		(2.75	)
Less Distributions:
From net investment income		(0.28	)		(0.20	)		(0.20	)		(0.19	)		(0.15	)
From net realized gain		(1.17	)		(3.70	)		—			(0.23	)		(1.68	)
Total distributions		(1.45	)		(3.90	)		(0.20	)		(0.42	)		(1.83	)
Net asset value, end of year	$	18.12		$	17.30		$	23.11		$	13.69		$	16.56
Total return		12.85	%		(10.34	)%		70.44	%		(15.24	)%		(12.70	)%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	164,295		$	155,592		$	160,188		$	110,095		$	182,450
Ratio of expenses to average net assets (including interest expense)
Before fees reimbursed by the Adviser		0.66	%		0.66	%		0.67	%		0.76	%2		0.67	%3
After fees reimbursed by the Adviser		0.60	%		0.60	%		0.60	%		0.63	%2		0.60	%3
Ratio of net investment income to average net assets (including interest expense)
Before fees reimbursed by the Adviser		1.42	%		1.07	%		0.77	%		0.93	%		0.86	%
After fees reimbursed by the Adviser		1.48	%		1.13	%		0.84	%		1.06	%		0.93	%
Portfolio turnover rate		46	%		72	%		72	%		69	%		47	%

¹ Net investment income per share represents net investment income divided by the average shares outstanding throughout the year.

² If litigation expenses had been excluded, the expense ratios would have been lowered by 0.03% for the year end September 30, 2020.

³ Ratio of interest expense to average net assets was less than 0.005%.

See accompanying Notes to Financial Statements.

18

Vericimetry Funds

Notes to Financial Statements

As of September 30, 2023

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 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 September 30, 2023

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, 2023:

	Level 1		Level 2		Level 3			Total
Investments in Securities
Common Stocks
Basic Materials	$	8,836,097	$	—	$	—		$	8,836,097
Communications		2,653,326		—		—			2,653,326
Consumer, Cyclical		28,963,235		—		—			28,963,235
Consumer, Non-Cyclical		16,329,715		—		—	*		16,329,715
Energy		17,810,268		—		—			17,810,268
Financial		41,041,517		—		—			41,041,517
Industrial		29,516,580		—		—			29,516,580
Technology		6,553,056		—		—			6,553,056
Utilities		1,266,956		—		—			1,266,956
Exchange-Traded Funds		2,617,524		—		—			2,617,524
Preferred Stocks
Consumer, Cyclical		140,111		—		—			140,111
Industrial		43,185		—		—			43,185
Warrants
Basic Materials		—		—		—	*		—
Consumer, Non-Cyclical		—		—		—	*		—
Money Market Investments		8,313,972		—		—			8,313,972
Total Investments in Securities	$	164,085,542	$	—	$	—		$	164,085,542

* The Adviser valued these holdings at $0 as of September 30, 2023.

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 an accrual basis and includes, where applicable, the amortization or accretion of premium or discount. 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 September 30, 2023

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 2020-2023), 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, 2023, 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, all relevant facts and circumstances are considered, including the creditworthiness of the borrower. The loans are made only to firms deemed to be of good standing, and when 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 September 30, 2023, the value of securities loaned by the Fund was $1,556,479 and the Fund received cash collateral of $1,599,420. 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 – The Fund may write or purchase options contracts primarily to enhance the Fund’s returns or reduce volatility. In addition, the Fund may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as an asset or a liability and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options that expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. The Fund, as a writer of an option, may have no control over whether the underlying securities may be sold (call) or

21

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)As of September 30, 2023

purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. The Fund may buy options on equity indexes or their ETF equivalents as a potentially cost-effective way to gain exposure to these indexes. The Fund held no option contracts as of September 30, 2023.

(g) Asset Coverage for Options Positions – The Fund deposits and maintains 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 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. The amount of such collateral as of September 30, 2023 is denoted in the Fund’s Schedule of Investments.

(h) GAAP 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 September 30, 2023, the Fund had no open derivative instruments and therefore there was no impact to the Statement of Assets and Liabilities. The limited use of derivatives by the Fund during the year ended September 30, 2023 was related to purchased equity and index options which resulted in a net realized loss of $841,757 which is reflected on the Statement of Operations. The Fund had option contracts transactions during the year ended September 30, 2023, however, due to the timing of these transactions, the average monthly notional amount for the Fund was $0.

For the year ended September 30, 2023, the Fund’s purchases and sales of purchased option contracts were as follows:

Purchases	Sales
$2,276,635	$1,434,879

For the year ended September 30, 2023, the Fund had no written option transactions.

(i) GAAP 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, and 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 through January 31, 2024. For the year ended September 30, 2023, the Fund accrued $848,604 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $102,223.

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

22

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)As of September 30, 2023

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 September 30, 2023, reimbursements that may potentially be made by the Fund to the Adviser total $316,576, which expire as follows:

September 30, 2024	$	112,071
September 30, 2025	$	102,282
September 30, 2026	$	102,223

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. 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.

4. Federal Income Tax Information

At September 30, 2023, 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	$	121,616,603
Gross Unrealized Appreciation	$	51,160,377
Gross Unrealized Depreciation		(8,691,438	)
Net Unrealized Appreciation	$	42,468,939

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, 2023, there were no permanent difference reclassifications.

As of September 30, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	$	220,863
Undistributed Long-term Gains		2,621,356
Other Accumulated Losses		(3,599	)
Unrealized Appreciation on Investments		42,468,939
Total Distributable Earnings	$	45,307,559

The tax character of distributions paid during the fiscal years ended September 30, 2023 and September 30, 2022 were as follows:

	September 30, 2023		September 30, 2022
Distributions Paid From:
Ordinary Income	$	2,583,061	$	9,345,737
Long-term Capital Gains		10,493,739		19,291,955
Total Distributions	$	13,076,800	$	28,637,692

23

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)As of September 30, 2023

5. Investment Transactions

For the year ended September 30, 2023, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:

Purchases	Sales
$3,541,440	$73,876,613

6. Control Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of control of the Fund, under Section 2(a) 9 of the 1940 Act. As of September 30, 2023, Charles Schwab & Co., Inc., holding shares for the benefit of others in nominee name, held approximately 96.6% of the voting securities of the Fund

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. Change in Independent Registered Public Accounting Firm

Effective March 13, 2023, BBD LLP (“BBD”) ceased to serve as the independent registered public accounting firm of the Fund. The Audit Committee of the Board approved the replacement of BBD as a result of Cohen & Company, Ltd.’s (“Cohen”) acquisition of BBD’s investment management group.

The report of BBD on the financial statements of the Fund as of and for the fiscal years ended September 30, 2022 and September 30, 2021 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles. During the fiscal years ended September 30, 2022 and September 30, 2021, and during the subsequent interim period through March 13, 2023: (i) there were no disagreements between the registrant and BBD on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BBD, would have caused it to make reference to the subject matter of the disagreements in its report on the financial statements of the Fund for such years or interim period; and (ii) there were no “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On June 16, 2023, the Audit Committee of the Board also recommended and approved the appointment of Cohen as the Fund’s independent registered public accounting firm for the fiscal year ending September 30, 2023.

During the fiscal years ended September 30, 2022 and September 30, 2021, and during the subsequent interim period through June 16, 2023, neither the registrant, nor anyone acting on its behalf, consulted with Cohen on behalf of the Fund regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund’s financial statements, or any matter that was either: (i) the subject of a “disagreement,” as defined in Item 304(a)(1)(iv) of Regulation S-K and the instructions thereto; or (ii) “reportable events,” as defined in Item 304(a)(1)(v) of Regulation S-K.

9. 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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vericimetry U.S. Small Cap Value Fund (the “Fund”) a series of Vericimetry Funds as of September 30, 2023, the related statements of operations and changes in net assets, the related notes, and the financial highlights for the year then ended, (collectively referred to as the “financial statements”). We have also audited the financial highlights for each of the years in the two year period ended September 30, 2020. In our opinion, the financial statements present fairly, in all material respects, the financial position of The Fund as of September 30, 2023, the results of its operations, the changes in net assets, and the financial highlights for the year then ended and the financial highlights for each of the years in the two year period ended September 30, 2020, in conformity with accounting principles generally accepted in the United States of America.

The Fund’s financial statements and financial highlights for the years ended September 30, 2022, and 2021, were audited by other auditors whose report dated November 29, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2023.

COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
November 29, 2023

25

Vericimetry Funds

Expense Example

For The Six Months Ended September 30, 2023 (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, 2023 through September 30, 2023 (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, 2023		Ending account value September 30, 2023		Expenses paid during the period ended September 30, 2023*
Actual Example	$	1,000.00	$	1,037.40	$	3.07
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).

26

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 Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

A list of the Fund’s quarter-end holdings is also available at www.vericimetryfunds.com and upon request on or about 80 days following each quarter and remains available on the website until the list is updated in the subsequent quarter.

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.

The recent global outbreak of COVID-19 has disrupted economies and markets, and the prolonged duration and economic impact is uncertain. These events can have a significant impact to the Fund’s operations and performance.

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the “Fund”), has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect the Fund’s particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of the Fund.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Tax Information

For the year ended September 30, 2023, 100% 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, 2023, 100% 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.

For the year ended September 30, 2023, the Fund designates $10,493,739 as a 20% rate gain distribution for purposes of the dividends paid deduction.

27

Vericimetry Funds

Trustees and Officers

September 30, 2023 (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) 972 West Campus Lane Goleta, CA 93117 Age: 66	Chairman, President, Secretary, & Trustee	Trustee since March 2016. Other positions since April 2016.	Professor (Emeritus), University of Southern California (2020- Present); Professor, University of Southern California (1995 – 2019); 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 972 West Campus Lane Goleta, CA 93117 Age: 56	Trustee	Since August 2013.	President and Chief Financial Officer, VisionPoint Advisory Group (November 2019 to present); Chief Financial Officer, AlliedBioScience (June 2018 to May 2019); Chief Operating Officer, WorldVentures Marketing, LLC, Plano, Texas (December 2016 – June 2018); Senior Vice President and Chief Financial Officer, Ryan LLC (tax services firm), Dallas, Texas (May 2016 – 2016); 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 972 West Campus Lane Goleta, CA 93117 Age: 44	Trustee	Since March 2016.	Chief Operating Officer; Sharp Medical Evaluators (2022 - Present); Vice President and Relationship Manager, Manufacturers Bank (2016-2022); Vice President and Relationship Manager, Bank of the West (2013 – 2016); Senior Vice President – Capital Markets, BentleyForbes (2008 – 2013).	1	None

28

Vericimetry Funds

TRUSTEES AND OFFICERS (Continued)
September 30, 2023 (Unaudited)

Independent Trustees (Continued)
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
Paul Karapetian 972 West Campus Lane Goleta, CA 93117 Age: 46	Trustee	Since March 2016.	Principal, Stoic Realty Advisors, Inc. (2020 - Present); Senior Vice President, IDS Real Estate Group (2006 – 2019)	1	None

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 972 West Campus Lane Goleta, CA 93117 Age: 66	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: 45	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 Vericimetry.

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 visit www.vericimetryfunds.com.

29

Vericimetry U.S. Small Cap Value Fund

www.vericimetryfunds.com

(b) Not applicable.

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, 2023		For the Year Ended September 30, 2022
Audit Fees	$	12,000	$	12,000
Audit-Related Fees	$	0	$	0
Tax Fees	$	2,000	$	2,000
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, 2023, 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.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

(b) Not applicable.

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.

(a)(4) Change in the registrant’s independent public accountant. – Filed as an attachment to this filing.

(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 4, 2023

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 4, 2023
By:	/s/ Michael Thill
	Michael Thill
	Treasurer
Date:	December 7, 2023