Vericimetry Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File 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: March 31, 2024

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

Semi-Annual Report

March 31, 2024

Vericimetry Funds

TABLE OF CONTENTS
March 31, 2024


Letter to Shareholders	1
Schedule of Investments	2
Statement of Assets and Liabilities	13
Statement of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	17
Expense Example	23
Other Information	24
Board Approval of Investment Management Agreement	25

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 March 31, 2024 (Unaudited)

Dear Shareholders,

We are pleased to present the enclosed semi-annual report for the Vericimetry U.S. Small Cap Value Fund (the “Fund”) for the period ended March 31, 2024.

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.

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.

Vericimetry U.S. Small Cap Value Fund

Schedule of Investments

AS OF MARCH 31, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.2%
BASIC MATERIALS — 5.7%
AdvanSix, Inc.		3,982	$	113,885
Alcoa Corp.		5,890		199,023
American Vanguard Corp.		5,810		75,240
Arcadium Lithium PLC*		5,293		22,813
Ashland, Inc.		1,203		117,136
ATI, Inc.*		11,089		567,424
Avient Corp.		3,830		166,222
Cabot Corp.		2,568		236,770
Carpenter Technology Corp.		10,787		770,408
Century Aluminum Co.*		10,280		158,209
Chemours Co.		1,428		37,499
Commercial Metals Co.		26,670		1,567,396
Ecovyst, Inc.*		7,110		79,277
Element Solutions, Inc.		50,030		1,249,749
H.B. Fuller Co.		2,952		235,393
Hawkins, Inc.		1,040		79,872
Haynes International, Inc.		3,420		205,610
Hecla Mining Co.		107,898		518,989
Huntsman Corp.		14,365		373,921
Innospec, Inc.		940		121,204
Kaiser Aluminum Corp.		1,003		89,628
Koppers Holdings, Inc.		2,701		149,014
Kronos Worldwide, Inc.		9,450		111,510
Mercer International, Inc.		9,520		94,724
Minerals Technologies, Inc.		6,040		454,691
NewMarket Corp.		98		62,193
Olin Corp.		8,685		510,678
Orion S.A.		3,260		76,675
Radius Recycling, Inc.		3,296		69,644
Rayonier Advanced Materials, Inc.*		31,005		148,204
Rogers Corp.*		757		89,848
Stepan Co.		2,080		187,283
Sylvamo Corp.		1,320		81,497
Tronox Holdings PLC		26,655		462,464
United States Steel Corp.		30,110		1,227,886
Worthington Steel, Inc.		2,520		90,342
				10,802,321
COMMUNICATIONS — 1.6%
1-800-Flowers.com, Inc. - Class A*		4,400		47,652
Advantage Solutions, Inc.*		84,000		363,720
ATN International, Inc.		1,919		60,458
Cardlytics, Inc.*		3,210		46,513
Cars.com, Inc.*		1,045		17,953
Cogent Communications Holdings, Inc.		690		45,078
Consolidated Communications Holdings, Inc.*		8,840		38,189
Cumulus Media, Inc. - Class A*		7,510		26,961

	Number of Shares		Value
COMMON STOCKS (Continued)
COMMUNICATIONS (Continued)
EchoStar Corp. - Class A*		5,665	$	80,726
ePlus, Inc.*		3,950		310,233
EW Scripps Co. - Class A*		14,296		56,183
Frontier Communications Parent, Inc.*		6,219		152,365
Gannett Co., Inc.*		15,220		37,137
Gray Television, Inc.		10,645		67,276
HealthStream, Inc.		890		23,727
InterDigital, Inc.		650		69,199
Lands’ End, Inc.*		3,150		34,304
Liberty Latin America Ltd. - Class A*		7,710		53,739
Magnite, Inc.*		1,810		19,458
NETGEAR, Inc.*		1,500		23,655
Nexstar Media Group, Inc.		780		134,386
Opendoor Technologies, Inc.*		16,460		49,874
Preformed Line Products Co.		720		92,642
QuinStreet, Inc.*		2,250		39,735
Saga Communications, Inc. - Class A		1,990		44,397
Scholastic Corp.		8,473		319,517
Shenandoah Telecommunications Co.		2,660		46,204
Sinclair, Inc.		5,150		69,371
Sphere Entertainment Co.*		3,010		147,731
TEGNA, Inc.		11,530		172,258
Telephone and Data Systems, Inc.		10,459		167,553
Thryv Holdings, Inc.*		1,696		37,702
Viasat, Inc.*		8,457		152,987
Ziff Davis, Inc.*		490		30,890
				3,079,773
CONSUMER, CYCLICAL — 19.8%
Abercrombie & Fitch Co. - Class A*		10,043		1,258,689
Academy Sports & Outdoors, Inc.		7,393		499,323
Acushnet Holdings Corp.		1,165		76,832
Adient PLC*		7,251		238,703
Advance Auto Parts, Inc.		2,070		176,136
Alaska Air Group, Inc.*		2,870		123,381
Allegiant Travel Co.		1,655		124,473
American Axle & Manufacturing Holdings, Inc.*		18,305		134,725
American Eagle Outfitters, Inc.		22,292		574,911
Asbury Automotive Group, Inc.*		1,055		248,748
AutoNation, Inc.*		2,007		332,319
Bally’s Corp.*		1,810		25,231
Bassett Furniture Industries, Inc.		1,130		16,679
Beacon Roofing Supply, Inc.*		13,118		1,285,826
Beazer Homes USA, Inc.*		3,410		111,848
Biglari Holdings, Inc. - Class B*		50		9,484
Bloomin’ Brands, Inc.		4,963		142,339

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF MARCH 31, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
BlueLinx Holdings, Inc.*		1,710	$	222,710
Buckle, Inc.		1,000		40,270
Caleres, Inc.		4,433		181,886
Carrols Restaurant Group, Inc.		3,300		31,383
Carvana Co. - Class A		570		50,109
Century Communities, Inc.		9,072		875,448
Chuy’s Holdings, Inc.*		1,090		36,766
Cracker Barrel Old Country Store, Inc.		430		31,274
Daktronics, Inc.*		3,420		34,063
Dana, Inc.		25,156		319,481
Dave & Buster’s Entertainment, Inc.*		1,730		108,298
Designer Brands, Inc. - Class A		7,680		83,942
Dick’s Sporting Goods, Inc.		2,360		530,670
Dillard’s, Inc. - Class A		2,761		1,302,198
Dorman Products, Inc.*		260		25,061
El Pollo Loco Holdings, Inc.*		3,380		32,921
Ethan Allen Interiors, Inc.		7,770		268,609
FirstCash Holdings, Inc.		152		19,386
Flexsteel Industries, Inc.		1,780		66,394
Foot Locker, Inc.		6,403		182,485
Forestar Group, Inc.*		4,192		168,476
Gap, Inc.		30,042		827,657
Genesco, Inc.*		1,260		35,456
G-III Apparel Group Ltd.*		5,260		152,593
GMS, Inc.*		9,080		883,847
Goodyear Tire & Rubber Co.*		40,506		556,147
Green Brick Partners, Inc.*		7,248		436,547
Group 1 Automotive, Inc.		3,424		1,000,596
Guess?, Inc.		9,470		298,021
H&E Equipment Services, Inc.		2,345		150,502
Hamilton Beach Brands Holding Co. - Class A		2,891		70,425
Haverty Furniture Cos., Inc.		4,070		138,868
Hibbett, Inc.		1,260		96,781
HNI Corp.		2,410		108,763
Hooker Furnishings Corp.		1,980		47,540
Hovnanian Enterprises, Inc. - Class A*		240		37,666
Installed Building Products, Inc.		390		100,905
Interface, Inc.		4,470		75,185
J Jill, Inc.*		200		6,394
JetBlue Airways Corp.*		20,064		148,875
Johnson Outdoors, Inc. - Class A		720		33,199
KB Home		4,850		343,768
Kohl’s Corp.		9,910		288,876
Kontoor Brands, Inc.		1,260		75,915
Landsea Homes Corp.*		4,430		64,368
La-Z-Boy, Inc.		8,190		308,108

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
LCI Industries		1,317	$	162,070
LGI Homes, Inc.*		2,811		327,116
Life Time Group Holdings, Inc.*		8,750		135,800
Lifetime Brands, Inc.		2,950		30,916
Light & Wonder, Inc.*		3,062		312,600
Lithia Motors, Inc.		70		21,060
M/I Homes, Inc.*		6,345		864,760
Macy’s, Inc.		26,044		520,620
Madison Square Garden Entertainment Corp.*		1,950		76,460
Marcus Corp.		3,670		52,334
MarineMax, Inc.*		3,010		100,113
Marriott Vacations Worldwide Corp.		2,060		221,924
MDC Holdings, Inc.		14,315		900,557
Meritage Homes Corp.		7,876		1,381,923
Miller Industries, Inc.		2,765		138,526
MillerKnoll, Inc.		8,200		203,032
Motorcar Parts of America, Inc.*		2,630		21,145
Movado Group, Inc.		4,990		139,371
Murphy USA, Inc.		292		122,406
National Vision Holdings, Inc.*		6,108		135,353
ODP Corp.*		11,930		632,886
OPENLANE, Inc.*		14,244		246,421
Oxford Industries, Inc.		1,050		118,020
Patrick Industries, Inc.		3,190		381,109
PC Connection, Inc.		4,362		287,587
Penske Automotive Group, Inc.		4,330		701,417
Playa Hotels & Resorts N.V.*		9,727		94,352
PriceSmart, Inc.		530		44,520
PVH Corp.		7,429		1,044,592
RCI Hospitality Holdings, Inc.		250		14,500
Resideo Technologies, Inc.*		16,530		370,603
REV Group, Inc.		7,260		160,373
Rocky Brands, Inc.		1,750		47,478
Rush Enterprises, Inc. - Class A		14,422		771,865
Rush Enterprises, Inc. - Class B		6,862		365,676
Sally Beauty Holdings, Inc.*		2,720		33,782
ScanSource, Inc.*		4,700		206,988
Shoe Carnival, Inc.		5,630		206,283
Signet Jewelers Ltd.		5,690		569,398
Skechers USA, Inc. - Class A*		3,150		192,969
SkyWest, Inc.*		17,490		1,208,209
Sonic Automotive, Inc. - Class A		4,157		236,700
Spirit Airlines, Inc.¹		7,405		35,840
Standard Motor Products, Inc.		1,390		46,635
Steelcase, Inc. - Class A		10,665		139,498
Tapestry, Inc.		2,000		94,960

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF MARCH 31, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Taylor Morrison Home Corp.*		25,523	$	1,586,765
Texas Roadhouse, Inc.		140		21,626
Thor Industries, Inc.		5,478		642,789
Titan Machinery, Inc.*		5,500		136,455
TKO Group Holdings, Inc.		300		25,923
Toll Brothers, Inc.		3,140		406,222
Topgolf Callaway Brands Corp.*		4,350		70,340
Tri Pointe Homes, Inc.*		31,485		1,217,210
Under Armour, Inc. - Class A*		10,172		75,069
UniFirst Corp.		600		104,058
Urban Outfitters, Inc.*		12,439		540,101
Victoria’s Secret & Co.*		2,345		45,446
Vista Outdoor, Inc.*		8,289		271,713
VOXX International Corp.*		2,260		18,442
VSE Corp.		1,160		92,800
Wabash National Corp.		3,370		100,898
WESCO International, Inc.		6,972		1,194,164
Winmark Corp.		220		79,574
Winnebago Industries, Inc.		5,155		381,470
Xperi, Inc.*		1,442		17,391
Zumiez, Inc.*		2,420		36,760
				37,464,442
CONSUMER, NON-CYCLICAL — 9.5%
ABM Industries, Inc.		13,275		592,330
Acadia Healthcare Co., Inc.*		10,464		828,958
ACCO Brands Corp.		13,780		77,306
Adtalem Global Education, Inc.*		11,680		600,352
Alight, Inc.*		13,720		135,142
American Public Education, Inc.*		4,990		70,858
Andersons, Inc.		9,480		543,868
Anika Therapeutics, Inc.*		600		15,240
Artivion, Inc.*		1,530		32,375
Avanos Medical, Inc.*		6,650		132,401
B&G Foods, Inc.		1,990		22,766
BrightView Holdings, Inc.*		6,980		83,062
Brookdale Senior Living, Inc.*		17,235		113,923
Cal-Maine Foods, Inc.		3,343		196,736
CBIZ, Inc.*		8,785		689,622
Central Garden & Pet Co. - Class A*		9,737		359,490
Cleanspark, Inc.*		13,740		291,425
Coca-Cola Consolidated, Inc.		310		262,387
Collegium Pharmaceutical, Inc.*		1,110		43,090
Coty, Inc. - Class A*		8,448		101,038
CRA International, Inc.		1,290		192,958
Cross Country Healthcare, Inc.*		2,690		50,357
Deluxe Corp.		4,760		98,008

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Design Therapeutics Inc.		11,350	$	45,741
Duckhorn Portfolio, Inc.*		3,210		29,885
Dun & Bradstreet Holdings, Inc.		12,440		124,898
Edgewell Personal Care Co.		10,120		391,037
Ennis, Inc.		5,900		121,009
Enovis Corp.*		6,598		412,045
Envista Holdings Corp.*		5,960		127,425
First Advantage Corp.		5,210		84,506
FONAR Corp.*		1,270		27,127
Fresh Del Monte Produce, Inc.		11,020		285,528
FTI Consulting, Inc.*		330		69,396
Fulgent Genetics, Inc.*		2,200		47,740
Graham Holdings Co. - Class B		570		437,578
Grand Canyon Education, Inc.*		430		58,570
Green Dot Corp. - Class A*		6,310		58,872
GXO Logistics, Inc.*		1,290		69,350
Heidrick & Struggles International, Inc.		3,305		111,246
Herc Holdings, Inc.		503		84,655
Huron Consulting Group, Inc.*		2,360		228,023
ICF International, Inc.		3,193		480,962
Ingles Markets, Inc. - Class A		4,487		344,063
Ingredion, Inc.		1,588		185,558
Innoviva, Inc.*		11,450		174,498
Integer Holdings Corp.*		6,460		753,753
iTeos Therapeutics Inc.		3,130		42,693
John B Sanfilippo & Son, Inc.		580		61,434
Kelly Services, Inc. - Class A		8,850		221,604
Korn Ferry		8,965		589,538
Laureate Education, Inc.		13,940		203,106
Ligand Pharmaceuticals, Inc.*		1,035		75,659
LiveRamp Holdings, Inc.*		5,329		183,850
ManpowerGroup, Inc.		990		76,864
Matthews International Corp. - Class A		3,430		106,604
Mister Car Wash, Inc.*		4,830		37,433
Monro, Inc.		1,752		55,258
National HealthCare Corp.		1,820		172,008
National Research Corp.		1,650		65,357
Natural Grocers by Vitamin Cottage, Inc.		4,950		89,348
Omni AB, Inc. - Earnout Shares²		477		—
Omni AB, Inc. - Earnout Shares²		477		—
OraSure Technologies, Inc.*		5,810		35,732
Owens & Minor, Inc.*		5,790		160,441
Pacira BioSciences, Inc.*		1,180		34,480
Patterson Cos., Inc.		1,825		50,461
Pediatrix Medical Group, Inc.*		5,537		55,536
Perdoceo Education Corp.		12,310		216,164
Perrigo Co. PLC		2,500		80,475

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF MARCH 31, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Pilgrim’s Pride Corp.*		5,613	$	192,638
Post Holdings, Inc.*		3,390		360,289
Premier, Inc. - Class A		1,320		29,172
Prestige Consumer Healthcare, Inc.*		9,295		674,445
PROG Holdings, Inc.		5,163		177,814
Quad/Graphics, Inc.		4,040		21,452
Quanex Building Products Corp.		7,275		279,578
QuidelOrtho Corp.*		1,290		61,843
Repay Holdings Corp.*		4,490		49,390
Select Medical Holdings Corp.		2,524		76,099
Seneca Foods Corp. - Class A*		1,430		81,367
SpartanNash Co.		10,653		215,297
Sprouts Farmers Market, Inc.*		1,878		121,093
Strategic Education, Inc.		3,300		343,596
Stride, Inc.*		7,725		487,061
Supernus Pharmaceuticals, Inc.*		892		30,426
Tandem Diabetes Care, Inc.*		4,220		149,430
Tenet Healthcare Corp.*		580		60,964
TreeHouse Foods, Inc.*		6,827		265,912
TrueBlue, Inc.*		3,150		39,438
UFP Technologies, Inc.*		130		32,786
United Natural Foods, Inc.*		7,570		86,979
Universal Corp.		400		20,688
Upbound Group, Inc.		4,820		169,712
USANA Health Sciences, Inc.*		630		30,555
Varex Imaging Corp.*		4,600		83,260
Veracyte, Inc.*		1,543		34,193
Village Super Market, Inc. - Class A		2,030		58,078
Weis Markets, Inc.		7,729		497,748
WillScot Mobile Mini Holdings Corp.*		7,375		342,937
Zimvie, Inc.*		3,150		51,944
				18,027,386
ENERGY — 10.0%
Adams Resources & Energy, Inc.		560		16,240
Alpha Metallurgical Resources, Inc.		1,788		592,132
Antero Midstream Corp.		14,680		206,401
Antero Resources Corp.*		3,590		104,110
APA Corp.		4,350		149,553
Arch Resources, Inc.		1,500		241,185
Archrock, Inc.		26,780		526,763
Baytex Energy Corp.		0		1
Berry Corp.		7,605		61,220
Bristow Group, Inc.*		4,620		125,664
California Resources Corp.		5,635		310,488
Callon Petroleum Co.*		6,575		235,122
ChampionX Corp.		2,110		75,728
Chord Energy Corp.		4,631		825,429

	Number of Shares		Value
COMMON STOCKS (Continued)
ENERGY (Continued)
Civeo Corp.		670	$	17,990
Civitas Resources, Inc.		7,701		584,583
CNX Resources Corp.*		31,011		735,581
Comstock Resources, Inc.		11,514		106,850
CONSOL Energy, Inc.		7,161		599,805
CVR Energy, Inc.		3,176		113,256
Delek U.S. Holdings, Inc.		8,648		265,840
Diamond Offshore Drilling, Inc.*		1,200		16,368
Diamondback Energy, Inc.		2,569		509,099
DNOW, Inc.*		13,585		206,492
Dril-Quip, Inc.*		3,930		88,543
EnLink Midstream LLC		16,395		223,628
Equitrans Midstream Corp.		25,268		315,597
Expro Group Holdings N.V.*		1,115		22,267
FutureFuel Corp.		3,460		27,853
Golar LNG Ltd.		3,025		72,782
Granite Ridge Resources, Inc.		4,430		28,795
Gulfport Energy Corp.*		720		115,286
Helix Energy Solutions Group, Inc.*		27,060		293,330
Helmerich & Payne, Inc.		16,799		706,566
Liberty Energy, Inc.		12,069		250,070
Matador Resources Co.		10,104		674,644
Murphy Oil Corp.		29,551		1,350,481
Nabors Industries Ltd.*		670		57,707
NACCO Industries, Inc. - Class A		2,700		81,540
Natural Gas Services Group, Inc.*		1,160		22,539
Newpark Resources, Inc.*		17,215		124,292
Noble Corp. PLC		992		48,102
NOV, Inc.		5,925		115,656
Oceaneering International, Inc.*		6,382		149,339
Oil States International, Inc.*		10,065		62,000
Par Pacific Holdings, Inc.*		3,959		146,721
Patterson-UTI Energy, Inc.		26,863		320,744
PBF Energy, Inc. - Class A		23,757		1,367,690
Peabody Energy Corp.		21,613		524,331
Permian Resources Corp.		33,274		587,619
Pioneer Natural Resources Co.		1,128		296,100
ProPetro Holding Corp.*		24,540		198,283
Ramaco Resources, Inc. - Class A		8,930		150,381
Ramaco Resources, Inc. - Class B		860		10,793
Range Resources Corp.		959		33,018
Ranger Energy Services, Inc. - Class A		3,140		35,451
REX American Resources Corp.*		3,450		202,550
Ring Energy, Inc.		16,667		32,667
RPC, Inc.		3,960		30,650
SandRidge Energy, Inc.		2,136		31,122
Seadrill Ltd.*		1,210		60,863

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF MARCH 31, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
ENERGY (Continued)
SilverBow Resources, Inc.*		1,690	$	57,697
SM Energy Co.		7,754		386,537
SunCoke Energy, Inc.		26,870		302,825
Talos Energy, Inc.*		9,388		130,775
Targa Resources Corp.		3,000		335,970
TechnipFMC PLC		24,480		614,693
Tidewater, Inc.*		850		78,200
Transocean Ltd.*		43,373		272,382
U.S. Silica Holdings, Inc.*		11,839		146,922
VAALCO Energy, Inc.		23,760		165,607
Vital Energy, Inc.*		1,350		70,929
Warrior Met Coal, Inc.		10,205		619,443
Weatherford International PLC*		1,230		141,967
				18,809,847
FINANCIAL — 25.4%
1st Source Corp.		5,572		292,084
Air Lease Corp.		23,804		1,224,478
Amalgamated Financial Corp.		2,210		53,040
Ambac Financial Group, Inc.*		6,390		99,876
Amerant Bancorp, Inc.		1,650		38,428
American Equity Investment Life Holding Co.*		29,372		1,651,294
American National Bankshares, Inc.		560		26,746
Ameris Bancorp		7,392		357,625
AMERISAFE, Inc.		860		43,146
Anywhere Real Estate, Inc.*		4,470		27,625
Associated Banc-Corp		30,670		659,712
Assured Guaranty Ltd.		12,678		1,106,155
Atlantic Union Bankshares Corp.		15,553		549,176
Axis Capital Holdings Ltd.		7,825		508,781
Axos Financial, Inc.*		5,295		286,142
Banc of California, Inc.		9,080		138,107
BancFirst Corp.		484		42,606
Bancorp, Inc.*		2,467		82,546
Bank of Hawaii Corp.		2,141		133,577
Bank of NT Butterfield & Son Ltd.		1,180		37,748
Bank OZK		16,329		742,316
Bank7 Corp.		770		21,714
BankFinancial Corp.		3,130		32,865
BankUnited, Inc.		11,844		331,632
Banner Corp.		6,190		297,120
Bar Harbor Bankshares		1,790		47,399
BCB Bancorp, Inc.		1,600		16,720
Berkshire Hills Bancorp, Inc.		6,346		145,450
Bread Financial Holdings, Inc.		5,840		217,482
Brighthouse Financial, Inc.*		8,822		454,686
Brookline Bancorp, Inc.		13,105		130,526

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Business First Bancshares, Inc.		1,650	$	36,762
Byline Bancorp, Inc.		2,860		62,119
C&F Financial Corp.		710		34,790
Cadence Bank		16,541		479,689
Camden National Corp.		691		23,162
Capital City Bank Group, Inc.		1,190		32,963
Capitol Federal Financial, Inc.		13,300		79,268
Carter Bankshares, Inc.*		1,610		20,350
Cathay General Bancorp		8,740		330,634
Central Pacific Financial Corp.		1,380		27,255
Central Valley Community Bancorp		1,800		35,802
Chemung Financial Corp.		680		28,886
City Holding Co.		2,059		214,589
CNB Financial Corp.		2,560		52,198
CNO Financial Group, Inc.		27,099		744,680
Columbia Banking System, Inc.		9,831		190,230
Comerica, Inc.		730		40,143
Community Bank System, Inc.		2,612		125,454
Community Trust Bancorp, Inc.		1,470		62,695
ConnectOne Bancorp, Inc.		6,500		126,750
Consumer Portfolio Services, Inc.*		3,597		27,193
CrossFirst Bankshares, Inc.*		3,800		52,592
Cushman & Wakefield PLC*		10,460		109,412
Customers Bancorp, Inc.*		9,915		526,090
CVB Financial Corp.		3,840		68,506
Dime Community Bancshares, Inc.		4,859		93,584
Donegal Group, Inc. - Class A		1,421		20,093
Eagle Bancorp, Inc.		797		18,722
Employers Holdings, Inc.		5,819		264,124
Enact Holdings, Inc.		2,253		70,249
Encore Capital Group, Inc.*		4,890		223,033
Enova International, Inc.*		5,525		347,136
Enstar Group Ltd.*		1,260		391,558
Enterprise Financial Services Corp.		2,385		96,736
Esquire Financial Holdings, Inc.		1,059		50,271
ESSA Bancorp, Inc.		960		17,501
Essent Group Ltd.		6,727		400,324
Evercore, Inc. - Class A		640		123,258
EZCORP, Inc. - Class A*		14,370		162,812
Federal Agricultural Mortgage Corp. - Class C		1,978		389,429
Financial Institutions, Inc.		2,250		42,345
First BanCorp/Puerto Rico		52,310		917,517
First Bancorp/Southern Pines NC		2,038		73,613
First Bancshares, Inc.		566		14,688
First Bank/Hamilton NJ		1,170		16,076
First Busey Corp.		5,489		132,010

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF MARCH 31, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
First Business Financial Services, Inc.		1,320	$	49,500
First Commonwealth Financial Corp.		21,140		294,269
First Community Bankshares, Inc.		1,750		60,602
First Financial Bancorp		20,709		464,296
First Financial Corp.		1,821		69,799
First Financial Northwest, Inc.		1,360		27,962
First Hawaiian, Inc.		1,640		36,014
First Horizon Corp.		4,782		73,643
First Internet Bancorp		2,390		83,029
First Interstate BancSystem, Inc. - Class A		4,906		133,492
First Merchants Corp.		6,962		242,974
First Mid Bancshares, Inc.		1,992		65,099
Flushing Financial Corp.		4,110		51,827
FNB Corp.		38,057		536,604
FRP Holdings, Inc.*		1,070		65,698
FS Bancorp, Inc.		620		21,520
FTAI Infrastructure Inc.		4,820		30,270
Fulton Financial Corp.		40,311		640,542
Genworth Financial, Inc. - Class A*		117,458		755,255
Glacier Bancorp, Inc.		2,150		86,602
Great Southern Bancorp, Inc.		2,295		125,812
Hancock Whitney Corp.		17,453		803,536
Hanmi Financial Corp.		9,080		144,554
Hanover Insurance Group, Inc.		240		32,681
HCI Group, Inc.		320		37,146
Heartland Financial USA, Inc.		5,040		177,156
Heritage Commerce Corp.		6,040		51,823
Heritage Financial Corp.		1,618		31,373
Hilltop Holdings, Inc.		11,342		355,231
Home Bancorp, Inc.		940		36,011
HomeStreet, Inc.		3,890		58,544
Hope Bancorp, Inc.		19,307		222,224
Horace Mann Educators Corp.		10,261		379,554
Horizon Bancorp, Inc.		3,741		47,997
Howard Hughes Holdings, Inc.*		4,619		335,432
Independent Bank Corp.		2,580		65,403
Independent Bank Corp.		1,755		91,295
Independent Bank Group, Inc.		4,415		201,545
International Bancshares Corp.		12,305		690,803
Invesco Ltd.		12,170		201,900
Jackson Financial, Inc. - Class A		14,353		949,307
Janus Henderson Group PLC		10,032		329,952
Kearny Financial Corp.		10,002		64,413
Kemper Corp.		2,100		130,032
Kennedy-Wilson Holdings, Inc.		10,255		87,988
Lakeland Bancorp, Inc.		10,935		132,313
Legacy Housing Corp.*		276		5,940

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
LendingClub Corp.*		10,420	$	91,592
Live Oak Bancshares, Inc.		3,380		140,304
Marcus & Millichap, Inc.		2,270		77,566
McGrath RentCorp		2,445		301,640
Mercantile Bank Corp.		1,560		60,044
Merchants Bancorp		640		27,635
Mercury General Corp.		2,892		149,227
Metropolitan Bank Holding Corp.*		560		21,560
MGIC Investment Corp.		33,670		752,861
Midland States Bancorp, Inc.		3,660		91,976
MidWestOne Financial Group, Inc.		1,400		32,816
Mr Cooper Group, Inc.*		13,692		1,067,291
National Western Life Group, Inc. - Class A		510		250,900
Navient Corp.		33,364		580,534
NBT Bancorp, Inc.		700		25,676
Nelnet, Inc. - Class A		5,820		550,863
Newmark Group, Inc. - Class A		7,310		81,068
NMI Holdings, Inc. - Class A*		15,117		488,884
Northeast Bank		1,190		65,855
Northfield Bancorp, Inc.		5,760		55,987
Northrim BanCorp, Inc.		1,860		93,949
Northwest Bancshares, Inc.		23,181		270,059
Oak Valley Bancorp		1,610		39,896
OceanFirst Financial Corp.		9,591		157,388
OFG Bancorp		14,850		546,628
Old National Bancorp		40,696		708,517
Old Second Bancorp, Inc.		2,780		38,475
OneMain Holdings, Inc.		2,350		120,061
Oppenheimer Holdings, Inc. - Class A		2,050		81,836
Pacific Premier Bancorp, Inc.		17,070		409,680
Park National Corp.		185		25,132
Pathward Financial, Inc.		2,895		146,140
PCB Bancorp		3,540		57,808
Peapack-Gladstone Financial Corp.		3,435		83,574
PennyMac Financial Services, Inc.		6,607		601,832
Peoples Bancorp, Inc.		6,043		178,933
Peoples Financial Services Corp.		780		33,626
Pinnacle Financial Partners, Inc.		2,127		182,667
Piper Sandler Cos.		1,943		385,666
Popular, Inc.		9,530		839,498
PRA Group, Inc.*		3,100		80,848
Preferred Bank/Los Angeles CA		3,270		251,038
Premier Financial Corp.		5,144		104,423
Primerica, Inc.		300		75,888
Primis Financial Corp.		2,444		29,743
ProAssurance Corp.		9,135		117,476

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF MARCH 31, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Provident Financial Holdings, Inc.		1,180	$	15,788
Provident Financial Services, Inc.		20,160		293,731
QCR Holdings, Inc.		1,667		101,254
Radian Group, Inc.		16,472		551,318
RE/MAX Holdings, Inc. - Class A		3,229		28,318
Regional Management Corp.		2,250		54,472
Renasant Corp.		11,493		359,961
Republic Bancorp, Inc. - Class A		1,290		65,790
Root Inc.		1,180		72,074
S&T Bancorp, Inc.		2,273		72,918
Safety Insurance Group, Inc.		1,880		154,517
Sandy Spring Bancorp, Inc.		4,031		93,439
Seacoast Banking Corp. of Florida		3,015		76,551
Selective Insurance Group, Inc.		2,271		247,925
Sierra Bancorp		2,330		47,066
Simmons First National Corp. - Class A		17,587		342,243
SiriusPoint Ltd.*		14,610		185,693
SmartFinancial, Inc.		1,270		26,759
Southside Bancshares, Inc.		1,366		39,928
SouthState Corp.		4,413		375,237
Stellar Bancorp, Inc.		2,529		61,606
Stewart Information Services Corp.		2,660		173,060
Stifel Financial Corp.		3,100		242,327
Stock Yards Bancorp, Inc.		840		41,084
StoneX Group, Inc.*		2,796		196,447
Summit Financial Group, Inc.		2,771		75,260
Texas Capital Bancshares, Inc.*		9,492		584,233
Timberland Bancorp, Inc.		1,578		42,480
Tiptree, Inc.		9,480		163,814
Tompkins Financial Corp.		899		45,211
Towne Bank/Portsmouth VA		2,010		56,401
TriCo Bancshares		2,193		80,659
TrustCo Bank Corp. NY		2,420		68,147
Trustmark Corp.		8,127		228,450
United Bankshares, Inc.		11,352		406,288
United Community Banks, Inc.		6,602		173,765
United Fire Group, Inc.		2,240		48,765
Universal Insurance Holdings, Inc.		3,770		76,606
Univest Financial Corp.		4,290		89,318
Unum Group		15,266		819,174
Valley National Bancorp		38,873		309,429
Veritex Holdings, Inc.		1,300		26,637
Virtus Investment Partners, Inc.		558		138,373
WaFd, Inc.		19,580		568,407
Walker & Dunlop, Inc.		1,664		168,164
Waterstone Financial, Inc.		4,134		50,311
Webster Financial Corp.		7,689		390,371

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
WesBanco, Inc.		10,891	$	324,661
Westamerica BanCorp		1,630		79,674
Western Alliance Bancorp		1,706		109,508
White Mountains Insurance Group Ltd.		295		529,318
Wintrust Financial Corp.		5,134		535,938
World Acceptance Corp.*		540		78,289
WSFS Financial Corp.		7,531		339,949
Zions Bancorp N.A.		1,190		51,646
				47,926,867
INDUSTRIAL — 19.8%
AAON, Inc.		460		40,526
AAR Corp.*		8,900		532,843
Acuity Brands, Inc.		140		37,622
Air Transport Services Group, Inc.*		6,690		92,054
Alamo Group, Inc.		370		84,482
American Woodmark Corp.*		2,943		299,185
Apogee Enterprises, Inc.		1,760		104,192
Applied Industrial Technologies, Inc.		490		96,800
ArcBest Corp.		7,400		1,054,500
Arcosa, Inc.		5,709		490,175
Ardmore Shipping Corp.		8,700		142,854
Astec Industries, Inc.		3,687		161,159
Atkore, Inc.		1,035		197,023
Avnet, Inc.		13,386		663,678
AZEK Co., Inc.*		2,980		149,656
AZZ, Inc.		1,710		132,200
Barnes Group, Inc.		9,027		335,353
Bel Fuse, Inc. - Class B		2,710		163,440
Belden, Inc.		890		82,423
Benchmark Electronics, Inc.		10,280		308,503
Boise Cascade Co.		8,934		1,370,208
Brady Corp. - Class A		1,955		115,892
Chart Industries, Inc.*		230		37,886
Clearwater Paper Corp.*		3,575		156,335
Coherent Corp.*		3,413		206,896
Columbus McKinnon Corp.		5,120		228,506
Comfort Systems USA, Inc.		609		193,485
Concrete Pumping Holdings, Inc.*		4,970		39,263
Costamare, Inc.		23,427		265,896
Covenant Logistics Group, Inc.		1,962		90,958
DHT Holdings, Inc.		48,850		561,775
Dorian LPG Ltd.		11,683		449,328
Ducommun, Inc.*		2,697		138,356
DXP Enterprises, Inc.*		1,480		79,520
Eagle Bulk Shipping, Inc.		4,010		250,505
Eagle Materials, Inc.		430		116,852
EMCOR Group, Inc.		908		317,982

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF MARCH 31, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Encore Wire Corp.		5,575	$	1,464,998
EnerSys		1,780		168,139
Enpro, Inc.		4,415		745,120
Enviri Corp.*		8,040		73,566
Esab Corp.		7,113		786,484
ESCO Technologies, Inc.		2,563		274,369
Federal Signal Corp.		3,808		323,185
Flowserve Corp.		2,450		111,916
Fluor Corp.*		1,739		73,525
Frontdoor, Inc.*		6,820		222,196
Frontline PLC¹		25,034		585,295
GATX Corp.		8,215		1,101,056
Genco Shipping & Trading Ltd.		13,325		270,897
Gibraltar Industries, Inc.*		5,089		409,817
Granite Construction, Inc.		6,993		399,510
Great Lakes Dredge & Dock Corp.*		11,840		103,600
Greenbrier Cos., Inc.		8,455		440,505
Greif, Inc. - Class A		5,210		359,750
Griffon Corp.		6,350		465,709
Hayward Holdings, Inc.*		7,676		117,520
Heartland Express, Inc.		2,240		26,746
Hillenbrand, Inc.		2,247		113,002
Hub Group, Inc. - Class A		19,560		845,383
Ichor Holdings Ltd.*		4,558		176,030
IES Holdings, Inc.*		320		38,925
International Seaways, Inc.		9,804		521,573
Intevac, Inc.*		6,420		24,653
Itron, Inc.*		740		68,465
JELD-WEN Holding, Inc.*		4,790		101,692
John Bean Technologies Corp.		230		24,125
Kennametal, Inc.		7,425		185,179
Kimball Electronics, Inc.*		6,580		142,457
Kirby Corp.*		5,141		490,040
Knowles Corp.*		14,965		240,936
Kratos Defense & Security Solutions, Inc.*		3,012		55,361
L B Foster Co. - Class A*		1,450		39,600
Limbach Holdings, Inc.*		500		20,710
Louisiana-Pacific Corp.		1,330		111,600
LSB Industries, Inc.*		1,910		16,770
LSI Industries, Inc.		3,330		50,350
Luxfer Holdings PLC		2,600		26,962
Manitowoc Co., Inc.*		3,920		55,429
Marten Transport Ltd.		20,425		377,454
MasTec, Inc.*		220		20,515
Masterbrand Inc.		1,990		37,293
Materion Corp.		3,654		481,414
Matson, Inc.		4,981		559,864

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Metallus, Inc.*		11,432	$	254,362
Mistras Group, Inc.*		4,020		38,431
Modine Manufacturing Co.*		14,012		1,333,802
Mohawk Industries, Inc.*		2,208		289,005
Moog, Inc. - Class A		1,455		232,291
Mueller Industries, Inc.		8,100		436,833
MYR Group, Inc.*		2,333		412,358
National Presto Industries, Inc.		460		38,548
NL Industries, Inc.		5,450		39,949
Nordic American Tankers Ltd.		8,300		32,536
Northwest Pipe Co.*		1,917		66,482
nVent Electric PLC		4,145		312,533
O-I Glass, Inc.*		13,045		216,417
Olympic Steel, Inc.		3,399		240,921
Orion Group Holdings, Inc.		4,850		39,770
Overseas Shipholding Group, Inc. - Class A		14,280		91,392
Pactiv Evergreen, Inc.		4,380		62,722
PAM Transportation Services, Inc.*		1,454		23,569
Park-Ohio Holdings Corp.		1,410		37,619
Plexus Corp.*		3,930		372,643
Powell Industries, Inc.		1,400		199,220
Primoris Services Corp.		7,250		308,632
Proto Labs, Inc.*		1,720		61,490
Ranpak Holdings Corp.		3,610		28,411
Regal Rexnord Corp.		3,366		606,217
Ryder System, Inc.		2,573		309,249
Ryerson Holding Corp.		4,669		156,411
Saia, Inc.*		130		76,050
Sanmina Corp.*		16,541		1,028,519
Schneider National, Inc. - Class B		5,700		129,048
Scorpio Tankers, Inc.		9,446		675,861
SFL Corp. Ltd.		3,130		41,253
Smith & Wesson Brands, Inc.		9,320		161,795
SPX Technologies, Inc.*		3,165		389,706
Standex International Corp.		550		100,221
Sterling Infrastructure, Inc.*		2,470		272,466
Sturm Ruger & Co., Inc.		359		16,568
Summit Materials, Inc. - Class A*		16,398		730,859
TD SYNNEX Corp.		1,180		133,458
Teekay Corp.*		13,522		98,440
Teekay Tankers Ltd. - Class A		5,263		307,412
Terex Corp.		2,835		182,574
Thermon Group Holdings, Inc.*		3,370		110,266
Timken Co.		1,905		166,554
TopBuild Corp.*		215		94,757
TriMas Corp.		6,050		161,716

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF MARCH 31, 2024 (Unaudited)

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Trinity Industries, Inc.		14,845	$	413,433
TTM Technologies, Inc.*		35,084		549,065
Tutor Perini Corp.		2,840		41,066
UFP Industries, Inc.		4,870		599,059
Vishay Intertechnology, Inc.		27,399		621,409
Watts Water Technologies, Inc. - Class A		440		93,522
Werner Enterprises, Inc.		10,110		395,503
Willis Lease Finance Corp.*		1,740		86,339
World Kinect Corp.		9,090		240,430
Worthington Enterprises, Inc.		2,520		156,820
				37,453,978
TECHNOLOGY — 4.0%
ACI Worldwide, Inc.*		890		29,557
ACM Research, Inc. - Class A*		1,220		35,551
Adeia, Inc.		13,607		148,588
Alpha & Omega Semiconductor Ltd.*		7,975		175,769
Amkor Technology, Inc.		41,556		1,339,765
ASGN, Inc.*		570		59,713
Axcelis Technologies, Inc.*		557		62,117
CACI International, Inc. - Class A*		1,449		548,925
Cohu, Inc.*		4,382		146,052
Conduent, Inc.*		19,850		67,093
CSP, Inc.		1,460		26,952
Digi International, Inc.*		5,215		166,515
Diodes, Inc.*		827		58,304
Donnelley Financial Solutions, Inc.*		1,040		64,490
ExlService Holdings, Inc.*		1,000		31,800
Insight Enterprises, Inc.*		6,225		1,154,862
IPG Photonics Corp.*		155		14,057
Kulicke & Soffa Industries, Inc.		2,858		143,786
Maximus, Inc.		480		40,272
NetScout Systems, Inc.*		13,590		296,806
Onto Innovation, Inc.*		1,204		218,020
PAR Technology Corp.*		903		40,960
Parsons Corp.*		1,620		134,379
Photronics, Inc.*		13,193		373,626
Rambus, Inc.*		5,125		316,776
Richardson Electronics Ltd./United States		2,340		21,551
Semtech Corp.*		2,671		73,426
Silicon Laboratories, Inc.*		160		22,995
Super Micro Computer, Inc.*		1,276		1,288,798
Ultra Clean Holdings, Inc.*		3,520		161,709
Upland Software, Inc.*		8,550		26,420
Veradigm, Inc.*		18,109		139,439
Vishay Precision Group, Inc.*		2,480		87,618
Xerox Holdings Corp.		1,520		27,208
				7,543,899

	Number of Shares		Value
COMMON STOCKS (Continued)
UTILITIES — 0.4%
American States Water Co.		460	$	33,230
Brookfield Infrastructure Corp. - Class A		3,373		121,563
IDACORP, Inc.		330		30,654
MGE Energy, Inc.		354		27,867
New Jersey Resources Corp.		2,626		112,682
NRG Energy, Inc.		2,572		174,099
ONE Gas, Inc.		840		54,205
Ormat Technologies, Inc.		271		17,937
Otter Tail Corp.		1,101		95,126
SJW Group		430		24,334
				691,697
TOTAL COMMON STOCKS
(Cost $109,936,784)				181,800,210

EXCHANGE-TRADED FUNDS — 2.3%
Direxion Daily Homebuilders & Supplies Bull 3x Shares ETF		2,306		349,313
Direxion Daily S&P Biotech Bull 3X Shares ETF		1,011		134,180
Direxion Daily Small Cap Bull 3X Shares ETF		25,094		1,077,034
iShares Russell 2000 Value ETF		6,615		1,050,528
iShares S&P Small-Cap 600 Value ETF		5,670		582,649
SPDR S&P Regional Banking ETF¹		19,183		964,521
VanEck Oil Services ETF		490		164,802

TOTAL EXCHANGE-TRADED FUNDS
(Cost $3,008,570)				4,323,027

PREFERRED STOCKS — 0.1%
CONSUMER, CYCLICAL — 0.1%
Qurate Retail, Inc. 8.00%, 3/15/2031³		274		13,623
WESCO International, Inc. 10.63%^3,4,5		5,008		131,761
				145,384
INDUSTRIAL — 0.0%
Steel Partners Holdings LP 6.00%, 2/7/2026³		1,855		44,631

TOTAL PREFERRED STOCKS
(Cost $188,490)				190,015

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF MARCH 31, 2024 (Unaudited)

	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 — 1.9%
Federated Treasury Obligations Fund - Class Institutional, 5.10%^4,6		500,000		500,000
Fidelity Institutional Government Portfolio - Class I, 5.14%⁴		1,494,247		1,494,247
Invesco Government & Agency Portfolio, 5.24%^4,7		1,620,670		1,620,670

TOTAL MONEY MARKET INVESTMENTS
(Cost $3,614,917)				3,614,917

TOTAL INVESTMENTS — 100.5%
(Cost $116,748,761)				189,928,169

Liabilities less other assets — (0.5)%				(891,069	)

TOTAL NET ASSETS — 100.0%			$	189,037,100

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 $1,580,683 at March 31, 2024.

²	Security valued at fair value as determined by the investment adviser under the supervision of the Board of Trustees. Value determined using significant unobservable inputs. See Note 2 in the Notes to Financial Statements.

Callable.

⁴	Variable rate security; the rate shown represents the rate at March 31, 2024

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 March 31, 2024. The Fund had option contracts transactions during the period ended March 31, 2024, however, due to the timing of these transactions, there were no open options contracts as of March 31, 2024.

⁷	Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $1,620,670 at March 31, 2024.

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SUMMARY OF INVESTMENTS
AS OF MARCH 31, 2024 (Unaudited)

Security Type/Industry	Percent of Total Net Assets
Common Stocks
Banks	12.3%
Retail	8.5%
Insurance	6.5%
Oil & Gas	5.9%
Home Builders	5.3%
Transportation	4.8%
Diversified Financial Services	4.3%
Commercial Services	4.3%
Building Materials	3.5%
Electronics	2.9%
Chemicals	2.7%
Iron/Steel	2.4%
Computers	1.9%
Distribution/Wholesale	1.9%
Semiconductors	1.7%
Oil & Gas Services	1.7%
Savings & Loans	1.7%
Engineering & Construction	1.7%
Coal	1.6%
Food	1.5%
Miscellaneous Manufacturing	1.2%
Electrical Components & Equipment	1.0%
Healthcare-Products	1.0%
Metal Fabricate/Hardware	1.0%
Machinery-Diversified	1.0%
Apparel	0.9%
Airlines	0.9%
Trucking & Leasing	0.9%
Auto Parts & Equipment	0.8%
Healthcare-Services	0.7%
Aerospace/Defense	0.7%
Media	0.6%
Pipelines	0.6%
Real Estate	0.6%
Pharmaceuticals	0.6%
Packaging & Containers	0.5%
Mining	0.5%
Telecommunications	0.5%
Agriculture	0.4%
Hand/Machine Tools	0.4%
Home Furnishings	0.4%
Household Products/Wares	0.4%
Entertainment	0.4%
Internet	0.3%
Leisure Time	0.3%
Software	0.3%
Cosmetics/Personal Care	0.3%
Machinery-Construction & Mining	0.2%
Advertising	0.2%
Electric	0.2%
Biotechnology	0.2%
Office Furnishings	0.2%
Beverages	0.2%
Gas	0.1%
Auto Manufacturers	0.1%
Energy-Alternate Sources	0.1%
Unknown Bloomberg Industry Group	0.1%
Forest Products & Paper	0.1%
Lodging	0.1%
Textiles	0.1%
Environmental Control	0.0%¹
Water	0.0%¹
Housewares	0.0%¹
Office/Business Equipment	0.0%¹
Total Common Stocks	96.2%
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	2.3%
Warrants	0.0%
Money Market Investments	1.9%
Total Investments	100.5%
Liabilities less other assets	(0.5)%
Total Net Assets	100.0%

¹	Resulted in less than 0.05% per industry.

See accompanying Notes to Financial Statements.

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Statement of Assets and Liabilities

As of March 31, 2024 (Unaudited)

ASSETS:
Investments in securities, at value (cost $116,748,761)	$	189,928,169	⁽¹⁾
Cash held at broker		711,081
Receivables:
Securities sold		446,280
Fund shares issued		5,050
Dividends and interest		173,815
Securities lending income		273
Prepaid expenses and other assets		24,616
Total assets		191,289,284

LIABILITIES:
Collateral due to broker for securities loaned		1,620,670
Payables:
Securities purchased		371,092
Fund shares redeemed		130,699
Due to Trustees		2,200
Due to Adviser		71,972
Fund accounting and administration fees and expenses		13,825
Transfer agent fees		14,608
Custody fees		2,784
Accrued other expenses		24,334
Total liabilities		2,252,184

NET ASSETS	$	189,037,100

COMPONENTS OF NET ASSETS:
Paid-in capital	$	113,658,575
Total distributable earnings		75,378,525
NET ASSETS	$	189,037,100

Shares outstanding, no par value (unlimited shares authorized)		8,799,265

Net asset value, offering and redemption price per share	$	21.48

⁽¹⁾	Includes securities on loan of $1,580,683 (see Note 2).

See accompanying Notes to Financial Statements.

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Statement of Operations

For the Six Months Ended March 31, 2024 (Unaudited)

INVESTMENT INCOME
Income
Dividends (net of foreign withholding taxes of $930)	$	1,613,746
Securities lending income		5,066
Interest		104,559
Total investment Income		1,723,371

Expenses
Investment advisory fees		433,119
Fund accounting and administration fees and expenses		40,216
Transfer agent fees		25,276
Professional fees		19,639
Registration fees		19,096
Custody fees		10,352
Shareholder reporting fees		9,614
Trustees’ fees and expenses		4,375
Insurance fees		3,298
Total expenses		564,985
Fees waived by the Adviser		(45,242	)
Net expenses		519,743
Net investment income		1,203,628

Net Realized and Unrealized Gain on Investments and Options Contracts
Net realized gain on:
Investments		3,595,028
Purchased options contracts		34,098
Written options contracts		16,487
Net realized gain		3,645,613
Net change in unrealized appreciation/depreciation on investments		29,074,382
Net realized and unrealized gain on investments and options contracts		32,719,995

Net Increase in Net Assets from Operations	$	33,923,623

See accompanying Notes to Financial Statements.

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations
Net investment income	$	1,203,628		$	2,515,697
Net realized gain on investments, purchased options contracts and written options contracts		3,645,613			2,515,630
Net change in unrealized appreciation/depreciation on investments		29,074,382			14,957,988
Net increase in net assets resulting from operations		33,923,623			19,989,315

Distributions to Shareholders		(3,852,657	)		(13,076,800	)

Capital Transactions
Proceeds from shares issued		411,040			14,107,742
Reinvestment of distributions		3,848,395			13,062,117
Cost of shares redeemed		(9,588,131	)		(25,379,178	)
Net increase (decrease) resulting from capital transactions		(5,328,696	)		1,790,681

Total increase in net assets		24,742,270			8,703,196

Net Assets:
Beginning of period		164,294,830			155,591,634
End of period	$	189,037,100		$	164,294,830

Capital Share Activity
Shares issued		22,626			769,395
Shares reinvested		204,597			689,602
Shares redeemed		(497,223	)		(1,384,441	)
Net increase (decrease) in capital shares		(270,000	)		74,556

See accompanying Notes to Financial Statements.

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Financial Highlights

For a capital share outstanding throughout each period
	For the Six Months Ended March 31, 2024 (Unaudited)			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 period	$	18.12		$	17.30		$	23.11		$	13.69		$	16.56		$	21.14
Income (Loss) from Investment Operations:
Net investment income		0.14			0.27			0.23			0.18			0.16			0.17
Net realized and unrealized gain (loss) on investments		3.65			2.00			(2.14	)		9.44			(2.61	)		(2.92	)
Total from investment operations		3.79			2.27			(1.91	)		9.62			(2.45	)		(2.75	)

Less Distributions:
From net investment income		(0.12	)		(0.28	)		(0.20	)		(0.20	)		(0.19	)		(0.15	)
From net realized gain		(0.31	)		(1.17	)		(3.70	)		—			(0.23	)		(1.68	)
Total distributions		(0.43	)		(1.45	)		(3.90	)		(0.20	)		(0.42	)		(1.83	)

Net asset value, end of period	$	21.48		$	18.12		$	17.30		$	23.11		$	13.69		$	16.56

Total return		21.26	%		12.85	%		(10.34	)%		70.44	%		(15.24	)%		(12.70	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	189,037		$	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		0.65	%		0.66	%		0.66	%		0.67	%		0.76	%¹		0.67	%²
After fees reimbursed by the Adviser		0.60	%		0.60	%		0.60	%		0.60	%		0.63	%¹		0.60	%²
Ratio of net investment income to average net assets (including interest expense)
Before fees reimbursed by the Adviser		1.34	%		1.42	%		1.07	%		0.77	%		0.93	%		0.86	%
After fees reimbursed by the Adviser		1.39	%		1.48	%		1.13	%		0.84	%		1.06	%		0.93	%

Portfolio turnover rate		12	%		46	%		72	%		72	%		69	%		47	%

¹	If litigation expenses had been excluded, the expense ratios would have been lowered by 0.03% for the year end September 30, 2020.

²	Ratio of interest expense to average net assets was less than 0.005%.

See accompanying Notes to Financial Statements.

Vericimetry Funds

Notes to Financial Statements

As of March 31, 2024 (Unaudited)

1. Organization

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

2. Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification Topic 946, Financial Services – Investment Companies including 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.

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2024 (Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the fair values of the Fund’s investments in each category as of March 31, 2024:

	Level 1		Level 2		Level 3			Total
Investments in Securities
Common Stocks
Basic Materials	$	10,802,321	$	—	$	—		$	10,802,321
Communications		3,079,773		—		—			3,079,773
Consumer, Cyclical		37,464,442		—		—			37,464,442
Consumer, Non-Cyclical		18,027,386		—		—	*		18,027,386
Energy		18,809,847		—		—			18,809,847
Financial		47,926,867		—		—			47,926,867
Industrial		37,453,978		—		—			37,453,978
Technology		7,543,899		—		—			7,543,899
Utilities		691,697		—		—			691,697
Exchange-Traded Funds		4,323,027		—		—			4,323,027
Preferred Stocks
Consumer, Cyclical		145,384		—		—			145,384
Industrial		44,631		—		—			44,631
Warrants
Basic Materials		—		—		—	*		—
Consumer, Non-Cyclical		—		—		—	*		—
Money Market Investments		3,614,917		—		—			3,614,917
Total Investments in Securities	$	189,928,169	$	—	$	—		$	189,928,169

The Adviser valued these holdings at $0 as of March 31, 2024.

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 the 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.

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2024 (Unaudited)

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

GAAP requires management of the Fund to analyze all open tax years (for the Fund, tax years 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 the 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 March 31, 2024, the value of securities loaned by the Fund was $1,580,683 and the Fund received cash collateral of $1,620,670. 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

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2024 (Unaudited)

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 March 31, 2024.

(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 March 31, 2024 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 March 31, 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 six months ended March 31, 2024 was related to purchased and written equity and index options which resulted in a net realized gain of $50,585 which is reflected on the Statement of Operations. The Fund had option contracts transactions during the six months ended March 31, 2024, however, due to the timing of these transactions, the average monthly notional amount for the Fund was $0.

For the six months ended March 31, 2024, the Fund’s purchases and sales of purchased option contracts were as follows:

		Purchases				Sales
		$410,387				$444,485

For the six months ended March 31, 2024, the Fund’s transactions in written option contracts were as follows:

		Written Option Contracts				Closed Written Option Contracts
		$16,487				$—

(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, 2025. For the six months ended March 31, 2024, the Fund accrued $433,119 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $45,242.

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2024 (Unaudited)

Under the terms of the Expense Limitation Agreement, if at any time the expenses of the Fund are less than the expense limitation, the Adviser retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed within the prior three years, to the extent that such reimbursement will not cause the Fund’s annualized expenses to exceed 0.60% of its average net assets on an annualized basis, or the expense limitation in place at time of waiver or reimbursement. The Fund is not obligated to reimburse the Adviser for fees previously waived or expenses previously assumed by the Adviser more than three years before the date of such reimbursement. All such reimbursements are contingent upon Board review and approval. As of March 31, 2024, reimbursements that may potentially be made by the Fund to the Adviser total $361,818, which expire as follows:

September 30, 2024	$	112,071
September 30, 2025	$	102,282
September 30, 2026	$	102,223
September 30, 2027	$	45,242

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.

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

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of March 31, 2024 (Unaudited)

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

5. Investment Transactions

For the six months ended March 31, 2024, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:

		Purchases				Sales
		$20,138,780				$22,132,662

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 March 31, 2024, Charles Schwab & Co., Inc., holding shares for the benefit of others in nominee name, held approximately 97.1% 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. 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.

Vericimetry Funds

Expense Example

For The Six Months Ended March 31, 2024 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2023 through March 31, 2024 (the “period”).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expenses Paid During the Period

	Beginning account value October 1, 2023		Ending account value March 31, 2024		Expenses paid during the period ended March 31, 2024*
Actual Example	$	1,000.00	$	1,212.60	$	3.32
Hypothetical Example, assuming a 5% return before expenses		1,000.00		1,022.00		3.03

*	Expenses are equal to the Fund’s annualized expense ratio of 0.60% multiplied by the average account value over the period, multiplied by 183/366 (to reflect the six month period).

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

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.

Vericimetry Funds

Board Approval of Investment Management Agreement

(Unaudited)

At a meeting held on October 26, 2023 (the “Meeting”), the Board of Trustees, including a majority of the independent trustees, met to consider, among other matters, the renewal of the investment management agreement (the “Investment Management Agreement”) between the Adviser and the Fund.

In considering the renewal of the Investment Management Agreement, the Board considered written and oral responses provided by the Adviser to an information request letter submitted by Fund Counsel.

The Board specifically evaluated information provided in relation to the approval of the Investment Management Agreement including details about: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the costs of the services to be provided and the profits to be realized by the Adviser from the relationship with the Fund; (iii) the extent to which economies of scale may be realized as the Fund grows; (iv) the management fee and expense ratio of the Fund; (v) potential fall-out benefits to the Adviser from its relationship to the Fund; and (vi) other general information about the Adviser.

The Board reviewed the background information of the Adviser’s key investment personnel, taking into consideration they collectively averaged over 30 years of financial industry experience. The Board discussed the Adviser’s investment process and expressed its satisfaction with the Adviser’s processes for risk management, broker selection, business continuity and monitoring compliance with the Fund’s investment limitations. The Board noted that the Fund underperformed its peer group across all periods, but discussed that it outperformed its benchmark across all periods. The Board concluded that the Adviser had provided, and was likely to continue to provide, high quality services to the Fund for the benefit of the shareholders.

The Board compared the Fund’s investment advisory fee and expense ratio to investment advisory fees and expense ratios of the Peer Group. The Board noted that the Fund’s investment advisory fee of 0.50% was higher than the advisory fee for the Fund’s peer group (0.39%) and lower than the Morningstar category average of 0.79%. The Board observed that the Fund’s net expense ratio of 0.61% was higher than that of the Fund’s peer group (0.455%), but significantly lower than the Morningstar category average of 1.01%. The Board also noted the expense limitation agreement in effect for the Fund. The Board, upon reviewing the Adviser’s explanation for the fee structure in place, agreed that the fees selected were appropriate and reasonable in relation to the services to be provided. After further discussion, the Board concluded that the Fund’s advisory fee was not unreasonable.

The Board reviewed the reported level of profitability realized by the Adviser from its relationship to the Fund, noting that the Adviser reported a pre-tax profit of approximately 20.10%. After discussion, the Board concluded that the level of profit reported was not excessive.

In terms of potential “fall out” benefits to the Adviser from its relationship to the Fund, the Board noted that the Adviser does not engage in the use of soft dollars. The Board discussed economies of scale, noting that no such economies of scale were achieved at this point given the low asset base of the Fund. The Board agreed that the matter of economies of scale would be revisited at the next renewal of the Investment Management Agreement and as the Fund’s size increases.

The Board then concluded its evaluation and without assigning particular weight to any single conclusion, approved the renewal of the Investment Management Agreement for the Fund.

Vericimetry U.S. Small Cap Value Fund

www.vericimetryfunds.com

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual reports.

Item 4. Principal Accountant Fees and Services

Not applicable to semi-annual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

(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 – Not applicable to semi-annual reports.

(a)(2)

Certification for the principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) – Filed as an attachment to this filing.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) – Filed as an attachment to this filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Vericimetry Funds

By:	/s/ Mendel Fygenson
	Dr. Mendel Fygenson
	President

Date:	June 5, 2024

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

Vericimetry Funds

By:	/s/ Mendel Fygenson
	Dr. Mendel Fygenson
	President

Date:	June 5, 2024

By:	/s/ Michael Thill
	Michael Thill
	Treasurer

Date:	June 6, 2024

Vericimetry Funds N-CSRSCertified semi-annual shareholder report (management investment company)