Vericimetry Funds NCSR 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, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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

VYSVX

ANNUAL SHAREHOLDER REPORT | September 30, 2024

This annual shareholder report contains important information about the Vericimetry U.S. Small Cap Value Fund (“Fund”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund such as the prospectus, financial information, and fund holdings at https://www.vericimetry.com/vysvx/fund-information.php. You can also request this information by contacting us at 1-855-755-7550.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Vericimetry U.S. Small Cap Value Fund	$68	0.60%

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

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, 2024, 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 26.35% versus the Benchmark’s positive return of 25.88%. For most of the year, the Fund was more than 95% fully invested and had a well- diversified portfolio, with at least 773 equity holdings.

As managers of a U.S. small cap value fund, we face the challenge of maintaining the Fund’s outperformance of its benchmark during periods of declining US 10-year Treasury yields. Given the Fund’s mandate, we cannot invest in interest rate-sensitive sectors like REITs. To address this challenge, we overweight sectors that tend to correlate with REITs’ performance, such as Homebuilding. This strategy helps offset the impact of our benchmark’s significant REIT allocation, which can be up to 13% of its weight.

The views in this letter were as of September 30, 2024, and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the fund’s investment methodology and do not constitute investment advice.

Vericimetry U.S. Small Cap Value Fund | 1

Fund Performance

The following graph and chart compare the initial and subsequent account values for the Fund. It assumes a $10,000 initial investment in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

Date	Vericimetry U.S. Small Value Fund $23,098	Russell 2000 Value Index $22,042
2014-09-30	$ 9,880	$ 9,880
2015-09-30	$ 9,880	$ 9,880
2016-09-30	$ 10,958	$ 11,587
2017-09-30	$ 13,204	$ 14,012
2018-09-30	$ 14,281	$ 15,359
2019-09-30	$ 12,485	$ 13,922
2020-09-30	$ 10,509	$ 11,766
2021-09-30	$ 17,874	$ 19,671
2022-09-30	$ 16,168	$ 16,168
2023-09-30	$ 18,323	$ 17,246
2024-09-30	$ 23,098	$ 22,042

AVERAGE ANNUAL TOTAL RETURN

	1 Yr	3 Yr	5 Yr	10 Yr
Vericimetry U.S. Small Cap Value Fund	26.35%	8.53%	13.05%	8.73%
Russell 2000 Value Index	25.88%	3.77%	9.29%	8.22%

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.

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

Key Fund Statistics

The following table outlines key fund statistics that you should pay attention to.

Fund net assets	$179,952,623
Total number of portfolio holdings	840
Total advisory fees paid (net)	$795,044
Portfolio turnover rate as of the end of the reporting period	23%

Vericimetry U.S. Small Cap Value Fund | 2

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.

TOP TEN HOLDINGS

Taylor Morrison Home Corp.	1.00%
Carpenter Technology Corp.	0.90%
SkyWest, Inc.	0.83%
Meritage Homes Corp.	0.82%
Tri Pointe Homes, Inc.	0.76%
Commercial Metals Co.	0.76%
Modine Manufacturing Co.	0.74%
Amkor Technology, Inc.	0.72%
Jackson Financial, Inc. - Class A	0.71%
Mr Cooper Group, Inc.	0.70%

ASSET ALLOCATION

SECTOR ALLOCATION

Common Stocks	95.3%
Money Market Investments	3.0%
Exchange-Traded Funds	1.8%
Preferred Stocks	0.1%
Rights	0.0%
Warrants	0.0%

Financial	30.1%
Industrial	17.6%
Consumer Cyclical	16.9%
Consumer Non-Cyclical	9.9%
Energy	8.5%
Basic Materials	6.1%
Technology	3.7%
Communications	1.8%
Utilities	0.7%

Availability of Additional Information

You can find additional information about the Fund such as the prospectus, financial information, and fund holdings at https://www.vericimetry.com/vysvx/fund-information.php. You can also request this information by contacting us at 1-855-755-7550.

Principal Risks of Investing

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. Please read the prospectus carefully before investing.

Vericimetry U.S. Small Cap Value Fund | 3

(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, 2024		For the Year Ended September 30, 2023
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, 2024, 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. Investments.

(a)

Included as part of the report to shareholders filed under Item 7(a) of this Form N-CSR.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

Copy of the most recent financial statements.

Vericimetry U.S. Small Cap Value Fund

Financial Statements and Other Information

(Form N-CSR Items 7-11)

September 30, 2024

Vericimetry Funds

TABLE OF CONTENTS
SEPTEMBER 30, 2024

Please note the Financial Statements and Other Information only contains Items 7-11 required on Form N-CSR. All other required items will be filed with the SEC.

	Pages
Item 7.
Schedule of Investments	1
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	15
Report of Independent Registered Public Accounting Firm	21
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	22
Item 9.
Proxy Disclosures for Open-End Management Investment Companies.	22
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.	22
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract.	22

Vericimetry U.S. Small Cap Value Fund

Schedule of Investments

AS OF SEPTEMBER 30, 2024

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

	Number of Shares		Value
COMMON STOCKS — 95.3%
BASIC MATERIALS — 6.1%
AdvanSix, Inc.		4,652	$	141,328
Alcoa Corp.		9,540		368,053
American Vanguard Corp.		2,750		14,575
Ashland, Inc.		1,203		104,625
ATI, Inc.*		10,079		674,386
Avient Corp.		3,830		192,726
Cabot Corp.		2,208		246,788
Carpenter Technology Corp.		10,207		1,628,833
Century Aluminum Co.*		6,340		102,898
Coeur Mining, Inc.*		16,440		113,107
Commercial Metals Co.		24,920		1,369,603
Ecovyst, Inc.*		7,110		48,704
Element Solutions, Inc.		45,260		1,229,262
H.B. Fuller Co.		2,372		188,289
Hawkins, Inc.		1,810		230,721
Haynes International, Inc.		2,510		149,445
Hecla Mining Co.		94,158		628,034
Huntsman Corp.		14,365		347,633
Innospec, Inc.		340		38,451
Kaiser Aluminum Corp.		643		46,630
Koppers Holdings, Inc.		1,921		70,174
Kronos Worldwide, Inc.		7,750		96,487
Mercer International, Inc.		9,520		64,450
Minerals Technologies, Inc.		6,040		466,469
NewMarket Corp.		98		54,085
Oil-Dri Corp. of America		430		29,666
Olin Corp.		6,995		335,620
Orion S.A.		2,480		44,169
Perimeter Solutions S.A.*		5,980		80,431
Rayonier Advanced Materials, Inc.*		32,505		278,243
Stepan Co.		1,230		95,017
Sylvamo Corp.		1,760		151,096
Tronox Holdings PLC		26,655		389,963
United States Steel Corp.		22,260		786,446
Universal Stainless & Alloy Products, Inc.*		2,120		81,896
Valhi, Inc.		1,300		43,381
				10,931,684
COMMUNICATIONS — 1.8%
Advantage Solutions, Inc.*		9,710		33,305
ATN International, Inc.		2,579		83,405
Cars.com, Inc.*		1,045		17,514
CommScope Holding Co., Inc.*		6,790		41,487
Consolidated Communications Holdings, Inc.*		8,840		41,018
EchoStar Corp. - Class A*		6,095		151,278
Entravision Communications Corp. - Class A		17,020		35,231

	Number of Shares		Value
COMMON STOCKS (Continued)
COMMUNICATIONS (Continued)
ePlus, Inc.*		3,950	$	388,443
Frontier Communications Parent, Inc.*		8,259		293,442
Gannett Co., Inc.*		15,220		85,536
Gray Television, Inc.		10,645		57,057
HealthStream, Inc.		890		25,668
InterDigital, Inc.		790		111,888
Iridium Communications, Inc.		1,180		35,931
Lands’ End, Inc.*		3,150		54,400
Liberty Latin America Ltd. - Class A*		15,460		148,107
Lumen Technologies, Inc.*		15,310		108,701
NETGEAR, Inc.*		1,500		30,090
Nexstar Media Group, Inc.		360		59,526
Opendoor Technologies, Inc.*		12,790		25,580
Preformed Line Products Co.		720		92,218
QuinStreet, Inc.*		2,250		43,043
Ribbon Communications, Inc.*		5,824		18,928
Scholastic Corp.		8,473		271,221
Shenandoah Telecommunications Co.		3,550		50,090
Sinclair, Inc.		5,600		85,680
Sphere Entertainment Co.*		2,850		125,913
TEGNA, Inc.		13,920		219,658
Telephone and Data Systems, Inc.		17,329		402,899
Thryv Holdings, Inc.*		1,696		29,222
TripAdvisor, Inc.*		1,850		26,807
Viasat, Inc.*		1,347		16,083
				3,209,369
CONSUMER, CYCLICAL — 16.9%
Abercrombie & Fitch Co. - Class A*		3,493		488,671
Academy Sports & Outdoors, Inc.		3,983		232,448
Acushnet Holdings Corp.		355		22,631
Adient PLC*		7,251		163,655
Advance Auto Parts, Inc.		380		14,816
Alaska Air Group, Inc.*		3,630		164,112
Allegiant Travel Co.		710		39,093
American Axle & Manufacturing
Holdings, Inc.*		18,305		113,125
American Eagle Outfitters, Inc.		10,152		227,303
Asbury Automotive Group, Inc.*		1,275		304,202
AutoNation, Inc.*		1,807		323,308
Bassett Furniture Industries, Inc.		1,330		19,219
Beacon Roofing Supply, Inc.*		4,738		409,505
Beazer Homes USA, Inc.*		1,990		67,998
Biglari Holdings, Inc. - Class B*		50		8,601
BJ’s Restaurants, Inc.*		810		26,374
BlueLinx Holdings, Inc.*		1,490		157,076
Brinker International, Inc.*		370		28,316

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF SEPTEMBER 30, 2024

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Buckle, Inc.		1,000	$	43,970
Build-A-Bear Workshop, Inc.		2,380		81,801
Caleres, Inc.		1,933		63,886
Carter’s, Inc.		510		33,140
Century Communities, Inc.		8,722		898,192
Citi Trends, Inc.*		980		18,003
CompX International, Inc.		100		2,921
Daktronics, Inc.*		4,820		62,226
Dana, Inc.		21,146		223,302
Designer Brands, Inc. - Class A		3,500		25,830
Dick’s Sporting Goods, Inc.		1,650		344,355
Dillard’s, Inc. - Class A		1,391		533,713
Dorman Products, Inc.*		630		71,266
El Pollo Loco Holdings, Inc.*		5,670		77,679
Ethan Allen Interiors, Inc.		6,952		221,699
Everi Holdings, Inc.*		4,480		58,867
EVgo, Inc.*		10,000		41,400
FirstCash Holdings, Inc.		152		17,450
Flexsteel Industries, Inc.		1,360		60,234
Foot Locker, Inc.		4,433		114,549
Forestar Group, Inc.*		7,592		245,753
Gap, Inc.		14,502		319,769
Genesco, Inc.*		1,260		34,234
G-III Apparel Group Ltd.*		6,390		195,023
GMS, Inc.*		7,440		673,841
Goodyear Tire & Rubber Co.*		37,386		330,866
Green Brick Partners, Inc.*		7,248		605,353
Group 1 Automotive, Inc.		3,154		1,208,108
Guess?, Inc.		2,430		48,916
H&E Equipment Services, Inc.		515		25,070
Hamilton Beach Brands Holding Co. - Class A		2,891		87,973
Haverty Furniture Cos., Inc.		3,140		86,256
HNI Corp.		3,380		181,979
Hooker Furnishings Corp.		1,980		35,798
Hovnanian Enterprises, Inc. - Class A*		150		30,656
Interface, Inc.		6,110		115,907
JAKKS Pacific, Inc.*		680		17,354
JetBlue Airways Corp.*		30,874		202,533
Johnson Outdoors, Inc. - Class A		720		26,064
KB Home		5,280		452,443
Kohl’s Corp.		9,910		209,101
Kontoor Brands, Inc.		1,260		103,043
Landsea Homes Corp.*		1,440		17,784
La-Z-Boy, Inc.		8,190		351,597
LCI Industries		1,647		198,529
Leggett & Platt, Inc.		2,300		31,326

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
LGI Homes, Inc.*		1,661	$	196,862
Life Time Group Holdings, Inc.*		12,550		306,471
Lifetime Brands, Inc.		2,950		19,293
Light & Wonder, Inc.*		2,092		189,807
M/I Homes, Inc.*		5,925		1,015,308
Macy’s, Inc.		26,044		408,630
Madison Square Garden Entertainment
Corp.*		1,950		82,933
Malibu Boats, Inc. - Class A*		950		36,870
Marcus Corp.		6,530		98,407
MarineMax, Inc.*		3,970		140,022
Marriott Vacations Worldwide Corp.		2,060		151,369
Meritage Homes Corp.		7,176		1,471,582
Methode Electronics, Inc.		3,160		37,794
Miller Industries, Inc.		2,335		142,435
MillerKnoll, Inc.		6,500		160,940
Movado Group, Inc.		3,090		57,474
MRC Global, Inc.*		1,420		18,091
Murphy USA, Inc.		292		143,918
National Vision Holdings, Inc.*		3,408		37,181
Norwegian Cruise Line Holdings Ltd.*		2,450		50,249
ODP Corp.*		8,700		258,825
OPENLANE, Inc.*		14,244		240,439
Oxford Industries, Inc.		1,050		91,098
Papa John’s International, Inc.		730		39,325
Patrick Industries, Inc.		2,950		419,991
PC Connection, Inc.		4,362		329,026
Peloton Interactive, Inc. - Class A*		5,760		26,957
Penske Automotive Group, Inc.		2,110		342,706
Playa Hotels & Resorts N.V.*		9,727		75,384
PriceSmart, Inc.		970		89,027
PVH Corp.		7,829		789,398
Red Rock Resorts, Inc. - Class A		620		33,753
Reservoir Media, Inc.*		1,980		16,058
Resideo Technologies, Inc.*		18,290		368,361
REV Group, Inc.		5,540		155,452
Rocky Brands, Inc.		1,220		38,869
Rush Enterprises, Inc. - Class A		14,422		761,914
Rush Enterprises, Inc. - Class B		5,992		287,316
Sabre Corp.*		9,620		35,305
Sally Beauty Holdings, Inc.*		2,860		38,810
ScanSource, Inc.*		4,700		225,741
Shoe Carnival, Inc.		5,220		228,897
Signet Jewelers Ltd.		2,410		248,567
Skechers USA, Inc. - Class A*		1,230		82,312
SkyWest, Inc.*		17,490		1,487,000
Sonic Automotive, Inc. - Class A		4,157		243,101

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF SEPTEMBER 30, 2024

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Sonos, Inc.*		1,440	$	17,698
Standard Motor Products, Inc.		1,390		46,148
Steelcase, Inc. - Class A		10,665		143,871
Sun Country Airlines Holdings, Inc.*		1,380		15,470
Sweetgreen, Inc.*		1,860		65,937
Tapestry, Inc.		1,310		61,544
Taylor Morrison Home Corp.*		25,523		1,793,246
Texas Roadhouse, Inc.		140		24,724
Thor Industries, Inc.		6,348		697,582
Titan International, Inc.*		3,340		27,154
Titan Machinery, Inc.*		5,500		76,615
TKO Group Holdings, Inc.*		300		37,113
Toll Brothers, Inc.		3,140		485,099
Topgolf Callaway Brands Corp.*		4,350		47,763
Tri Pointe Homes, Inc.*		30,265		1,371,307
Under Armour, Inc. - Class A*		10,172		90,633
UniFirst Corp.		600		119,190
Urban Outfitters, Inc.*		12,439		476,538
VF Corp.		2,010		40,099
Vista Outdoor, Inc.*		7,369		288,717
VSE Corp.		1,600		132,368
Wabash National Corp.		2,150		41,258
WESCO International, Inc.		3,042		510,995
Winmark Corp.		240		91,903
Winnebago Industries, Inc.		6,395		371,613
Wolverine World Wide, Inc.		1,310		22,820
Zumiez, Inc.*		3,090		65,817
				30,522,702
CONSUMER, NON-CYCLICAL — 9.9%
ABM Industries, Inc.		13,275		700,389
Acadia Healthcare Co., Inc.*		6,554		415,589
ACCO Brands Corp.		8,320		45,510
AdaptHealth Corp.*		5,630		63,225
Adtalem Global Education, Inc.*		10,390		784,237
Alight, Inc.*		20,250		149,850
American Public Education, Inc.*		6,910		101,923
Amneal Pharmaceuticals, Inc.*		2,110		17,555
Andersons, Inc.		8,610		431,705
AngioDynamics, Inc.*		3,590		27,930
ANI Pharmaceuticals, Inc.*		580		34,603
Artivion, Inc.*		3,060		81,457
Assembly Biosciences, Inc.*		1,070		16,200
Avanos Medical, Inc.*		6,650		159,799
B&G Foods, Inc.		1,990		17,671
Bioventus, Inc. - Class A*		4,210		50,310
Bright Horizons Family Solutions, Inc.*		180		25,223

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
BrightView Holdings, Inc.*		6,980	$	109,865
Brookdale Senior Living, Inc.*		8,815		59,854
Calavo Growers, Inc.		1,120		31,954
Cal-Maine Foods, Inc.		3,833		286,862
Caribou Biosciences, Inc.*		12,920		25,323
CBIZ, Inc.*		3,325		223,739
Central Garden & Pet Co. - Class A*		9,187		288,472
Chefs’ Warehouse, Inc.*		870		36,549
Coca-Cola Consolidated, Inc.		310		408,084
Community Health Systems, Inc.*		6,700		40,669
CRA International, Inc.		1,070		187,592
Cross Country Healthcare, Inc.*		1,430		19,219
Deluxe Corp.		5,100		99,399
Dun & Bradstreet Holdings, Inc.		12,440		143,184
Edgewell Personal Care Co.		9,400		341,596
Emergent BioSolutions, Inc.*		4,860		40,581
Ennis, Inc.		5,900		143,488
Enovis Corp.*		6,598		284,044
Envista Holdings Corp.*		7,800		154,128
First Advantage Corp.*		5,210		103,419
FONAR Corp.*		1,270		20,561
Fresh Del Monte Produce, Inc.		11,020		325,531
FTI Consulting, Inc.*		210		47,788
Fulgent Genetics, Inc.*		3,350		72,796
Graham Holdings Co. - Class B		570		468,380
Grand Canyon Education, Inc.*		120		17,022
Green Dot Corp. - Class A*		4,510		52,812
Grocery Outlet Holding Corp.*		2,070		36,329
GXO Logistics, Inc.*		1,290		67,170
Hain Celestial Group, Inc.*		4,290		37,023
Heidrick & Struggles International, Inc.		2,765		107,448
Herc Holdings, Inc.		153		24,393
Huron Consulting Group, Inc.*		1,730		188,051
ICF International, Inc.		2,973		495,867
ICU Medical, Inc.*		500		91,110
Ingles Markets, Inc. - Class A		4,487		334,730
Ingredion, Inc.		1,988		273,211
Innoviva, Inc.*		11,450		221,099
Integer Holdings Corp.*		5,840		759,200
John B Sanfilippo & Son, Inc.		230		21,691
Kelly Services, Inc. - Class A		8,850		189,478
Korn Ferry		8,965		674,527
Laureate Education, Inc.		13,940		231,543
Ligand Pharmaceuticals, Inc.*		1,005		100,590
LiveRamp Holdings, Inc.*		3,239		80,262
ManpowerGroup, Inc.		990		72,785
Matthews International Corp. - Class A		2,790		64,728

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF SEPTEMBER 30, 2024

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
National HealthCare Corp.		1,820	$	228,901
National Research Corp.		900		20,574
Natural Grocers by Vitamin Cottage, Inc.		4,950		146,965
Omni AB, Inc. - Earnout Shares¹		477		—
Omni AB, Inc. - Earnout Shares¹		477		—
Omnicell, Inc.*		1,710		74,556
OraSure Technologies, Inc.*		5,810		24,809
Owens & Minor, Inc.*		5,770		90,531
Paysafe Ltd.*		770		17,271
Pediatrix Medical Group, Inc.*		5,537		64,174
Perdoceo Education Corp.		12,310		273,774
Perrigo Co. PLC		1,150		30,165
Pilgrim’s Pride Corp.*		5,613		258,479
Post Holdings, Inc.*		3,720		430,590
Premier, Inc. - Class A		1,320		26,400
Prestige Consumer Healthcare, Inc.*		8,915		642,771
PROG Holdings, Inc.		6,013		291,570
Quad/Graphics, Inc.		4,040		18,342
Quanex Building Products Corp.		7,465		207,154
QuidelOrtho Corp.*		2,150		98,040
Repay Holdings Corp.*		6,580		53,693
Select Medical Holdings Corp.		3,224		112,421
Seneca Foods Corp. - Class A*		1,430		89,132
SpartanNash Co.		8,083		181,140
Sprouts Farmers Market, Inc.*		2,718		300,094
StoneCo Ltd. - Class A*		1,650		18,579
Strategic Education, Inc.		3,300		305,415
Stride, Inc.*		7,215		615,512
Supernus Pharmaceuticals, Inc.*		1,542		48,080
Surgery Partners, Inc.*		2,930		94,463
Tandem Diabetes Care, Inc.*		2,550		108,146
Tenet Healthcare Corp.*		580		96,396
TreeHouse Foods, Inc.*		7,777		326,478
TrueBlue, Inc.*		3,150		24,854
UFP Technologies, Inc.*		130		41,171
United Natural Foods, Inc.*		7,570		127,327
Universal Corp.		400		21,244
Universal Technical Institute, Inc.*		2,450		39,837
Upbound Group, Inc.		4,820		154,192
Utz Brands, Inc.		1,310		23,187
Varex Imaging Corp.*		3,540		42,197
Veracyte, Inc.*		2,973		101,201
Village Super Market, Inc. - Class A		2,030		64,534
Weis Markets, Inc.		7,729		532,760
Willdan Group, Inc.*		630		25,799
Zimvie, Inc.*		3,200		50,784

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Zymeworks, Inc.*		2,790	$	35,015
				17,806,039
ENERGY — 8.5%
Adams Resources & Energy, Inc.		560		15,120
Alpha Metallurgical Resources, Inc.		1,248		294,753
Amplify Energy Corp.*		5,030		32,846
Antero Midstream Corp.		14,680		220,934
Antero Resources Corp.*		4,590		131,503
APA Corp.		11,204		274,050
Arch Resources, Inc.		1,510		208,622
Archrock, Inc.		23,210		469,770
Baytex Energy Corp.		0		1
Berry Corp.		8,485		43,613
Bristow Group, Inc.*		3,950		137,025
California Resources Corp.		7,375		386,966
ChampionX Corp.		2,110		63,617
Chord Energy Corp.		4,381		570,538
Civeo Corp.		2,250		61,650
Civitas Resources, Inc.		7,051		357,274
CNX Resources Corp.*		33,381		1,087,219
Comstock Resources, Inc.		24,844		276,514
CONSOL Energy, Inc.		6,521		682,423
Crescent Energy Co. - Class A		9,703		106,248
Delek U.S. Holdings, Inc.		5,708		107,025
Diamondback Energy, Inc.		2,569		442,896
DMC Global, Inc.*		1,240		16,095
DNOW, Inc.*		10,475		135,442
EnLink Midstream LLC		13,765		199,730
EQT Corp.		5,307		194,448
Expro Group Holdings N.V.*		1,115		19,145
FutureFuel Corp.		6,560		37,720
Geospace Technologies Corp.*		800		8,272
Golar LNG Ltd.		1,985		72,969
Green Plains, Inc.*		1,270		17,196
Gulfport Energy Corp.*		1,420		214,917
Hallador Energy Co.*		4,010		37,814
Helix Energy Solutions Group, Inc.*		27,060		300,366
Helmerich & Payne, Inc.		16,799		511,026
Innovex International, Inc.*		5,840		85,731
Liberty Energy, Inc.		12,069		230,397
Mammoth Energy Services, Inc.*		10,483		42,875
Matador Resources Co.		9,194		454,367
Murphy Oil Corp.		28,371		957,238
NACCO Industries, Inc. - Class A		1,750		49,613
Natural Gas Services Group, Inc.*		2,280		43,571
Newpark Resources, Inc.*		14,965		103,707
Noble Corp. PLC		992		35,851

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF SEPTEMBER 30, 2024

	Number of Shares		Value
COMMON STOCKS (Continued)
ENERGY (Continued)
Northern Oil & Gas, Inc.		2,010	$	71,174
NOV, Inc.		5,925		94,622
Oceaneering International, Inc.*		4,982		123,902
Oil States International, Inc.*		10,265		47,219
Par Pacific Holdings, Inc.*		1,299		22,862
Patterson-UTI Energy, Inc.		22,443		171,689
PBF Energy, Inc. - Class A		18,417		570,006
Peabody Energy Corp.		21,613		573,609
Permian Resources Corp.		27,724		377,324
ProPetro Holding Corp.*		19,710		150,979
Ramaco Resources, Inc. - Class A		1,900		22,230
Range Resources Corp.		2,399		73,793
Ranger Energy Services, Inc.		5,600		66,696
REX American Resources Corp.*		3,450		159,700
RPC, Inc.		3,960		25,186
SandRidge Energy, Inc.		2,136		26,123
Seadrill Ltd.*		2,200		87,428
SM Energy Co.		10,764		430,237
Smart Sand, Inc.*		12,337		24,304
SunCoke Energy, Inc.		21,790		189,137
Sunnova Energy International, Inc.*		5,670		55,226
Sunrun, Inc.*		3,310		59,779
Talos Energy, Inc.*		19,408		200,873
Targa Resources Corp.		3,000		444,030
TechnipFMC PLC		20,670		542,174
Tidewater, Inc.*		960		68,918
Transocean Ltd.*		53,643		227,983
VAALCO Energy, Inc.		13,370		76,744
Vital Energy, Inc.*		2,350		63,215
Warrior Met Coal, Inc.		7,005		447,619
Weatherford International PLC		660		56,047
				15,289,925
FINANCIAL — 30.1%
1st Source Corp.		5,572		333,651
ACNB Corp.		500		21,835
Air Lease Corp.		19,804		896,923
Amalgamated Financial Corp.		3,210		100,698
Ambac Financial Group, Inc.*		4,800		53,808
Amerant Bancorp, Inc.		840		17,951
Ameris Bancorp		8,312		518,586
AMERISAFE, Inc.		860		41,564
AMREP Corp.*		650		19,299
Anywhere Real Estate, Inc.*		19,790		100,533
Associated Banc-Corp		30,670		660,632
Assured Guaranty Ltd.		12,228		972,371
Atlantic Union Bankshares Corp.		16,309		614,360
Axis Capital Holdings Ltd.		9,025		718,480

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Axos Financial, Inc.*		4,575	$	287,676
Banc of California, Inc.		9,080		133,748
BancFirst Corp.		484		50,941
Bancorp, Inc.*		4,527		242,194
Bank of Hawaii Corp.		2,141		134,391
Bank of Marin Bancorp		1,900		38,171
Bank of NT Butterfield & Son Ltd.		1,180		43,518
Bank OZK		17,199		739,385
Bank7 Corp.		770		28,852
BankFinancial Corp.		1,530		18,635
BankUnited, Inc.		14,354		523,060
Banner Corp.		6,730		400,839
Bar Harbor Bankshares		1,790		55,204
BCB Bancorp, Inc.		1,600		19,744
Berkshire Hills Bancorp, Inc.		7,906		212,909
Bread Financial Holdings, Inc.		7,800		371,124
Bridgewater Bancshares, Inc.*		2,910		41,235
Brighthouse Financial, Inc.*		8,212		369,786
Brookfield Asset Management Ltd. - Class A		4,393		207,745
Brookfield Business Corp. - Class A		1,130		28,623
Brookline Bancorp, Inc.		13,105		132,229
Burke & Herbert Financial Services Corp.		1,397		85,203
Business First Bancshares, Inc.		3,150		80,860
Byline Bancorp, Inc.		3,970		106,277
C&F Financial Corp.		710		41,429
Cadence Bank		16,541		526,831
Camden National Corp.		2,431		100,449
Capital City Bank Group, Inc.		1,190		41,995
Carter Bankshares, Inc.*		3,660		63,647
Cathay General Bancorp		10,950		470,302
Central Pacific Financial Corp.		2,620		77,316
Chemung Financial Corp.		680		32,654
ChoiceOne Financial Services, Inc.		500		15,455
Citizens, Inc.*²		8,843		32,012
City Holding Co.		2,059		241,706
Cleanspark, Inc.*		11,070		103,394
CNB Financial Corp.		2,560		61,594
CNO Financial Group, Inc.		25,059		879,571
Coastal Financial Corp.*		780		42,112
Columbia Banking System, Inc.		11,191		292,197
Comerica, Inc.		730		43,734
Community Financial System, Inc.		2,612		151,679
Community Trust Bancorp, Inc.		1,470		73,000
Community West Bancshares		1,800		34,668
ConnectOne Bancorp, Inc.		8,940		223,947
Consumer Portfolio Services, Inc.*		3,597		33,740
CrossFirst Bankshares, Inc.*		3,800		63,422

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF SEPTEMBER 30, 2024

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Cushman & Wakefield PLC*		10,460	$	142,570
Customers Bancorp, Inc.*		5,605		260,352
CVB Financial Corp.		5,390		96,050
Dime Community Bancshares, Inc.		6,639		191,203
Donegal Group, Inc. - Class A		1,421		20,946
Eagle Bancorp, Inc.		4,147		93,639
Employers Holdings, Inc.		5,219		250,355
Enact Holdings, Inc.		2,253		81,851
Encore Capital Group, Inc.*		4,510		213,188
Enova International, Inc.*		3,885		325,524
Enstar Group Ltd.*		1,260		405,203
Enterprise Financial Services Corp.		4,315		221,187
Esquire Financial Holdings, Inc.		1,589		103,619
ESSA Bancorp, Inc.		960		18,451
Essent Group Ltd.		7,347		472,339
Evercore, Inc. - Class A		640		162,138
EZCORP, Inc. - Class A*		11,690		131,045
F&G Annuities & Life, Inc.		1,740		77,813
FB Financial Corp.		1,720		80,720
Federal Agricultural Mortgage Corp. - Class C		1,228		230,139
Finance Of America Cos., Inc. - Class A*		700		8,099
Financial Institutions, Inc.		2,980		75,901
First BanCorp/Puerto Rico		52,310		1,107,403
First Bancorp/Southern Pines NC		2,038		84,760
First Bancshares, Inc.		3,916		125,821
First Bank/Hamilton NJ		1,170		17,784
First Busey Corp.		6,979		181,594
First Business Financial Services, Inc.		1,420		64,738
First Commonwealth Financial Corp.		21,140		362,551
First Community Bankshares, Inc.		1,750		75,513
First Financial Bancorp		20,709		522,488
First Financial Corp.		1,821		79,851
First Financial Northwest, Inc.		1,360		30,627
First Foundation, Inc.		6,160		38,438
First Hawaiian, Inc.		1,640		37,966
First Horizon Corp.		4,782		74,264
First Internet Bancorp		2,760		94,558
First Interstate BancSystem, Inc. - Class A		6,166		189,173
First Merchants Corp.		6,962		258,986
First Mid Bancshares, Inc.		2,812		109,415
Flushing Financial Corp.		2,970		43,303
FNB Corp.		38,057		536,984
FRP Holdings, Inc.*		2,140		63,900
FS Bancorp, Inc.		620		27,584
FTAI Aviation Ltd.		960		127,584
FTAI Infrastructure, Inc.		2,520		23,587

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Fulton Financial Corp.		40,311	$	730,838
Genworth Financial, Inc.*		103,288		707,523
German American Bancorp, Inc.		1,000		38,750
Glacier Bancorp, Inc.		2,150		98,255
Great Southern Bancorp, Inc.		1,845		105,737
Hancock Whitney Corp.		17,453		893,070
Hanmi Financial Corp.		9,080		168,888
Hanover Insurance Group, Inc.		240		35,546
HarborOne Bancorp, Inc.		3,260		42,315
Heartland Financial USA, Inc.		5,040		285,768
Heritage Commerce Corp.		6,040		59,675
Heritage Financial Corp.		3,008		65,484
Heritage Insurance Holdings, Inc.*		2,821		34,529
Hilltop Holdings, Inc.		12,462		400,778
Home Bancorp, Inc.		940		41,905
HomeStreet, Inc.		2,050		32,308
Hope Bancorp, Inc.		19,307		242,496
Horace Mann Educators Corp.		5,961		208,337
Horizon Bancorp, Inc.		3,741		58,173
Howard Hughes Holdings, Inc.*		5,619		435,079
Independent Bank Corp.		3,950		131,732
Independent Bank Corp.		2,345		138,660
Independent Bank Group, Inc.		5,175		298,390
International Bancshares Corp.		12,765		763,219
Invesco Ltd.		12,170		213,705
Investar Holding Corp.		1,000		19,400
Jackson Financial, Inc. - Class A		13,963		1,273,844
Janus Henderson Group PLC		10,032		381,918
Kearny Financial Corp.		7,382		50,714
Kemper Corp.		2,100		128,625
Kennedy-Wilson Holdings, Inc.		8,395		92,765
LendingClub Corp.*		19,750		225,742
LendingTree, Inc.*		450		26,114
Live Oak Bancshares, Inc.		3,380		160,111
Marcus & Millichap, Inc.		1,460		57,860
McGrath RentCorp		1,675		176,344
Mercantile Bank Corp.		3,170		138,592
Merchants Bancorp		1,270		57,099
Mercury General Corp.		2,892		182,138
Metrocity Bankshares, Inc.		1,000		30,620
Metropolitan Bank Holding Corp.*		560		29,445
MGIC Investment Corp.		37,540		961,024
Midland States Bancorp, Inc.		3,660		81,911
MidWestOne Financial Group, Inc.		1,400		39,942
Mr Cooper Group, Inc.*		13,692		1,262,129
Navient Corp.		30,574		476,649
NBT Bancorp, Inc.		3,290		145,517

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF SEPTEMBER 30, 2024

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Nelnet, Inc. - Class A		5,820	$	659,290
Newmark Group, Inc. - Class A		11,470		178,129
NMI Holdings, Inc.*		15,117		622,669
Northeast Bank		1,190		91,785
Northfield Bancorp, Inc.		6,850		79,460
Northrim BanCorp, Inc.		1,860		132,469
Northwest Bancshares, Inc.		25,491		341,070
Oak Valley Bancorp		1,610		42,778
OceanFirst Financial Corp.		11,811		219,566
OFG Bancorp		14,850		667,062
Old National Bancorp		40,696		759,387
Old Second Bancorp, Inc.		2,780		43,340
OneMain Holdings, Inc.		1,790		84,255
Oppenheimer Holdings, Inc. - Class A		2,470		126,365
Orrstown Financial Services, Inc.		2,317		83,319
Pacific Premier Bancorp, Inc.		18,260		459,422
Palomar Holdings, Inc.*		440		41,655
Park National Corp.		185		31,076
Pathward Financial, Inc.		3,445		227,404
PCB Bancorp		3,540		66,517
Peapack-Gladstone Financial Corp.		3,435		94,153
PennyMac Financial Services, Inc.		6,077		692,596
Peoples Bancorp, Inc.		6,923		208,313
Peoples Financial Services Corp.		1,290		60,475
Pinnacle Financial Partners, Inc.		2,757		270,103
Piper Sandler Cos.		2,073		588,338
PJT Partners, Inc. - Class A		200		26,668
Popular, Inc.		9,530		955,573
PRA Group, Inc.*		1,650		36,894
Preferred Bank/Los Angeles CA		3,270		262,417
Premier Financial Corp.		6,454		151,540
Primerica, Inc.		440		116,666
Primis Financial Corp.		2,444		29,768
ProAssurance Corp.*		5,465		82,194
Provident Financial Holdings, Inc.		1,180		16,933
Provident Financial Services, Inc.		31,378		582,376
QCR Holdings, Inc.		1,667		123,408
Radian Group, Inc.		17,552		608,879
RE/MAX Holdings, Inc. - Class A		4,319		53,772
Regional Management Corp.		2,250		73,598
Renasant Corp.		10,463		340,047
Republic Bancorp, Inc. - Class A		1,290		84,237
S&T Bancorp, Inc.		4,703		197,385
Safety Insurance Group, Inc.		1,430		116,945
Sandy Spring Bancorp, Inc.		7,741		242,835
Seacoast Banking Corp. of Florida		3,015		80,350
Seaport Entertainment Group, Inc.*		569		15,602

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Selective Insurance Group, Inc.		1,551	$	144,708
ServisFirst Bancshares, Inc.		790		63,556
Sierra Bancorp		2,330		67,290
Simmons First National Corp. - Class A		16,097		346,729
SiriusPoint Ltd.*		17,140		245,788
Skyward Specialty Insurance Group, Inc.*		700		28,511
SLM Corp.		1,590		36,363
SmartFinancial, Inc.		1,970		57,406
SoFi Technologies, Inc.*		7,570		59,500
Southside Bancshares, Inc.		1,366		45,665
SouthState Corp.		4,843		470,643
Stellar Bancorp, Inc.		2,529		65,476
Stewart Information Services Corp.		2,660		198,808
Stifel Financial Corp.		2,680		251,652
Stock Yards Bancorp, Inc.		840		52,072
StoneX Group, Inc.*		2,796		228,936
Texas Capital Bancshares, Inc.*		9,492		678,298
Timberland Bancorp, Inc.		1,578		47,750
Tiptree, Inc.		9,480		185,524
Tompkins Financial Corp.		899		51,953
Towne Bank/Portsmouth VA		2,010		66,451
TriCo Bancshares		3,083		131,490
TrustCo Bank Corp. NY		3,330		110,123
Trustmark Corp.		8,127		258,601
United Bankshares, Inc.		11,352		421,159
United Community Banks, Inc.		7,632		221,939
United Fire Group, Inc.		2,240		46,883
Universal Insurance Holdings, Inc.		5,090		112,794
Univest Financial Corp.		5,460		153,644
Unum Group		11,056		657,169
Valley National Bancorp		50,383		456,470
Veritex Holdings, Inc.		2,990		78,697
Virtu Financial, Inc. - Class A		2,010		61,225
Virtus Investment Partners, Inc.		428		89,645
WaFd, Inc.		19,580		682,363
Walker & Dunlop, Inc.		1,684		191,286
Washington Trust Bancorp, Inc.		1,970		63,454
Waterstone Financial, Inc.		4,134		60,770
Webster Financial Corp.		7,689		358,384
WesBanco, Inc.		10,891		324,334
Westamerica BanCorp		1,630		80,555
Western Alliance Bancorp		2,306		199,446
White Mountains Insurance Group Ltd.		295		500,379
Wintrust Financial Corp.		5,134		557,193
World Acceptance Corp.*		540		63,709
WSFS Financial Corp.		8,221		419,189
Zions Bancorp N.A.		3,250		153,465
				54,157,289

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF SEPTEMBER 30, 2024

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL — 17.6%
AAR Corp.*		8,750	$	571,900
Acuity Brands, Inc.		140		38,555
Air Transport Services Group, Inc.*		8,750		141,663
American Woodmark Corp.*		2,633		246,054
Apogee Enterprises, Inc.		1,370		95,921
Applied Industrial Technologies, Inc.		490		109,334
ArcBest Corp.		4,220		457,659
Arcosa, Inc.		5,709		540,985
Ardmore Shipping Corp.		6,720		121,632
Argan, Inc.		180		18,257
Astec Industries, Inc.		3,117		99,557
Astronics Corp.*		1,280		24,934
Avnet, Inc.		13,386		726,994
AZEK Co., Inc.*		2,210		103,428
AZZ, Inc.		1,710		141,263
Barnes Group, Inc.		8,307		335,686
Bel Fuse, Inc. - Class B		2,320		182,143
Belden, Inc.		890		104,246
Benchmark Electronics, Inc.		9,620		426,358
Boise Cascade Co.		7,384		1,040,996
Brady Corp. - Class A		1,955		149,812
Clearwater Paper Corp.*		2,595		74,061
Coherent Corp.*		4,803		427,035
Columbus McKinnon Corp.		4,100		147,600
Comfort Systems USA, Inc.		259		101,101
Core Molding Technologies, Inc.*		850		14,629
Costamare, Inc.		23,217		364,971
Covenant Logistics Group, Inc.		1,962		103,672
DHT Holdings, Inc.		41,380		456,421
Dorian LPG Ltd.		9,113		313,669
Ducommun, Inc.*		2,697		177,544
DXP Enterprises, Inc.*		1,480		78,973
Eagle Materials, Inc.		200		57,530
EMCOR Group, Inc.		678		291,899
Enerpac Tool Group Corp.		920		38,539
EnerSys		1,780		181,649
Enpro, Inc.		3,555		576,550
Enviri Corp.*		8,040		83,134
Esab Corp.		4,603		489,345
ESCO Technologies, Inc.		2,323		299,621
Federal Signal Corp.		2,698		252,155
Flowserve Corp.		1,710		88,390
Forward Air Corp.		2,070		73,278
FreightCar America, Inc.*		2,630		28,378
Frontdoor, Inc.*		6,820		327,292

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Frontline PLC		16,624	$	379,858
GATX Corp.		7,955		1,053,640
Genco Shipping & Trading Ltd.		7,925		154,537
Gibraltar Industries, Inc.*		819		57,273
Granite Construction, Inc.		6,413		508,423
Great Lakes Dredge & Dock Corp.*		7,720		81,292
Greenbrier Cos., Inc.		7,215		367,171
Greif, Inc. - Class A		5,540		347,136
Griffon Corp.		4,110		287,700
Hayward Holdings, Inc.*		2,676		41,050
Heartland Express, Inc.		2,240		27,507
Hillenbrand, Inc.		1,097		30,497
Hub Group, Inc. - Class A		16,370		744,016
Hurco Cos., Inc.		900		18,963
Ichor Holdings Ltd.*		2,228		70,873
IES Holdings, Inc.*		140		27,947
International Seaways, Inc.		8,384		432,279
Itron, Inc.*		830		88,652
JELD-WEN Holding, Inc.*		5,330		84,267
Kennametal, Inc.		7,425		192,530
Kimball Electronics, Inc.*		6,580		121,796
Kirby Corp.*		5,581		683,282
Knowles Corp.*		15,245		274,867
Kratos Defense & Security Solutions, Inc.*		3,012		70,180
L B Foster Co. - Class A*		1,450		29,624
Latham Group, Inc.*		4,240		28,832
Limbach Holdings, Inc.*		1,060		80,306
Louisiana-Pacific Corp.		990		106,385
LSI Industries, Inc.		1,560		25,194
Manitowoc Co., Inc.*		3,920		37,710
Marten Transport Ltd.		17,425		308,422
Masterbrand, Inc.*		1,990		36,895
Materion Corp.		2,824		315,893
Matson, Inc.		6,081		867,272
MDU Resources Group, Inc.		2,030		55,642
Mesa Laboratories, Inc.		200		25,972
Metallus, Inc.*		8,632		128,013
Mistras Group, Inc.*		4,020		45,707
Modine Manufacturing Co.*		10,012		1,329,493
Mohawk Industries, Inc.*		3,638		584,554
Moog, Inc. - Class A		1,435		289,899
Mueller Industries, Inc.		7,600		563,160
National Presto Industries, Inc.		460		34,564
NL Industries, Inc.		5,450		40,494
Nordic American Tankers Ltd.		8,300		30,461
Northwest Pipe Co.*		1,917		86,514
nVent Electric PLC		3,475		244,153

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF SEPTEMBER 30, 2024

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
O-I Glass, Inc.*		11,355	$	148,978
Olympic Steel, Inc.		2,199		85,761
Pactiv Evergreen, Inc.		4,380		50,414
PAM Transportation Services, Inc.*		2,254		41,699
Park-Ohio Holdings Corp.		1,410		43,287
Plexus Corp.*		3,350		457,978
Powell Industries, Inc.		1,000		221,990
Primoris Services Corp.		6,700		389,136
Proto Labs, Inc.*		910		26,727
RXO, Inc.*		910		25,480
Ryder System, Inc.		2,573		375,143
Ryerson Holding Corp.		4,449		88,580
Saia, Inc.*		80		34,981
Sanmina Corp.*		14,011		959,053
Schneider National, Inc. - Class B		7,120		203,205
Scorpio Tankers, Inc.		8,366		596,496
SFL Corp. Ltd.		3,130		36,214
Smith & Wesson Brands, Inc.		7,030		91,249
SPX Technologies, Inc.*		2,665		424,961
Standex International Corp.		400		73,112
Star Bulk Carriers Corp.		6,000		142,140
Sterling Infrastructure, Inc.*		1,530		221,881
Sturm Ruger & Co., Inc.		359		14,963
Summit Materials, Inc. - Class A*		11,328		442,132
TD SYNNEX Corp.		1,180		141,694
Teekay Corp.*		16,632		153,014
Teekay Tankers Ltd. - Class A		5,263		306,570
Terex Corp.		1,885		99,735
Thermon Group Holdings, Inc.*		2,600		77,584
Timken Co.		1,255		105,784
TriMas Corp.		5,030		128,416
Trinity Industries, Inc.		14,845		517,200
TTM Technologies, Inc.*		30,394		554,690
Tutor Perini Corp.*		2,840		77,134
UFP Industries, Inc.		2,800		367,388
Vishay Intertechnology, Inc.		26,509		501,285
Watts Water Technologies, Inc. - Class A		260		53,869
Werner Enterprises, Inc.		9,190		354,642
Willis Lease Finance Corp.		1,840		273,810
World Kinect Corp.		11,110		343,410
Worthington Enterprises, Inc.		2,520		104,454
Worthington Steel, Inc.		3,300		112,233
				31,634,180
TECHNOLOGY — 3.7%
ACI Worldwide, Inc.*		890		45,301
Adeia, Inc.		18,127		215,893
Alpha & Omega Semiconductor Ltd.*		7,115		264,109

	Number of Shares		Value
COMMON STOCKS (Continued)
TECHNOLOGY (Continued)
Ambarella, Inc.*		510	$	28,767
Amkor Technology, Inc.		42,676		1,305,886
Amtech Systems, Inc.*		2,100		12,180
ASGN, Inc.*		960		89,501
AXT, Inc.*		534		1,292
Box, Inc.*		1,240		40,585
CACI International, Inc. - Class A*		1,449		731,107
Cerence, Inc.*		6,600		20,790
Climb Global Solutions, Inc.		180		17,917
Cohu, Inc.*		5,952		152,966
Conduent, Inc.*		23,730		95,632
CoreCard Corp.*		3,020		43,850
Corsair Gaming, Inc.*		5,310		36,958
Diebold Nixdorf, Inc.*		870		38,854
Digi International, Inc.*		5,825		160,362
Diodes, Inc.*		1,347		86,329
Donnelley Financial Solutions, Inc.*		780		51,347
DXC Technology Co.*		2,610		54,158
Immersion Corp.		1,770		15,788
Insight Enterprises, Inc.*		5,035		1,084,489
Integral Ad Science Holding Corp.*		3,650		39,457
Kulicke & Soffa Industries, Inc.		2,148		96,939
Kyndryl Holdings, Inc.*		2,040		46,879
LivePerson, Inc.*		14,750		18,880
Maximus, Inc.		930		86,639
Navitas Semiconductor Corp.*		7,250		17,763
NetScout Systems, Inc.*		13,590		295,583
Onto Innovation, Inc.*		1,084		224,995
Parsons Corp.*		1,090		113,011
Photronics, Inc.*		12,433		307,841
Rambus, Inc.*		845		35,676
RingCentral, Inc. - Class A*		1,080		34,160
Semtech Corp.*		590		26,939
SolarWinds Corp.		3,010		39,281
Super Micro Computer, Inc.*		846		352,274
Ultra Clean Holdings, Inc.*		1,570		62,690
Veradigm, Inc.*		18,109		175,657
Vishay Precision Group, Inc.*		2,480		64,232
				6,632,957

UTILITIES — 0.7%
American States Water Co.		240		19,990
Black Hills Corp.		640		39,117
Brookfield Infrastructure Corp. - Class A		7,983		346,702
Clearway Energy, Inc. - Class C		2,030		62,280
MGE Energy, Inc.		834		76,269
New Jersey Resources Corp.		3,426		161,707

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
AS OF SEPTEMBER 30, 2024

	Number of Shares		Value
COMMON STOCKS (Continued)
UTILITIES (Continued)
NRG Energy, Inc.		3,892	$	354,561
ONE Gas, Inc.		840		62,513
Ormat Technologies, Inc.		271		20,851
Otter Tail Corp.		1,101		86,054
				1,230,044
TOTAL COMMON STOCKS (Cost $103,802,006)				171,414,189

EXCHANGE-TRADED FUNDS — 1.8%
Direxion Daily 20 Year Plus Treasury Bull 3x Shares ETF		1,660		95,882
Direxion Daily Small Cap Bull 3X Shares ETF		16,554		734,004
iShares Russell 2000 Value ETF		6,035		1,006,759
iShares S&P Small-Cap 600 Value ETF		2,010		216,396
SPDR S&P Regional Banking ETF²		19,183		1,085,758
VanEck Oil Services ETF		400		113,484

TOTAL EXCHANGE-TRADED FUNDS (Cost $2,269,347)				3,252,283

PREFERRED STOCKS — 0.1%
CONSUMER, CYCLICAL — 0.1%
Qurate Retail, Inc. 8.00%, 3/15/2031³		274		11,919
WESCO International, Inc. 10.63%^3,4,5		5,008		129,457
				141,376
INDUSTRIAL — 0.0%
Steel Partners Holdings LP 6.00%, 2/7/2026³		1,855		45,076

TOTAL PREFERRED STOCKS
(Cost $188,490)				186,452

RIGHTS — 0.0%
FINANCIAL — 0.0%
Seaport Entertainment Group, Inc.*		569		1,679

TOTAL RIGHTS
(Cost $0)				1,679

WARRANTS — 0.0%
BASIC MATERIALS — 0.0%
Resolute Forest Products, Inc., Expiration Date: December 31, 2025*¹		12,820		—

	Number of Shares		Value
CONSUMER, NON-CYCLICAL — 0.0%
Akouos, Inc., Expiration Date: December 5, 2024*¹		5,159	$	—
Jounce Therapeutics, Expiration Date: December 31, 2025*¹		18,810		—
				—
TOTAL WARRANTS
(Cost $0)				—

MONEY MARKET INVESTMENTS — 3.0%
Federated Treasury Obligations Fund - Class Institutional, 4.73%^4,6		500,000		500,000
Fidelity Institutional Government Portfolio, 4.77%⁴		3,823,124		3,823,124
Invesco Government & Agency Portfolio, 4.84%^4,7		1,343,275		1,343,275

TOTAL MONEY MARKET INVESTMENTS
(Cost $5,666,399)				5,666,399

TOTAL INVESTMENTS — 100.2%
(Cost $111,926,242)				180,521,002

Liabilities less other assets — (0.2)%				(568,379	)

TOTAL NET ASSETS — 100.0%			$	179,952,623

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

*	Non-income producing security.

¹	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

²	All or a portion of shares are on loan. Total loaned securities had a fair value of $1,328,236 at September 30, 2024.

Callable.

⁴	Variable rate security; the rate shown represents the rate at September 30, 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 September 30, 2024. The Fund had option contracts transactions during the period ended September 30, 2024, however, due to the timing of these transactions, there were no open options contracts as of September 30, 2024.

⁷	Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $1,343,275 at September 30, 2024.

See accompanying Notes to Financial Statements.

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Statement of Assets and Liabilities

AS OF SEPTEMBER 30, 2024

ASSETS:
Investments in securities, at value (cost $111,926,242)	$	180,521,002	⁽¹⁾
Cash held at broker		771,423
Receivables:
Dividends and interest		121,185
Securities lending income		372
Prepaid expenses and other assets		11,616
Total assets		181,425,598

LIABILITIES:
Collateral due to broker for securities loaned		1,343,275
Payables:
Fund shares redeemed		250
Due to Trustees		4,351
Due to Adviser		66,289
Fund accounting and administration fees and expenses		13,665
Transfer agent fees		10,586
Custody fees		7,026
Accrued other expenses		27,533
Total liabilities		1,472,975

Commitments and contingencies (Note 3)

NET ASSETS	$	179,952,623

COMPONENTS OF NET ASSETS:
Paid-in capital	$	98,829,264
Total distributable earnings		81,123,359
NET ASSETS	$	179,952,623

Shares outstanding, no par value (unlimited shares authorized)		8,096,834

Net asset value, offering and redemption price per share	$	22.23

⁽¹⁾	Includes securities on loan of $1,328,236 (see Note 2).

See accompanying Notes to Financial Statements.

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Statement of Operations

FOR THE YEAR ENDED SEPTEMBER 30, 2024

INVESTMENT INCOME
Income
Dividends (net of foreign withholding taxes of $2,315)	$	3,083,679
Securities lending income		7,276
Interest		201,159
Total investment Income		3,292,114

Expenses
Investment advisory fees		876,974
Fund accounting and administration fees and expenses		81,469
Registration fees		41,726
Professional fees		39,000
Transfer agent fees		37,682
Custody fees		28,429
Shareholder reporting fees		13,750
Trustees’ fees and expenses		8,701
Insurance fees		6,568
Total expenses		1,134,299
Fees waived by the Adviser		(81,930	)
Net expenses		1,052,369
Net investment income		2,239,745

Net Realized and Unrealized Gain on Investments and Options Contracts
Net realized gain on:
Investments		14,023,044
Purchased options contracts		76,820
Written options contracts		16,487
Net realized gain		14,116,351
Net change in unrealized appreciation/depreciation on investments		24,489,734
Net realized and unrealized gain on investments and options contracts		38,606,085

Net Increase in Net Assets from Operations	$	40,845,830

See accompanying Notes to Financial Statements.

Vericimetry Funds

Vericimetry U.S. Small Cap Value Fund

Statements of Changes in Net Assets

	For the Year Ended September 30, 2024			For the Year Ended September 30, 2023
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations
Net investment income	$	2,239,745		$	2,515,697
Net realized gain on investments, purchased options contracts and written options contracts		14,116,351			2,515,630
Net change in unrealized appreciation/depreciation on investments		24,489,734			14,957,988
Net increase in net assets resulting from operations		40,845,830			19,989,315

Distributions to Shareholders	$	(5,030,033	)	$	(13,076,800	)

Capital Transactions
Proceeds from shares issued		425,921			14,107,742
Reinvestment of distributions		5,024,733			13,062,117
Cost of shares redeemed		(25,608,658	)		(25,379,178	)
Net increase (decrease) resulting from capital transactions		(20,158,004	)		1,790,681

Total increase in net assets		15,657,793			8,703,196

Net Assets:
Beginning of year		164,294,830			155,591,634
End of year	$	179,952,623		$	164,294,830

Capital Share Activity
Shares issued		23,329			769,395
Shares reinvested		261,356			689,602
Shares redeemed		(1,257,116	)		(1,384,441	)
Net increase (decrease) in capital shares		(972,431	)		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 year
	For the Year Ended September 30, 2024			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
Net asset value, beginning of year	$	18.12		$	17.30		$	23.11		$	13.69		$	16.56
Income (Loss) from Investment Operations:
Net investment income		0.26			0.27			0.23			0.18			0.16
Net realized and unrealized gain (loss) on investments		4.42			2.00			(2.14	)		9.44			(2.61	)
Total from investment operations		4.68			2.27			(1.91	)		9.62			(2.45	)

Less Distributions:
From net investment income		(0.26	)		(0.28	)		(0.20	)		(0.20	)		(0.19	)
From net realized gain		(0.31	)		(1.17	)		(3.70	)		—			(0.23	)
Total distributions		(0.57	)		(1.45	)		(3.90	)		(0.20	)		(0.42	)

Net asset value, end of year	$	22.23		$	18.12		$	17.30		$	23.11		$	13.69

Total return		26.35	%		12.85	%		(10.34	)%		70.44	%		(15.24	)%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	179,953		$	164,295		$	155,592		$	160,188		$	110,095

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
After fees reimbursed by the Adviser		0.60	%		0.60	%		0.60	%		0.60	%		0.63	%¹
Ratio of net investment income to average net assets (including interest expense)
Before fees reimbursed by the Adviser		1.23	%		1.42	%		1.07	%		0.77	%		0.93	%
After fees reimbursed by the Adviser		1.28	%		1.48	%		1.13	%		0.84	%		1.06	%

Portfolio turnover rate		23	%		46	%		72	%		72	%		69	%

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

See accompanying Notes to Financial Statements.

Vericimetry Funds

Notes to Financial Statements

As of September 30, 2024

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 September 30, 2024

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, 2024:

	Level 1		Level 2		Level 3			Total
Investments in Securities
Common Stocks
Basic Materials	$	10,931,684	$	—	$	—		$	10,931,684
Communications		3,209,369		—		—			3,209,369
Consumer, Cyclical		30,522,702		—		—			30,522,702
Consumer, Non-Cyclical		17,806,039		—		—	*		17,806,039
Energy		15,289,925		—		—			15,289,925
Financial		54,157,289		—		—			54,157,289
Industrial		31,634,180		—		—			31,634,180
Technology		6,632,957		—		—			6,632,957
Utilities		1,230,044		—		—			1,230,044
Exchange-Traded Funds		3,252,283		—		—			3,252,283
Preferred Stocks
Consumer, Cyclical		141,376		—		—			141,376
Industrial		45,076		—		—			45,076
Rights
Financial		1,679		—		—			1,679
Warrants
Basic Materials		—		—		—	*		—
Consumer, Non-Cyclical		—		—		—	*		—
Money Market Investments		5,666,399		—		—			5,666,399
Total Investments in Securities	$	180,521,002	$	—	$	—		$	180,521,002

The Adviser valued these holdings at $0 as of September 30, 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 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 September 30, 2024

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 2021-2024), 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, 2024, 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, 2024, the value of securities loaned by the Fund was $1,328,236 and the Fund received cash collateral of $1,343,275. 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 September 30, 2024

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, 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 September 30, 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 September 30, 2024, the Fund had no open derivative instruments and therefore there was no impact to the Statement of Assets and Liabilities. The effects of derivative instruments on the Statement of Operations for the year ended September 30, 2024 are as follows:

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not designated as hedging instruments	Purchased Options Contracts		Written Options Contracts
Equity contracts	$	76,820	$	16,487
Total	$	76,820	$	16,487

The Fund had option contracts transactions during the year ended September 30, 2024, however, due to the timing of these transactions, the average monthly notional amount for the Fund was $0.

For the year ended September 30, 2024, the Fund’s purchases and sales of purchased option contracts were as follows:

	Purchases				Sales
	$	712,053			$	788,873

For the year ended September 30, 2024, the Fund’s transactions in written option contracts were as follows:

	Opened 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

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2024

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, 2026. For the year ended September 30, 2024, the Fund accrued $876,974 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $81,930.

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 September 30, 2024, reimbursements that may potentially be made by the Fund to the Adviser total $286,435, which expire as follows:

September 30, 2025	$	102,282
September 30, 2026	$	102,223
September 30, 2027	$	81,930

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, 2024, 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	$	113,392,519
Gross Unrealized Appreciation	$	72,246,329
Gross Unrealized Depreciation		(5,117,846	)
Net Unrealized Appreciation	$	67,128,483

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, 2024, permanent differences in book and tax accounting have been reclassified between paid-in capital and total distributable earnings as follows:

Increase (Decrease)
Paid-in Capital			Total Distributable Earnings
$	(4	)	$	4

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2024

As of September 30, 2024, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	$	226,568
Undistributed Long-term Gains		13,770,798
Other Accumulated Losses		(2,490	)
Unrealized Appreciation on Investments		67,128,483
Total Distributable Earnings	$	81,123,359

The tax character of distributions paid during the fiscal years ended September 30, 2024 and September 30, 2023 were as follows:

	September 30, 2024		September 30, 2023
Distributions Paid From:
Ordinary Income	$	2,233,216	$	2,583,061
Long-term Capital Gains		2,796,817		10,493,739
Total Distributions	$	5,030,033	$	13,076,800

5. Investment Transactions

For the year ended September 30, 2024, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:

	Purchases				Sales
		$ 40,028,850				$ 58,548,329

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, 2024, Charles Schwab & Co., Inc., holding shares for the benefit of others in nominee name, held approximately 96.4% 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

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 Funds comprising Vericimetry U.S. Small Cap Value Fund (the “Fund”) as of September 30, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the year ended September 30, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2024, the results of operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the year ended September 30, 2020, in conformity with accounting principles generally accepted in the United States of America.

The Fund’s 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 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, 2024, 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 27, 2024

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Vericimetry U.S. Small Cap Value Fund

www.vericimetryfunds.com

(b)

The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is included in Item 7, as part of the financial statements.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to open-end management investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to open-end management investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 15. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. 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) Not applicable.

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

SIGNATURES

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

Vericimetry Funds

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

Date:	December 9, 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:	December 9, 2024

By:	/s/ Michael Thill
	Michael Thill
	Treasurer

Date:	December 9, 2024

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