Form N-CSR Vericimetry Funds For: Sep 30

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December 9, 2022 4:48 PM EST

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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, 2022

Item 1. Reports to Stockholders.

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

Vericimetry U.S. Small Cap Value Fund

Annual Report

September 30, 2022

Vericimetry Funds

TABLE OF CONTENTS
September 30, 2022


Letter to Shareholders	1
Manager’s Discussion and Analysis	2
Performance Summary	3
Schedule of Investments	4
Financial Statements	16
Financial Highlights	19
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	26
Expense Example	27
Other Information	28
Board Approval of Investment Management Agreement	29
Trustees and Officers	30

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

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

Vericimetry Funds

Letter to Shareholders

As of September 30, 2022 (Unaudited)

Dear Shareholders,

We are pleased to present the enclosed annual report for the Vericimetry U.S. Small Cap Value Fund (the “Fund”) for the period ended September 30, 2022.

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 Funds

Manager’s Discussion and Analysis

September 30, 2022 (Unaudited)

The following overview summarizes the results of the Vericimetry U.S. Small Cap Value Fund (the “Fund”) for the fiscal year ended on September 30, 2022. 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, 2022, the Fund had negative returns, and it outperformed its benchmark – the Russell 2000^® Value Index (the “Benchmark”). Overall, the Fund’s fiscal-year annualized return was a negative 10.34% versus the Benchmark’s negative return of 17.69%. For most of the year, the Fund was more than 95% fully invested and had a well-diversified portfolio, with at least 800 equity holdings.

Examining the returns of different segments of the U.S. equity markets over this fiscal year provides additional information (shown below). The broad market had a negative return, as illustrated by the Russell 3000^® Index. Small cap stocks, represented by the Russell 2000^® Indices had lower returns than large cap stocks, represented by the Russell 1000^® Indices. Given the Fund’s greater exposure to the smaller cap segment of the market, this size differential had a small but negative impact on the Fund’s returns.

Value stocks outperformed growth stocks within all sizes, as illustrated by the various Russell indices. Thus, the value differential, which the Fund seeks to deliver through a multifactor approach, had a positive impact on the Fund’s returns.

Returns for the Fiscal Year Ended September 30, 2022

Russell 1000 Value	-11.36%
Russell 3000 Value	-11.79%
Russell 1000	-17.22%
RUSSELL 3000	-17.63%
Russell 2000 Value	-17.69%
Russell Microcap Value Index	-20.51%
Russell 1000 Growth	-22.59%
Russell 3000 Growth	-23.01%
Russell 2000	-23.50%
Russell Microcap Index	-27.46%
Russell 2000 Growth	-29.27%
Russell Microcap Growth Index	-37.05%

Source: Russell Investment Group

Vericimetry Funds

Performance Summary (Unaudited)

September 30, 2022

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

Average Annualized Total Returns For the periods ended September 30, 2022
	One Year	Five Year	Ten Year	Since Inception ⁽³⁾
Vericimetry U.S. Small Cap Value Fund	-10.34%	4.20%	8.83%	9.49%
Russell 2000^® Value Index⁽¹⁾	-17.69%	2.87%	7.94%	8.58%

⁽¹⁾	The Russell 2000^® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

⁽²⁾	This chart assumes an initial investment of $10,000 made on September 30, 2012. Total returns are based on net change in NAV, assuming reinvestment of distributions.

⁽³⁾	Commencement of operations for the Vericimetry U.S. Small Cap Value Fund was December 27, 2011.

The Fund’s net expense ratio of 0.63% and gross expense ratio of 0.70% are reflective of the information disclosed in the Fund’s prospectus dated January 28, 2022 and may differ from the expense ratios disclosed in this report. The Adviser has contractually agreed to waive all or a portion of its management fees and/or reimburse expenses at least through January 31, 2024 in order to keep the Fund’s net annual operating expenses (excluding certain non-operating expenses) from exceeding 0.60% of its average daily net assets. Performance data quoted represents past performance which is not predictive of future performance. The investment return and principal value of Fund shares will fluctuate and when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To receive current performance to the most recent month end, please call 1-855-755-7550. Please read the Fund’s prospectus carefully before investing.

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

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

Vericimetry U.S. Small Cap Value Fund

Schedule of Investments

As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS — 88.6%
BASIC MATERIALS — 4.2%
AdvanSix, Inc.		3,032	$	97,327
Alcoa Corp.		2,175		73,211
American Vanguard Corp.		9,420		176,154
Amyris, Inc.*¹		9,702		28,330
Arconic Corp.*		3,472		59,163
Ashland, Inc.		510		48,435
ATI, Inc.*		15,033		400,028
Avient Corp.		1,740		52,722
Cabot Corp.		3,490		222,976
Carpenter Technology Corp.		8,357		260,237
Clearwater Paper Corp.*		1,740		65,424
Cleveland-Cliffs, Inc.*		3,721		50,122
Coeur Mining, Inc.*		20,440		69,905
Commercial Metals Co.		26,020		923,190
Ecovyst, Inc.*		7,110		60,008
Element Solutions, Inc.		50,030		813,988
Friedman Industries, Inc.		2,010		14,291
H.B. Fuller Co.		3,172		190,637
Hawkins, Inc.		1,040		40,550
Hecla Mining Co.		59,678		235,131
Huntsman Corp.		9,525		233,743
Innospec, Inc.		940		80,530
Intrepid Potash, Inc.*		1,720		68,060
Mercer International, Inc.		15,250		187,575
Minerals Technologies, Inc.		4,340		214,439
NewMarket Corp.		52		15,643
Olin Corp.		13,755		589,814
Piedmont Lithium, Inc.*		550		29,420
Rayonier Advanced Materials, Inc.*		11,345		35,737
Resolute Forest Products, Inc.*		12,820		256,400
Schnitzer Steel Industries, Inc. - Class A		3,406		96,935
Stepan Co.		1,900		177,973
Sylvamo Corp.		960		32,544
Trinseo PLC		1,100		20,152
Tronox Holdings PLC		15,810		193,672
Unifi, Inc.*		1,437		13,666
United States Steel Corp.		22,656		410,527
				6,538,659
COMMUNICATIONS — 1.8%
A10 Networks, Inc.		1,030		13,668
AMC Networks, Inc. - Class A*		850		17,255
ATN International, Inc.		1,449		55,888
Aviat Networks, Inc.*		1,080		29,570
Bumble, Inc. - Class A*		770		16,547
Calix, Inc.*		2,570		157,130
Cars.com, Inc.*		8,715		100,222
Clear Channel Outdoor Holdings, Inc.*		12,000		16,440

	Number of Shares		Value
COMMON STOCKS (Continued)
COMMUNICATIONS (Continued)
Consolidated Communications Holdings, Inc.*		4,180	$	17,389
DHI Group, Inc.*		5,380		28,944
EchoStar Corp. - Class A*		2,830		46,610
Entravision Communications Corp. - Class A		4,655		18,480
ePlus, Inc.*		1,340		55,664
EW Scripps Co. - Class A*		15,216		171,484
fuboTV, Inc.*		3,865		13,721
Gannett Co., Inc.*		9,604		14,694
Gray Television, Inc.		19,470		278,810
iHeartMedia, Inc.*		6,910		50,650
InterDigital, Inc.		650		26,273
Iridium Communications, Inc.*		5,660		251,134
Lands’ End, Inc.*		2,290		17,679
Maxar Technologies, Inc.		3,570		66,830
NETGEAR, Inc.*		1,330		26,653
Nexstar Media Group, Inc.		290		48,387
Poshmark, Inc. - Class A*		4,810		75,373
Preformed Line Products Co.		310		22,057
QuinStreet, Inc.*		4,150		43,575
Saga Communications, Inc. - Class A		1,830		47,855
Salem Media Group, Inc.*		13,440		23,386
Scholastic Corp.		10,250		315,290
Shenandoah Telecommunications Co.		710		12,084
Spok Holdings, Inc.		4,120		31,477
Stagwell, Inc.*		10,280		71,446
TEGNA, Inc.		11,350		234,718
Telephone and Data Systems, Inc.		7,180		99,802
United States Cellular Corp.*		1,780		46,333
Viasat, Inc.*		2,373		71,736
World Wrestling Entertainment, Inc. - Class A		1,210		84,906
				2,720,160
CONSUMER, CYCLICAL — 12.7%
Abercrombie & Fitch Co. - Class A*		7,765		120,746
Academy Sports & Outdoors, Inc.		9,373		395,353
Acushnet Holdings Corp.		3,575		155,477
Adient PLC*		3,580		99,345
American Axle & Manufacturing Holdings, Inc.*		13,800		94,254
American Eagle Outfitters, Inc.		10,009		97,388
America’s Car-Mart, Inc.*		230		14,035
Asbury Automotive Group, Inc.*		1,365		206,251
AutoNation, Inc.*		7,239		737,437
Bassett Furniture Industries, Inc.		2,160		33,869
Beacon Roofing Supply, Inc.*		12,580		688,378

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Big Lots, Inc.		3,800	$	59,318
BJ’s Restaurants, Inc.*		2,701		64,419
Bloomin’ Brands, Inc.		2,823		51,746
BlueLinx Holdings, Inc.*		550		34,155
Boyd Gaming Corp.		1,555		74,096
Buckle, Inc.		1,070		33,876
Build-A-Bear Workshop, Inc.		1,970		26,260
Caleres, Inc.		11,903		288,291
Canterbury Park Holding Corp.		1,520		33,850
Capri Holdings Ltd.*		1,080		41,515
Carter’s, Inc.		620		40,629
Cato Corp. - Class A		1,370		13,070
Century Communities, Inc.		6,507		278,369
Chico’s FAS, Inc.*		9,420		45,593
Chuy’s Holdings, Inc.*		1,310		30,366
Container Store Group, Inc.*		2,930		14,357
Crocs, Inc.*		1,445		99,214
Dana, Inc.		11,846		135,400
Dave & Buster’s Entertainment, Inc.*		1,204		37,360
Delta Apparel, Inc.*		1,180		16,508
Designer Brands, Inc. - Class A		5,215		79,842
Destination XL Group, Inc.*		4,710		25,528
Dick’s Sporting Goods, Inc.		3,030		317,059
Dillard’s, Inc. - Class A		3,677		1,002,939
Dorman Products, Inc.*		260		21,351
Ethan Allen Interiors, Inc.		6,250		132,125
Everi Holdings, Inc.*		2,570		41,685
EVI Industries, Inc.*		2,210		40,089
FirstCash Holdings, Inc.		632		46,357
Five Below, Inc.*		340		46,808
Foot Locker, Inc.		12,990		404,379
Fossil Group, Inc.*		5,587		19,108
Gap, Inc.		5,140		42,199
Genesco, Inc.*		1,940		76,281
G-III Apparel Group Ltd.*		11,290		168,785
GMS, Inc.*		8,310		332,483
Goodyear Tire & Rubber Co.*		38,706		390,544
Green Brick Partners, Inc.*		3,298		70,511
Group 1 Automotive, Inc.		4,044		577,766
Guess?, Inc.		9,790		143,619
H&E Equipment Services, Inc.		2,975		84,311
Hamilton Beach Brands Holding Co. - Class A		2,891		33,738
Haverty Furniture Cos., Inc.		2,250		56,025
Hawaiian Holdings, Inc.*		1,952		25,669
Healthcare Services Group, Inc.		1,911		23,104
Hibbett, Inc.		1,470		73,221

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Hovnanian Enterprises, Inc. - Class A*		590	$	21,063
Interface, Inc.		1,260		11,327
iRobot Corp.*¹		770		43,374
Jack in the Box, Inc.		390		28,887
Johnson Outdoors, Inc. - Class A		720		36,943
KAR Auction Services, Inc.*		7,884		88,064
KB Home		2,910		75,427
Kontoor Brands, Inc.		880		29,577
La-Z-Boy, Inc.		6,060		136,774
LCI Industries		425		43,121
Lifetime Brands, Inc.		2,090		14,149
Light & Wonder, Inc.*		911		39,064
M/I Homes, Inc.*		4,285		155,246
Macy’s, Inc.		16,090		252,130
Madison Square Garden Entertainment Corp.*		660		29,099
Malibu Boats, Inc. - Class A*		975		46,790
Marcus Corp.		1,660		23,057
MarineMax, Inc.*		2,840		84,604
Marriott Vacations Worldwide Corp.		2,670		325,366
MDC Holdings, Inc.		6,693		183,522
Meritage Homes Corp.*		6,446		452,960
Methode Electronics, Inc.		2,060		76,529
Miller Industries, Inc.		2,765		58,867
Motorcar Parts of America, Inc.*		3,780		57,532
Movado Group, Inc.		3,960		111,593
Murphy USA, Inc.		1,010		277,659
National Vision Holdings, Inc.*		3,730		121,784
Nu Skin Enterprises, Inc. - Class A		550		18,354
ODP Corp.*		12,650		444,647
Oxford Industries, Inc.		1,820		163,400
Party City Holdco, Inc.*		9,820		15,516
PC Connection, Inc.		4,362		196,683
Penske Automotive Group, Inc.		9,190		904,572
PriceSmart, Inc.		1,270		73,139
Purple Innovation, Inc.*		7,890		31,955
PVH Corp.		2,000		89,600
Qurate Retail, Inc.		5,840		11,738
RCI Hospitality Holdings, Inc.		840		54,886
Resideo Technologies, Inc.*		10,880		207,373
REV Group, Inc.		4,990		55,040
Rocky Brands, Inc.		1,070		21,464
Rush Enterprises, Inc. - Class A		9,615		421,714
Rush Enterprises, Inc. - Class B		4,575		219,188
Ruth’s Hospitality Group, Inc.		1,040		17,534
ScanSource, Inc.*		3,590		94,812
SeaWorld Entertainment, Inc.*		1,650		75,091

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, CYCLICAL (Continued)
Shoe Carnival, Inc.		4,490	$	96,266
Signet Jewelers Ltd.		5,232		299,218
Skechers USA, Inc. - Class A*		2,660		84,375
SkyWest, Inc.*		11,555		187,884
Sonic Automotive, Inc. - Class A		4,660		201,778
Spirit Airlines, Inc.*		13,355		251,341
Sportsman’s Warehouse Holdings, Inc.*		5,280		43,824
Standard Motor Products, Inc.		1,390		45,175
Steelcase, Inc. - Class A		6,145		40,065
Tapestry, Inc.		1,230		34,969
Taylor Morrison Home Corp.*		20,643		481,395
Tenneco, Inc. - Class A*		3,910		67,995
Thor Industries, Inc.		510		35,690
Tilly’s, Inc. - Class A		3,030		20,968
Titan International, Inc.*		1,310		15,903
Titan Machinery, Inc.*		7,450		210,537
Toll Brothers, Inc.		700		29,400
Topgolf Callaway Brands Corp.*		3,360		64,714
TravelCenters of America, Inc.*		2,060		111,096
Tri Pointe Homes, Inc.*		23,150		349,796
UniFirst Corp.		600		100,938
Univar Solutions, Inc.*		9,530		216,712
Urban Outfitters, Inc.*		5,620		110,433
Veritiv Corp.*		3,443		336,622
Vista Outdoor, Inc.*		5,137		124,932
VOXX International Corp.*		1,820		13,850
VSE Corp.		1,160		41,064
Wabash National Corp.		5,280		82,157
WESCO International, Inc.*		10,108		1,206,693
Wingstop, Inc.		560		70,235
Winmark Corp.		230		49,758
Winnebago Industries, Inc.		2,835		150,850
World Fuel Services Corp.		7,870		184,473
Zumiez, Inc.*		5,470		117,769
				19,756,540
CONSUMER, NON-CYCLICAL — 11.5%
2seventy bio, Inc.*		1,370		19,933
Aaron’s Co., Inc.		3,340		32,465
ABM Industries, Inc.		12,435		475,390
Absci Corp.*		3,790		11,863
Acadia Healthcare Co., Inc.*		16,595		1,297,397
ACCO Brands Corp.		13,780		67,522
Accolade, Inc.*		6,070		69,319
Addus HomeCare Corp.*		540		51,430
Adtalem Global Education, Inc.*		12,810		466,924
Agios Pharmaceuticals, Inc.*		1,660		46,945

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Akouos, Inc.*		5,159	$	34,875
Alector, Inc.*		3,437		32,514
Alico, Inc.		590		16,662
Allakos, Inc.*		8,950		54,774
American Well Corp. - Class A*		3,580		12,852
Amphastar Pharmaceuticals, Inc.*		1,140		32,034
Andersons, Inc.		7,070		219,382
AngioDynamics, Inc.*		6,650		136,059
ANI Pharmaceuticals, Inc.*		1,450		46,603
Anika Therapeutics, Inc.*		1,700		40,460
Annexon, Inc.*		2,890		17,860
API Group Corp.*		1,140		15,128
Arcus Biosciences, Inc.*		690		18,050
Arvinas, Inc.*		350		15,572
Avanos Medical, Inc.*		810		17,642
Axogen, Inc.*		2,600		30,992
BioLife Solutions, Inc.*		5,120		116,480
Blueprint Medicines Corp.*		299		19,701
BrightView Holdings, Inc.*		2,580		20,485
Brookdale Senior Living, Inc.*		21,005		89,691
Calavo Growers, Inc.		370		11,748
Cal-Maine Foods, Inc.		2,803		155,819
CareMax, Inc.*		5,400		38,286
Catalyst Pharmaceuticals, Inc.*		2,620		33,615
CBIZ, Inc.*		12,740		545,017
Central Garden & Pet Co. - Class A*		6,130		209,401
Chefs’ Warehouse, Inc.*		960		27,811
Civeo Corp.*		670		16,837
Corcept Therapeutics, Inc.*		1,210		31,024
Coty, Inc. - Class A*		4,958		31,335
Covetrus, Inc.*		870		18,166
CRA International, Inc.		1,730		153,520
Cross Country Healthcare, Inc.*		3,620		102,699
CVRx, Inc.*		3,680		34,334
Cytek Biosciences, Inc.*		2,180		32,090
Dyne Therapeutics, Inc.*		9,130		115,951
Edgewell Personal Care Co.		7,300		273,020
Edgewise Therapeutics, Inc.*		1,420		13,973
Emergent BioSolutions, Inc.*		2,064		43,323
Ennis, Inc.		5,900		118,767
Ensign Group, Inc.		920		73,140
EQRx, Inc.*		3,239		16,033
Flowers Foods, Inc.		1,810		44,689
FONAR Corp.*		1,120		15,848
Forma Therapeutics Holdings, Inc.*		5,860		116,907
Fresh Del Monte Produce, Inc.		11,020		256,105
FTI Consulting, Inc.*		1,070		177,310

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Fulgent Genetics, Inc.*		530	$	20,204
Graham Holdings Co. - Class B		570		306,649
Grand Canyon Education, Inc.*		840		69,090
Green Dot Corp. - Class A*		2,950		55,991
Grocery Outlet Holding Corp.*		1,410		46,939
Haemonetics Corp.*		971		71,883
Heidrick & Struggles International, Inc.		2,325		60,427
Herc Holdings, Inc.		1,653		171,714
Honest Co., Inc.*		5,630		19,705
Hostess Brands, Inc.*		25,260		587,042
Huron Consulting Group, Inc.*		2,590		171,587
ICF International, Inc.		3,673		400,430
Immunovant, Inc.*		5,760		32,141
Ingles Markets, Inc. - Class A		5,507		436,209
Ingredion, Inc.		540		43,481
Innoviva, Inc.*		1,040		12,074
Inotiv, Inc.*		900		15,165
Insperity, Inc.		1,070		109,236
Integer Holdings Corp.*		4,160		258,877
Iovance Biotherapeutics, Inc.*		2,960		28,357
iTeos Therapeutics, Inc.*		2,440		46,482
Janux Therapeutics, Inc.*		1,740		23,560
John B Sanfilippo & Son, Inc.		850		64,370
Karyopharm Therapeutics, Inc.*		4,320		23,587
Kelly Services, Inc. - Class A		5,140		69,853
Kodiak Sciences, Inc.*		1,590		12,307
Korn Ferry		7,665		359,872
Lancaster Colony Corp.		130		19,536
Landec Corp.*		1,340		11,913
Laureate Education, Inc.		11,420		120,481
LifeStance Health Group, Inc.*		14,010		92,746
Ligand Pharmaceuticals, Inc.*		1,100		94,721
Lyell Immunopharma, Inc.*¹		4,460		32,692
ManpowerGroup, Inc.		990		64,043
MaxCyte, Inc.*		2,750		17,875
Medpace Holdings, Inc.*		510		80,157
Meridian Bioscience, Inc.*		3,450		108,778
Mission Produce, Inc.*		3,270		47,284
National HealthCare Corp.		2,250		142,515
National Research Corp.		3,800		151,240
Natural Alternatives International, Inc.*		1,260		11,680
Natural Grocers by Vitamin Cottage, Inc.		2,730		29,457
Nektar Therapeutics*		12,620		40,384
NeoGenomics, Inc.*		4,870		41,931
Nielsen Holdings PLC		3,500		97,020
Orthofix Medical, Inc.*		1,060		20,257
Owens & Minor, Inc.		5,020		120,982

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Pacific Biosciences of California, Inc.*		3,360	$	19,505
Paratek Pharmaceuticals, Inc.*		9,560		24,569
Patterson Cos., Inc.		3,715		89,234
Pediatrix Medical Group, Inc.*		6,183		102,081
Perdoceo Education Corp.*		9,170		94,451
Pilgrim’s Pride Corp.*		4,510		103,820
Post Holdings, Inc.*		1,880		153,991
Premier, Inc. - Class A		1,320		44,801
Prestige Consumer Healthcare, Inc.*		6,885		343,080
ProPhase Labs, Inc.		2,140		24,139
PTC Therapeutics, Inc.*		1,080		54,216
Quad/Graphics, Inc.*		3,940		10,086
Quanex Building Products Corp.		7,975		144,826
Quantum-Si, Inc.*		6,220		17,105
REGENXBIO, Inc.*		7,472		197,485
Relmada Therapeutics, Inc.*		1,280		47,386
Rent-A-Center, Inc.		1,450		25,389
Reynolds Consumer Products, Inc.		591		15,372
SEACOR Marine Holdings, Inc.*		2,520		14,162
Select Medical Holdings Corp.		2,524		55,780
Seneca Foods Corp. - Class A*		1,180		59,519
Silverback Therapeutics, Inc.*		5,860		30,941
Simply Good Foods Co.*		860		27,511
SpartanNash Co.		11,413		331,205
Sprouts Farmers Market, Inc.*		5,168		143,412
StoneCo Ltd. - Class A*		3,240		30,877
Strategic Education, Inc.		1,230		75,534
Stride, Inc.*		8,555		359,567
Supernus Pharmaceuticals, Inc.*		5,123		173,414
Terns Pharmaceuticals, Inc.*		5,640		33,220
Textainer Group Holdings Ltd.		11,095		298,012
TreeHouse Foods, Inc.*		3,837		162,766
Triton International Ltd.		16,945		927,400
TrueBlue, Inc.*		6,460		123,257
Tyra Biosciences, Inc.*		2,640		23,206
United Natural Foods, Inc.*		17,993		618,419
Universal Corp.		400		18,416
Universal Technical Institute, Inc.*		2,610		14,198
USANA Health Sciences, Inc.*		350		19,618
V2X, Inc.*		1,180		41,772
Vanda Pharmaceuticals, Inc.*		7,180		70,938
Varex Imaging Corp.*		2,920		61,729
Veracyte, Inc.*		1,673		27,772
Viad Corp.*		1,010		31,896
Village Super Market, Inc. - Class A		2,780		53,737
Vivint Smart Home, Inc.*		2,540		16,713
WD-40 Co.		450		79,083

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Weis Markets, Inc.		8,209	$	584,809
WillScot Mobile Mini Holdings Corp.*		16,184		652,701
Xencor, Inc.*		3,380		87,812
				17,857,628
ENERGY — 12.8%
Adams Resources & Energy, Inc.		1,150		34,270
Alpha Metallurgical Resources, Inc.		2,749		376,173
Antero Midstream Corp.		3,410		31,304
Antero Resources Corp.*		36,332		1,109,216
APA Corp.		4,350		148,727
Arch Resources, Inc.		2,135		253,211
Archaea Energy, Inc.*		2,680		48,267
Archrock, Inc.		19,310		123,970
Berry Corp.		7,555		56,663
Brigham Minerals, Inc. - Class A		790		19,489
Bristow Group, Inc.*		3,210		75,403
Callon Petroleum Co.*		1,413		49,469
ChampionX Corp.		1,530		29,942
Chesapeake Energy Corp.		3,810		358,940
Chord Energy Corp.		6,137		839,357
Civitas Resources, Inc.		9,509		545,722
CNX Resources Corp.*		43,591		676,968
Comstock Resources, Inc.*		29,643		512,527
CONSOL Energy, Inc.		9,726		625,576
CVR Energy, Inc.		8,409		243,693
Delek U.S. Holdings, Inc.		5,186		140,748
Denbury, Inc.*		3,035		261,799
Devon Energy Corp.		10,020		602,503
Diamondback Energy, Inc.		3,387		407,998
Dril-Quip, Inc.*		2,020		39,430
EnLink Midstream LLC		41,612		369,931
EQT Corp.		25,829		1,052,532
Equitrans Midstream Corp.		27,258		203,890
Excelerate Energy, Inc. - Class A		1,770		41,418
Expro Group Holdings N.V.*		6,635		84,530
Exterran Corp.*		5,520		22,963
FutureFuel Corp.		2,630		15,885
Golar LNG Ltd.*		6,695		166,839
Green Plains, Inc.*		5,644		164,071
Hallador Energy Co.*		4,550		25,571
Helix Energy Solutions Group, Inc.*		14,900		57,514
Helmerich & Payne, Inc.		17,744		655,996
HF Sinclair Corp.		3,625		195,170
Kosmos Energy Ltd.*		18,046		93,298
Matador Resources Co.		22,589		1,105,054
Montauk Renewables, Inc.*		630		10,987
MRC Global, Inc.*		4,000		28,760

	Number of Shares		Value
COMMON STOCKS (Continued)
ENERGY (Continued)
Murphy Oil Corp.		34,985	$	1,230,422
Nabors Industries Ltd.*		1,261		127,928
NACCO Industries, Inc. - Class A		1,240		58,317
Newpark Resources, Inc.*		10,055		25,339
Noble Corp. PLC*		2,572		76,080
Northern Oil and Gas, Inc.		1,174		32,179
NOV, Inc.		7,240		117,143
NOW, Inc.*		10,415		104,671
Oil States International, Inc.*		4,195		16,319
Ovintiv, Inc.		4,062		186,852
Patterson-UTI Energy, Inc.		33,033		385,825
PBF Energy, Inc. - Class A*		28,067		986,836
PDC Energy, Inc.		19,833		1,146,149
Peabody Energy Corp.*		16,383		406,626
Permian Resources Corp.*		24,836		168,885
Pioneer Natural Resources Co.		908		196,609
ProPetro Holding Corp.*		13,090		105,375
Range Resources Corp.		19,046		481,102
REX American Resources Corp.*		1,500		41,880
RPC, Inc.		7,950		55,094
SandRidge Energy, Inc.*		2,136		34,838
SM Energy Co.		21,819		820,613
Solaris Oilfield Infrastructure, Inc. - Class A		1,600		14,976
SunCoke Energy, Inc.		16,520		95,981
SunPower Corp.*		2,320		53,453
Sunrun, Inc.*		2,470		68,147
Sunworks, Inc.*		4,140		11,551
Talos Energy, Inc.*		6,953		115,767
Targa Resources Corp.		4,580		276,357
TechnipFMC PLC*		5,890		49,829
Tidewater, Inc.*		3,880		84,196
U.S. Silica Holdings, Inc.*		9,189		100,620
Valaris Ltd.*		950		46,493
Warrior Met Coal, Inc.		11,295		321,230
				19,949,456
FINANCIAL — 27.7%
1st Source Corp.		5,132		237,612
Air Lease Corp.		20,134		624,355
Allegiance Bancshares, Inc.		2,890		120,311
Amalgamated Financial Corp.		6,270		141,388
Ambac Financial Group, Inc.*		6,390		81,472
Amerant Bancorp, Inc.		3,390		84,208
American Equity Investment Life Holding Co.		30,682		1,144,132
American National Bankshares, Inc.		1,050		33,547
Ameris Bancorp		4,932		220,510
AMERISAFE, Inc.		930		43,459

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Anywhere Real Estate, Inc.*		15,560	$	126,192
Argo Group International Holdings Ltd.		4,368		84,128
Associated Banc-Corp		27,365		549,489
Assured Guaranty Ltd.		6,338		307,076
Atlantic Union Bankshares Corp.		13,653		414,778
Axis Capital Holdings Ltd.		6,755		332,008
Axos Financial, Inc.*		6,100		208,803
Banc of California, Inc.		11,460		183,016
BancFirst Corp.		994		88,933
Bancorp, Inc.*		2,397		52,686
Bank of NT Butterfield & Son Ltd.		3,010		97,705
Bank OZK		12,739		503,955
Bank7 Corp.		1,410		31,274
BankFinancial Corp.		3,130		29,610
BankUnited, Inc.		10,020		342,383
Bankwell Financial Group, Inc.		515		14,992
Banner Corp.		7,600		449,008
Bar Harbor Bankshares		2,360		62,587
BCB Bancorp, Inc.		3,960		66,647
Berkshire Hills Bancorp, Inc.		8,586		234,398
Blucora, Inc.*		6,640		128,418
Bread Financial Holdings, Inc.		2,360		74,222
Bridgewater Bancshares, Inc.*		1,870		30,799
Brighthouse Financial, Inc.*		6,899		299,555
Brookline Bancorp, Inc.		10,365		120,752
Business First Bancshares, Inc.		3,130		67,389
Byline Bancorp, Inc.		2,860		57,915
Cadence Bank		19,391		492,725
Camden National Corp.		691		29,437
Capital City Bank Group, Inc.		1,310		40,754
Carter Bankshares, Inc.*		2,560		41,216
Cathay General Bancorp		8,740		336,140
CBTX, Inc.		1,010		29,542
Central Pacific Financial Corp.		2,140		44,277
Central Valley Community Bancorp		1,800		31,878
Chemung Financial Corp.		680		28,472
Citizens Community Bancorp, Inc.		1,890		23,001
City Holding Co.		1,969		174,631
CNB Financial Corp.		2,560		60,339
CNO Financial Group, Inc.		27,099		486,969
Columbia Banking System, Inc.		3,430		99,093
Community Bank System, Inc.		3,112		186,969
Community Trust Bancorp, Inc.		1,470		59,608
ConnectOne Bancorp, Inc.		6,500		149,890
Consumer Portfolio Services, Inc.*		4,840		35,187
Cowen, Inc. - Class A		6,900		266,616
CrossFirst Bankshares, Inc.*		2,320		30,276

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Customers Bancorp, Inc.*		7,795	$	229,797
CVB Financial Corp.		9,500		240,540
Dime Community Bancshares, Inc.		5,499		161,011
Donegal Group, Inc. - Class A		1,421		19,169
Eagle Bancorp, Inc.		1,547		69,337
Employers Holdings, Inc.		7,689		265,194
Enact Holdings, Inc.		913		20,241
Encore Capital Group, Inc.*		4,380		199,202
Enova International, Inc.*		2,115		61,906
Enstar Group Ltd.*		730		123,801
Enterprise Financial Services Corp.		3,205		141,148
Equity Bancshares, Inc. - Class A		750		22,223
Esquire Financial Holdings, Inc.		959		36,010
ESSA Bancorp, Inc.		1,880		36,453
Essent Group Ltd.		3,147		109,736
EZCORP, Inc. - Class A*		9,420		72,628
FB Financial Corp.		672		25,677
Federal Agricultural Mortgage Corp. - Class C		1,238		122,735
Financial Institutions, Inc.		4,410		106,149
First BanCorp/Puerto Rico		70,230		960,746
First Bancorp/Southern Pines NC		2,604		95,254
First Bancshares, Inc.		566		16,906
First Bank/Hamilton NJ		2,360		32,261
First Busey Corp.		5,489		120,648
First Business Financial Services, Inc.		1,320		42,649
First Citizens BancShares, Inc. - Class A		168		133,968
First Commonwealth Financial Corp.		20,070		257,699
First Community Bankshares, Inc.		1,750		56,052
First Financial Bancorp		17,283		364,326
First Financial Bankshares, Inc.		5,073		212,204
First Financial Corp.		1,821		82,291
First Financial Northwest, Inc.		2,600		38,584
First Foundation, Inc.		1,660		30,112
First Horizon Corp.		19,892		455,527
First Internet Bancorp		1,790		60,609
First Interstate BancSystem, Inc. - Class A		11,416		460,636
First Merchants Corp.		6,962		269,290
First Mid Bancshares, Inc.		732		23,402
Five Star Bancorp		1,940		55,018
Flagstar Bancorp, Inc.		13,170		439,878
Flushing Financial Corp.		4,110		79,611
FNB Corp.		33,797		392,045
FRP Holdings, Inc.*		1,070		58,165
Fulton Financial Corp.		40,731		643,550
Genworth Financial, Inc. - Class A*		79,025		276,587
Glacier Bancorp, Inc.		3,330		163,603

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Great Southern Bancorp, Inc.		1,415	$	80,754
Guaranty Bancshares, Inc.		860		29,747
Hancock Whitney Corp.		15,043		689,120
Hanmi Financial Corp.		9,080		215,014
Hanover Insurance Group, Inc.		1,150		147,361
HarborOne Bancorp, Inc.		1,720		23,082
Heartland Financial USA, Inc.		5,040		218,534
Heritage Commerce Corp.		3,320		37,649
Heritage Financial Corp.		1,618		42,828
Hilltop Holdings, Inc.		9,967		247,680
Home Bancorp, Inc.		940		36,651
HomeStreet, Inc.		5,390		155,286
HomeTrust Bancshares, Inc.		1,340		29,614
Hope Bancorp, Inc.		19,307		244,040
Horace Mann Educators Corp.		13,271		468,334
Horizon Bancorp, Inc.		4,871		87,483
Howard Hughes Corp.*		2,225		123,243
Huntington Bancshares, Inc.		5,554		73,202
Independent Bank Corp.		1,175		87,573
Independent Bank Group, Inc.		7,595		466,257
International Bancshares Corp.		13,840		588,200
International Money Express, Inc.*		1,498		34,139
Invesco Ltd.		2,240		30,688
Jackson Financial, Inc. - Class A		5,280		146,520
Janus Henderson Group PLC		3,965		80,529
Kearny Financial Corp.		12,332		130,966
Kemper Corp.		3,641		150,228
Kinsale Capital Group, Inc.		380		97,060
Lakeland Bancorp, Inc.		11,135		178,271
Lakeland Financial Corp.		1,655		120,501
Legacy Housing Corp.*		3,270		56,080
Lincoln National Corp.		1,680		73,769
LPL Financial Holdings, Inc.		540		117,979
Luther Burbank Corp.		2,570		29,863
Marcus & Millichap, Inc.		1,430		46,875
MBIA, Inc.*		3,030		27,876
McGrath RentCorp		3,825		320,764
Mercantile Bank Corp.		1,560		46,348
Merchants Bancorp		2,340		53,984
Meridian Corp.		1,190		34,712
Metropolitan Bank Holding Corp.*		810		52,132
MGIC Investment Corp.		21,942		281,296
Middlefield Banc Corp.		1,400		37,940
Midland States Bancorp, Inc.		4,990		117,614
MidWestOne Financial Group, Inc.		1,400		38,206
Mr Cooper Group, Inc.*		14,342		580,851
National Bank Holdings Corp. - Class A		810		29,962

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
National Western Life Group, Inc. - Class A		380	$	64,904
Navient Corp.		35,164		516,559
NBT Bancorp, Inc.		1,180		44,781
Nelnet, Inc. - Class A		6,130		485,435
New York Community Bancorp, Inc.		28,893		246,457
Nicolet Bankshares, Inc.*		697		49,097
NMI Holdings, Inc. - Class A*		11,417		232,564
Northeast Bank		1,190		43,637
Northfield Bancorp, Inc.		5,760		82,426
Northrim BanCorp, Inc.		1,860		77,302
Northwest Bancshares, Inc.		20,841		281,562
Oak Valley Bancorp		1,810		32,345
OceanFirst Financial Corp.		9,221		171,879
Ocwen Financial Corp.*		590		13,729
OFG Bancorp		15,690		394,290
Old National Bancorp		45,806		754,425
Old Second Bancorp, Inc.		3,850		50,242
OneMain Holdings, Inc.		1,350		39,852
Oppenheimer Holdings, Inc. - Class A		1,460		45,231
Pacific Premier Bancorp, Inc.		15,980		494,741
PacWest Bancorp		1,647		37,222
Palomar Holdings, Inc.*		293		24,530
Park National Corp.		325		40,456
Pathward Financial, Inc.		2,575		84,872
PCB Bancorp		1,150		20,781
Peapack-Gladstone Financial Corp.		3,435		115,588
PennyMac Financial Services, Inc.		2,690		115,401
Peoples Bancorp, Inc.		4,336		125,440
Peoples Financial Services Corp.		780		36,535
Pinnacle Financial Partners, Inc.		3,553		288,148
Piper Sandler Cos.		1,485		155,539
Popular, Inc.		10,360		746,542
PRA Group, Inc.*		1,425		46,825
Preferred Bank/Los Angeles CA		3,990		260,268
Premier Financial Corp.		3,094		79,516
Primerica, Inc.		590		72,835
Primis Financial Corp.		2,444		29,646
ProAssurance Corp.		5,135		100,184
Provident Bancorp, Inc.		2,140		30,623
Provident Financial Holdings, Inc.		2,380		33,796
Provident Financial Services, Inc.		20,160		393,120
QCR Holdings, Inc.		610		31,073
Radian Group, Inc.		4,520		87,191
RBB Bancorp		1,530		31,793
Regional Management Corp.		1,900		53,276
Reinsurance Group of America, Inc.		329		41,391
RenaissanceRe Holdings Ltd.		330		46,329

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Renasant Corp.		11,233	$	351,368
Republic Bancorp, Inc. - Class A		1,290		49,407
Riverview Bancorp, Inc.		5,078		32,245
RLI Corp.		420		43,000
S&T Bancorp, Inc.		2,273		66,622
Safety Insurance Group, Inc.		1,280		104,397
Sandy Spring Bancorp, Inc.		4,031		142,133
Seacoast Banking Corp. of Florida		4,485		135,582
Selective Insurance Group, Inc.		3,340		271,876
ServisFirst Bancshares, Inc.		1,590		127,200
Shore Bancshares, Inc.		1,750		30,310
Sierra Bancorp		2,330		46,017
Simmons First National Corp. - Class A		17,587		383,221
SiriusPoint Ltd.*		10,840		53,658
SLM Corp.		2,230		31,198
SmartFinancial, Inc.		1,270		31,382
South Plains Financial, Inc.		1,310		36,104
Southern Missouri Bancorp, Inc.		1,060		54,092
Southside Bancshares, Inc.		2,866		101,342
SouthState Corp.		5,873		464,672
Stewart Information Services Corp.		2,730		119,137
Stifel Financial Corp.		6,690		347,278
Stock Yards Bancorp, Inc.		2,170		147,582
StoneX Group, Inc.*		2,641		219,045
Stratus Properties, Inc.		500		11,650
Summit Financial Group, Inc.		2,091		56,332
Synovus Financial Corp.		3,105		116,469
Texas Capital Bancshares, Inc.*		7,715		455,416
Timberland Bancorp, Inc.		1,578		43,632
Tiptree, Inc.		10,430		112,227
Tompkins Financial Corp.		769		55,845
Towne Bank/Portsmouth VA		2,010		53,928
TriCo Bancshares		2,653		118,456
TrustCo Bank Corp. NY		3,180		99,916
Trustmark Corp.		11,087		339,595
Umpqua Holdings Corp.		19,184		327,855
United Bankshares, Inc.		10,232		365,794
United Community Banks, Inc.		12,012		397,597
United Fire Group, Inc.		6,420		184,447
Unity Bancorp, Inc.		1,193		29,956
Universal Insurance Holdings, Inc.		1,320		13,002
Univest Financial Corp.		5,540		130,079
Unum Group		20,799		807,001
USCB Financial Holdings, Inc.*		2,450		32,119
Valley National Bancorp		35,023		378,248
Veritex Holdings, Inc.		4,390		116,730
Walker & Dunlop, Inc.		3,194		267,434

	Number of Shares		Value
COMMON STOCKS (Continued)
FINANCIAL (Continued)
Washington Federal, Inc.		19,450	$	583,111
Waterstone Financial, Inc.		1,894		30,607
Webster Financial Corp.		13,676		618,155
WesBanco, Inc.		11,601		387,125
Western New England Bancorp, Inc.		9,460		76,910
White Mountains Insurance Group Ltd.		255		332,270
Wintrust Financial Corp.		3,805		310,298
WSFS Financial Corp.		7,471		347,103
				43,066,668
INDUSTRIAL — 14.0%
AAON, Inc.		1,230		66,272
AAR Corp.*		8,900		318,798
Acuity Brands, Inc.		820		129,125
Aerojet Rocketdyne Holdings, Inc.*		1,170		46,788
AerSale Corp.*		1,350		25,029
Air Transport Services Group, Inc.*		3,580		86,242
Alamo Group, Inc.		390		47,685
Altra Industrial Motion Corp.		2,030		68,249
American Woodmark Corp.*		680		29,825
Apogee Enterprises, Inc.		2,560		97,843
Applied Industrial Technologies, Inc.		460		47,279
ArcBest Corp.		7,670		557,839
Arcosa, Inc.		3,509		200,645
Ardmore Shipping Corp.*		6,320		57,702
Astec Industries, Inc.		867		27,042
Atkore, Inc.*		1,285		99,986
Atlas Air Worldwide Holdings, Inc.*		8,775		838,627
Avnet, Inc.		8,956		323,491
AZZ, Inc.		1,200		43,812
Barnes Group, Inc.		7,290		210,535
Bel Fuse, Inc. - Class B		1,950		49,238
Benchmark Electronics, Inc.		10,280		254,738
Boise Cascade Co.		7,545		448,626
Brady Corp. - Class A		2,395		99,943
Builders FirstSource, Inc.*		808		47,607
Caesarstone Ltd.		3,580		33,330
CECO Environmental Corp.*		5,800		51,330
Chart Industries, Inc.*		625		115,219
CIRCOR International, Inc.*		880		14,511
Columbus McKinnon Corp.		3,330		87,113
Comfort Systems USA, Inc.		1,899		184,830
Comtech Telecommunications Corp.		5,380		53,854
Concrete Pumping Holdings, Inc.*		2,760		17,802
Core Molding Technologies, Inc.*		3,189		31,667
Costamare, Inc.		19,057		170,560
Covenant Logistics Group, Inc.		4,572		131,216
CTS Corp.		790		32,904

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Curtiss-Wright Corp.		425	$	59,143
DHT Holdings, Inc.		32,290		244,112
Dorian LPG Ltd.		6,631		89,983
Ducommun, Inc.*		2,007		79,598
DXP Enterprises, Inc.*		1,150		27,232
Dycom Industries, Inc.*		2,990		285,635
Eagle Bulk Shipping, Inc.		700		30,226
Eastern Co.		700		12,145
EMCOR Group, Inc.		1,320		152,434
Encore Wire Corp.		5,260		607,740
Enovis Corp.*		5,233		241,084
EnPro Industries, Inc.		4,765		404,930
Esab Corp.		5,883		196,257
ESCO Technologies, Inc.		2,610		191,678
Federal Signal Corp.		2,416		90,165
Fluor Corp.*		8,194		203,949
Frontline Ltd./Bermuda¹		14,410		157,501
Gates Industrial Corp. PLC*		1,570		15,323
GATX Corp.		8,215		699,507
Genco Shipping & Trading Ltd.		3,885		48,679
Gibraltar Industries, Inc.*		3,299		135,028
GoPro, Inc. - Class A*		8,220		40,525
Graham Corp.		2,100		18,459
Granite Construction, Inc.		4,985		126,569
Great Lakes Dredge & Dock Corp.*		6,060		45,935
Greenbrier Cos., Inc.		7,295		177,050
Greif, Inc. - Class A		4,680		278,788
Griffon Corp.		8,080		238,522
Haynes International, Inc.		4,100		143,992
Heartland Express, Inc.		2,240		32,054
Heritage-Crystal Clean, Inc.*		2,120		62,688
Hexcel Corp.		990		51,203
Hillenbrand, Inc.		4,047		148,606
Hub Group, Inc. - Class A*		8,010		552,530
Hurco Cos., Inc.		1,032		23,199
Hyster-Yale Materials Handling, Inc.		840		18,068
Ichor Holdings Ltd.*		506		12,250
Insteel Industries, Inc.		630		16,714
International Seaways, Inc.		6,874		241,484
Kadant, Inc.		190		31,694
Kennametal, Inc.		2,850		58,653
Kimball Electronics, Inc.*		6,580		112,847
Kirby Corp.*		2,510		152,533
Knowles Corp.*		12,425		151,212
L B Foster Co. - Class A*		1,840		17,958
Limbach Holdings, Inc.*		1,510		11,476
LSB Industries, Inc.*		3,550		50,587

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
LSI Industries, Inc.		8,480	$	65,211
Marten Transport Ltd.		19,965		382,529
MasTec, Inc.*		1,810		114,935
Materion Corp.		3,840		307,200
Matson, Inc.		3,490		214,705
Matthews International Corp. - Class A		2,660		59,611
Mayville Engineering Co., Inc.*		4,680		30,467
Modine Manufacturing Co.*		13,512		174,845
Moog, Inc. - Class A		2,545		179,041
Mueller Industries, Inc.		5,090		302,550
Myers Industries, Inc.		2,050		33,764
MYR Group, Inc.*		3,903		330,701
NL Industries, Inc.		5,450		42,129
Nordic American Tankers Ltd.		26,800		71,556
Northwest Pipe Co.*		1,917		53,868
nVent Electric PLC		4,145		131,023
O-I Glass, Inc.*		3,640		47,138
Olympic Steel, Inc.		1,359		30,999
Orion Group Holdings, Inc.*		7,850		20,724
Overseas Shipholding Group, Inc. - Class A*		15,090		44,817
Pactiv Evergreen, Inc.		1,410		12,309
PAM Transportation Services, Inc.*		2,714		84,025
Pangaea Logistics Solutions Ltd.		6,550		30,261
Park Aerospace Corp.		1,180		13,027
Park-Ohio Holdings Corp.		2,300		26,013
PGT Innovations, Inc.*		1,140		23,894
Plexus Corp.*		3,930		344,111
Powell Industries, Inc.		1,850		38,998
Primoris Services Corp.		2,730		44,363
Proto Labs, Inc.*		700		25,501
Quest Resource Holding Corp.*		4,300		36,292
RBC Bearings, Inc.*		500		103,905
Regal Rexnord Corp.		5,620		788,823
Ryder System, Inc.		2,552		192,650
Ryerson Holding Corp.		6,815		175,418
Sanmina Corp.*		17,285		796,493
Schneider National, Inc. - Class B		5,700		115,710
Scorpio Tankers, Inc.		11,156		468,998
SFL Corp. Ltd.		3,130		28,514
SPX Technologies, Inc.*		1,880		103,814
Standex International Corp.		910		74,301
Sterling Infrastructure, Inc.*		1,640		35,211
Summit Materials, Inc. - Class A*		16,500		395,340
TD SYNNEX Corp.		1,500		121,785
Teekay Corp.*		8,500		30,515
Teekay Tankers Ltd. - Class A*		8,189		225,525

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
COMMON STOCKS (Continued)
INDUSTRIAL (Continued)
Terex Corp.		2,835	$	84,313
Thermon Group Holdings, Inc.*		3,370		51,932
Timken Co.		2,035		120,146
TimkenSteel Corp.*		7,612		114,104
Tredegar Corp.		3,000		28,320
TriMas Corp.		6,050		151,673
Trinity Industries, Inc.		14,845		316,941
TTM Technologies, Inc.*		29,644		390,708
Twin Disc, Inc.*		1,170		13,420
UFP Industries, Inc.		6,420		463,267
Universal Logistics Holdings, Inc.		1,120		35,526
VirTra, Inc.*		3,280		17,745
Vishay Intertechnology, Inc.		26,059		463,590
Vishay Precision Group, Inc.*		2,880		85,219
Watts Water Technologies, Inc. - Class A		580		72,923
Werner Enterprises, Inc.		9,330		350,808
Willis Lease Finance Corp.*		2,690		88,071
Worthington Industries, Inc.		2,330		88,866
				21,846,428
TECHNOLOGY — 3.3%
1Life Healthcare, Inc.*		12,495		214,289
ACM Research, Inc. - Class A*		1,870		23,300
Allscripts Healthcare Solutions, Inc.*		20,109		306,260
Alpha & Omega Semiconductor Ltd.*		5,935		182,561
Amkor Technology, Inc.		43,629		743,874
Amtech Systems, Inc.*		1,500		12,750
Avid Technology, Inc.*		1,360		31,634
Axcelis Technologies, Inc.*		1,024		62,013
AXT, Inc.*		5,070		33,969
Brightcove, Inc.*		2,220		13,986
CACI International, Inc. - Class A*		1,599		417,435
Cohu, Inc.*		1,952		50,323
Computer Programs and Systems, Inc.*		890		24,813
Concentrix Corp.		1,195		133,398
Conduent, Inc.*		11,320		37,809
Digi International, Inc.*		5,865		202,753
Diodes, Inc.*		1,947		126,380
Donnelley Financial Solutions, Inc.*		2,480		91,686
Ebix, Inc.		1,610		30,542
ExlService Holdings, Inc.*		410		60,418
Fastly, Inc.*		3,450		31,602
Insight Enterprises, Inc.*		7,025		578,930
IonQ, Inc.*¹		3,750		19,012
KBR, Inc.		2,406		103,987
Kulicke & Soffa Industries, Inc.		3,338		128,613
Markforged Holding Corp.*		7,740		15,325

	Number of Shares		Value
COMMON STOCKS (Continued)
TECHNOLOGY (Continued)
NetScout Systems, Inc.*		9,655	$	302,395
NextGen Healthcare, Inc.*		1,980		35,046
Onto Innovation, Inc.*		2,279		145,970
Parsons Corp.*		3,940		154,448
Photronics, Inc.*		13,193		192,882
Rambus, Inc.*		4,765		121,126
Richardson Electronics Ltd./United States		1,890		28,539
Sharecare, Inc.*		16,620		31,578
Silicon Laboratories, Inc.*		280		34,563
StarTek, Inc.*		9,810		29,430
Super Micro Computer, Inc.*		4,080		224,686
Xerox Holdings Corp.		3,090		40,417
Xperi Holding Corp.		10,359		146,476
				5,165,218
UTILITIES — 0.6%
Altus Power, Inc.*¹		4,540		49,985
Ameresco, Inc. - Class A*		690		45,871
American States Water Co.		1,130		88,084
Artesian Resources Corp. - Class A		679		32,674
Avista Corp.		2,210		81,881
Black Hills Corp.		640		43,347
California Water Service Group		602		31,719
Chesapeake Utilities Corp.		259		29,886
Clearway Energy, Inc. - Class A		1,690		49,179
Consolidated Water Co., Ltd.		5,070		77,977
National Fuel Gas Co.		497		30,590
New Jersey Resources Corp.		1,232		47,678
Northwest Natural Holding Co.		530		22,991
ONE Gas, Inc.		1,060		74,613
Ormat Technologies, Inc.		1,871		161,280
Otter Tail Corp.		1,001		61,582
PNM Resources, Inc.		686		31,371
Southwest Gas Holdings, Inc.		510		35,573
				996,281
TOTAL COMMON STOCKS
(Cost $109,312,452)				137,897,038

EXCHANGE-TRADED FUNDS — 1.1%
iShares Russell 2000 Value ETF		5,415		698,156
SPDR S&P Metals & Mining ETF		1,350		57,362
SPDR S&P Regional Banking ETF		15,313		901,629

TOTAL EXCHANGE-TRADED FUNDS
(Cost $1,096,833)				1,657,147

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022

	Number of Shares		Value
PREFERRED STOCKS — 0.1%
CONSUMER, CYCLICAL — 0.1%
Qurate Retail, Inc. 8.00%, 3/15/2031²		274	$	12,478
WESCO International, Inc. 10.62%^2,3,4		5,008		134,966
				147,444
INDUSTRIAL — 0.0%
Steel Partners Holdings LP 6.00%, 2/7/2026²		1,855		43,184

TOTAL PREFERRED STOCKS
(Cost $188,490)				190,628

MONEY MARKET INVESTMENTS — 10.3%
Federated Treasury Obligations Fund-Class Institutional, 2.81%^3,5		500,000		500,000
Invesco Government & Agency Portfolio, 2.88%^3,6		228,391		228,391
UMB Money Market Fiduciary, 0.01%³		15,240,421		15,240,421

TOTAL MONEY MARKET INVESTMENTS
(Cost $15,968,812)				15,968,812

TOTAL INVESTMENTS — 100.1%
(Cost $126,566,587)				155,713,625

Liabilities less other assets — (0.1)%				(121,991	)

TOTAL NET ASSETS — 100.0%			$	155,591,634

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 $222,694 at September 30, 2022.

Callable.

³	Variable rate security; the rate shown represents the rate at September 30, 2022.

⁴	Perpetual security; maturity date is not applicable.

⁵	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, 2022.

⁶	Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $228,391 at September 30, 2022.

See accompanying Notes to Financial Statements.

Vericimetry U.S. Small Cap Value Fund

SUMMARY OF INVESTMENTS
As of September 30, 2022 (Unaudited)

Security Type/Industry	Percent of Total Net Assets
Common Stocks
Banks	16.9%
Oil & Gas	9.7%
Retail	6.9%
Insurance	4.9%
Commercial Services	4.5%
Transportation	3.6%
Diversified Financial Services	3.0%
Savings & Loans	2.5%
Food	2.4%
Electronics	2.3%
Chemicals	2.2%
Distribution/Wholesale	1.7%
Home Builders	1.5%
Building Materials	1.5%
Coal	1.4%
Iron/Steel	1.4%
Healthcare-Services	1.4%
Computers	1.2%
Semiconductors	1.2%
Engineering & Construction	1.1%
Miscellaneous Manufacturing	1.1%
Biotechnology	0.9%
Software	0.8%
Media	0.8%
Metal Fabricate/Hardware	0.8%
Pharmaceuticals	0.7%
Oil & Gas Services	0.7%
Pipelines	0.7%
Auto Parts & Equipment	0.7%
Machinery-Diversified	0.7%
Healthcare-Products	0.7%
Aerospace/Defense	0.6%
Telecommunications	0.6%
Trucking & Leasing	0.6%
Hand/Machine Tools	0.6%
Electrical Components & Equipment	0.5%
Apparel	0.5%
Real Estate	0.5%
Entertainment	0.4%
Packaging & Containers	0.4%
Forest Products & Paper	0.4%
Electric	0.3%
Household Products/Wares	0.3%
Agriculture	0.3%
Mining	0.3%
Airlines	0.3%
Leisure Time	0.3%
Energy-Alternate Sources	0.3%
Internet	0.2%
Cosmetics/Personal Care	0.2%
Home Furnishings	0.2%
Gas	0.2%
Water	0.1%
Environmental Control	0.1%
Auto Manufacturers	0.1%
Machinery-Construction & Mining	0.1%
Advertising	0.1%
Textiles	0.1%
Lodging	0.1%
Office Furnishings	0.0%¹
Office/Business Equipment	0.0%¹
Food Service	0.0%¹
Housewares	0.0%¹
Total Common Stocks	88.6%
Preferred Stocks	0.1%
Distribution/Wholesale	0.1%
Metal Fabricate/Hardware	0.0%¹
Retail	0.0%¹
Total Preferred Stocks	0.1%
Exchange-Traded Funds	1.1%
Money Market Investments	10.3%
Total Investments	100.1%
Liabilities less other assets	(0.1)%
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 September 30, 2022

ASSETS:
Investments in securities, at value (cost $126,566,587)	$	155,713,625	⁽¹⁾
Cash held at broker		361,507
Receivables:
Securities sold		1,369,342
Fund shares issued		597,904
Dividends and interest		123,049
Securities lending income		754
Prepaid expenses and other assets		11,203
Total assets		158,177,384

LIABILITIES:
Collateral due to broker for securities loaned		228,391
Payables:
Securities purchased		2,243,831
Fund shares redeemed		1,500
Due to Trustees		2,175
Due to Adviser		60,410
Fund accounting and administration fees and expenses		12,158
Transfer agent fees		5,783
Custody fees		6,791
Accrued other expenses		24,711
Total liabilities		2,585,750

NET ASSETS	$	155,591,634

COMPONENTS OF NET ASSETS:
Paid-in capital	$	117,196,590
Total distributable earnings		38,395,044
NET ASSETS	$	155,591,634

Shares outstanding, no par value (unlimited shares authorized)		8,994,709

Net asset value, offering and redemption price per share	$	17.30

⁽¹⁾	Includes securities on loan of $222,694 (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, 2022

INVESTMENT INCOME
Income
Dividends (net of foreign withholding taxes of $712)	$	2,969,680
Securities lending income		6,281
Interest		6,373
Total investment Income		2,982,334

Expenses
Investment advisory fees		861,032
Fund accounting and administration fees and expenses		73,486
Custody fees		45,687
Registration fees		44,180
Professional fees		40,425
Transfer agent fees		34,015
Shareholder reporting fees		13,278
Trustees’ fees and expenses		8,700
Miscellaneous expenses		8,150
Insurance fees		6,568
Total expenses		1,135,521
Fees waived by the Adviser		(102,282	)
Net expenses		1,033,239
Net investment income		1,949,095

Net Realized and Unrealized Loss on Investments and Options Contracts
Net realized gain (loss) on:
Investments		12,467,018
Purchased options contracts		(877,649	)
Written options contracts		24,061
Net realized gain		11,613,430
Net change in unrealized appreciation/depreciation on investments		(32,349,338	)
Net realized and unrealized loss on investments and options contracts		(20,735,908	)

Net Decrease in Net Assets from Operations	$	(18,786,813	)

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, 2022			For the Year Ended September 30, 2021
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations
Net investment income	$	1,949,095		$	1,259,765
Net realized gain on investments, purchased options contracts and written options contracts		11,613,430			28,310,230
Net change in unrealized appreciation/depreciation on investments		(32,349,338	)		43,645,685
Net increase (decrease) in net assets resulting from operations		(18,786,813	)		73,215,680

Distributions to Shareholders	$	(28,637,692	)	$	(1,441,941	)

Capital Transactions
Proceeds from shares issued		35,348,911			10,617,739
Reinvestment of distributions		28,602,145			1,439,857
Cost of shares redeemed		(21,123,185	)		(33,738,468	)
Net increase (decrease) resulting from capital transactions		42,827,871			(21,680,872	)

Total increase (decrease) in net assets		(4,596,634	)		50,092,867

Net Assets:
Beginning of year		160,188,268			110,095,401
End of year	$	155,591,634		$	160,188,268

Capital Share Activity
Shares issued		1,653,537			503,807
Shares reinvested		1,442,177			70,855
Shares redeemed		(1,032,231	)		(1,687,900	)
Net increase (decrease) in capital shares		2,063,483			(1,113,238	)

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, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
Net asset value, beginning of year	$	23.11		$	13.69		$	16.56		$	21.14		$	19.69
Income (Loss) from Investment Operations:
Net investment income		0.23			0.18			0.16			0.17			0.15
Net realized and unrealized gain (loss) on investments		(2.14	)		9.44			(2.61	)		(2.92	)		1.54
Total from investment operations		(1.91	)		9.62			(2.45	)		(2.75	)		1.69

Less Distributions:
From net investment income		(0.20	)		(0.20	)		(0.19	)		(0.15	)		(0.16	)
From net realized gain		(3.70	)		—			(0.23	)		(1.68	)		(0.08	)
Total distributions		(3.90	)		(0.20	)		(0.42	)		(1.83	)		(0.24	)

Net asset value, end of year	$	17.30		$	23.11		$	13.69		$	16.56		$	21.14

Total return		(10.34	)%		70.44	%		(15.24	)%		(12.70	)%		8.62	%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$	155,592		$	160,188		$	110,095		$	182,450		$	303,020

Ratio of expenses to average net assets (including interest expense)
Before fees reimbursed by the Adviser		0.66	%		0.67	%		0.76	%¹		0.67	%²		0.65	%²
After fees reimbursed by the Adviser		0.60	%		0.60	%		0.63	%¹		0.60	%²		0.60	%²
Ratio of net investment income to average net assets (including interest expense)
Before fees reimbursed by the Adviser		1.07	%		0.77	%		0.93	%		0.86	%		0.69	%
After fees reimbursed by the Adviser		1.13	%		0.84	%		1.06	%		0.93	%		0.74	%

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

¹	If litigation expenses had been excluded, the expense ratios would have been lowered by 0.03% for the year ended 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 September 30, 2022

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, 2022

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, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks
Basic Materials	$	6,538,659	$	—	$	—	$	6,538,659
Communications		2,720,160		—		—		2,720,160
Consumer, Cyclical		19,756,540		—		—		19,756,540
Consumer, Non-Cyclical		17,857,628		—		—		17,857,628
Energy		19,949,456		—		—		19,949,456
Financial		43,066,668		—		—		43,066,668
Industrial		21,846,428		—		—		21,846,428
Technology		5,165,218		—		—		5,165,218
Utilities		996,281		—		—		996,281
Exchange-Traded Funds		1,657,147		—		—		1,657,147
Preferred Stocks
Consumer, Cyclical		147,444		—		—		147,444
Industrial		43,184		—		—		43,184
Money Market Investments		15,968,812		—		—		15,968,812
Total Investments in Securities	$	155,713,625	$	—	$	—	$	155,713,625

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.

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.

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2022

GAAP requires management of the Fund to analyze all open tax years (for the Fund, tax years 2019-2022), 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, 2022, 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, 2022, the value of securities loaned by the Fund was $222,694 and the Fund received cash collateral of $228,391. 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 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, 2022.

(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

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2022

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, 2022 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, 2022, the Fund had no open derivative instruments and therefore there was no impact to the Statement of Assets and Liabilities. The limited use of derivatives by the Fund during the year ended September 30, 2022 was related to purchased equity and index options which resulted in a net realized loss of $877,649 and written index options which resulted in a net gain of $24,061 which is reflected on the Statement of Operations. The Fund had option contracts transactions during the year ended September 30, 2022, however, due to the timing of these transactions, the average monthly notional amount for the Fund was $0.

For the year ended September 30, 2022, the Fund’s purchases and sales of purchased option contracts were as follows:

	Purchases				Sales
		$2,340,763				$1,463,113

For the year ended September 30, 2022, the Fund’s transactions in written option contracts were as follows:

	Written Option Contracts				Closed Written Option Contracts
		$42,831				$18,769

(i)

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

3. Investment Advisory and Other Agreements

The Fund has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Adviser receives a fee from the Fund, accrued daily and paid monthly, at an annual rate equal to 0.50% of the Fund’s average daily net assets. However, the Adviser has contractually agreed through an Expense Limitation Agreement to waive its management fee or reimburse the Fund so that its total annual operating expenses (excluding non-operating costs, which includes but is not limited to taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, and brokerage and other transaction expenses relating to the purchase or sale of portfolio investments) do not exceed 0.60% of the Fund’s average daily net assets through January 31, 2024. For the year ended September 30, 2022, the Fund accrued $861,032 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $102,282.

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

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2022

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, 2022, reimbursements that may potentially be made by the Fund to the Adviser total $398,169, which expire as follows:

September 30, 2023	$	183,816
September 30, 2024	$	112,071
September 30, 2025	$	102,282

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, 2022, 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	$	128,095,329
Gross Unrealized Appreciation	$	38,865,022
Gross Unrealized Depreciation		(11,246,726	)
Net Unrealized Appreciation	$	27,618,296

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, 2022, 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
$ 2	$ (2)

As of September 30, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	$	287,723
Undistributed Long-term Gains		10,493,733
Other Accumulated Losses	$	(4,708	)
Unrealized Appreciation on Investments		27,618,296
Total Distributable Earnings	$	38,395,044

Vericimetry Funds

NOTES TO FINANCIAL STATEMENTS (Continued)
As of September 30, 2022

The tax character of distributions paid during the fiscal years ended September 30, 2022 and September 30, 2021 were as follows:

	September 30, 2022		September 30, 2021
Distributions Paid From:
Ordinary Income	$	9,345,737	$	1,441,941
Long-term Capital Gains		19,291,955		—
Total Distributions	$	28,637,692	$	1,441,941

5. Investment Transactions

For the year ended September 30, 2022, the Fund’s purchases and sales of investments, excluding short-term investments, were as follows:

Purchases	Sales
$ 123,007,476	$ 114,909,834

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, 2022, TD Ameritrade, holding shares for the benefit of others in nominee name, held approximately 85.3% 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 Board of Trustees of Vericimetry Funds
and the Shareholders of Vericimetry U.S. Small Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Vericimetry U.S. Small Cap Value Fund, a series of shares of beneficial interest in Vericimetry Funds (the “Fund”), including the schedule of investments, as of September 30, 2022, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended, 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, 2022, the results of its operations for the year then ended, and the changes in its net assets and its financial highlights for each of the years in the two-year period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the years in the three-year period ended September 30, 2020 were audited by other auditors whose report, dated November 30, 2020, expressed an unqualified opinion on such 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 law 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. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk 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, 2022 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.

BBD, LLP

We have served as the auditor of one or more of the Funds in the Vericimetry Funds since 2021.

Philadelphia, Pennsylvania
November 29, 2022

Vericimetry Funds

Expense Example

For The Six Months Ended September 30, 2022 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022 through September 30, 2022 (the “period”).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expenses Paid During the Period

	Beginning account value April 1, 2022	Ending account value September 30, 2022	Expenses paid during the period ended September 30, 2022*
Actual Example	$ 1,000.00	$ 841.60	$ 2.77
Hypothetical Example, assuming a 5% return before expenses	1,000.00	1,021.99	3.04

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

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

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

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the 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 the 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.

During the year ended September 30, 2022, the Board and the Trust’s Liquidity Program Administrator reviewed the Fund’s investments and determined that the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemptions. The Board determined that the Program was reasonably designed to prevent violations of Rule 22e-4 and that the Program had been effectively implemented. There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Tax Information

For the year ended September 30, 2022, 100% of the dividends paid from net investment income, including short-term capital gains (if any), for the Fund, is designated as qualified dividend income.

For the year ended September 30, 2022, 100% of the dividends paid from net investment income, including short-term capital gains (if any), for the Fund, qualifies for the dividends received deduction available to corporate shareholders.

For the year ended September 30, 2022, the Fund designates $19,291,955 as a 20% rate gain distribution for purposes of the dividends paid deduction.

Vericimetry Funds

Board Approval of Investment Management Agreement

(Unaudited)

At a meeting held on September 30, 2022 (the “Meeting”), the Board of Trustees (“Board”), 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 0.78%. They also noted that the Fund’s net expense ratio of 0.63% was higher than that of the Fund’s peer group (0.45%), but significantly lower than the Morningstar category average of 1.19%. 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 30.33%. 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 Funds

Trustees and Officers

September 30, 2022 (Unaudited)

Interested Trustee and Officer
Name, Age and Address	Positions Held	Term of Office⁽¹⁾ and Length of Service	Principal Occupation(s) During Past 5 Years	Funds of the Trust Overseen	Other Public Company or Registered Investment Company Trusteeships Held During Past 5 Years
Mendel Fygenson, Ph.D.⁽²⁾ 1968 North Lake Avenue, # 303 Altadena, CA 91001 Age: 65	Chairman, President, Secretary, & Trustee	Trustee since March 2016. Other positions since April 2016.	Professor (Emeritus), University of Southern California (2020- Present); Professor, University of Southern California (1995 – 2019); Consultant, Divine Analytics (2008 – Present); Chief Executive Officer, Vericimetry Advisors LLC (2014 – Present).	1	None
Independent Trustees
Name, Age and Address	Positions Held	Term of Office⁽¹⁾ and Length of Service	Principal Occupation(s) During Past 5 Years	Funds of the Trust Overseen	Other Public Company or Registered Investment Company Trusteeships Held During Past 5 Years
Brian K. Wing 1968 North Lake Avenue, # 303 Altadena, CA 91001 Age: 55	Trustee	Since August 2013.	President and Chief Financial Officer, VisionPoint Advisory Group (November 2019 to present); Chief Financial Officer, AlliedBioScience (June 2018 to May 2019); Chief Operating Officer, WorldVentures Marketing, LLC, Plano, Texas (December 2016 – June 2018); Senior Vice President and Chief Financial Officer, Ryan LLC (tax services firm), Dallas, Texas (May 2016 – 2016); Chief Financial Officer, HYLA Mobile, Irving, Texas (2013 – 2015); Chief Financial Officer, Treasurer and Senior Vice President (Operations), Consolidated Electrical Distributors, Inc., Irving, Texas (2009 – 2013); Executive Vice President, Corporate Development, MGA Entertainment, Inc., Van Nuys, California (2008 – 2009).	1	None
Chad Lasdon 1968 North Lake Avenue, # 303 Altadena, CA 91001 Age:43	Trustee	Since March 2016.	Vice President and Relationship Manager, Manufacturers Bank (2016-Present); Vice President and Relationship Manager, Bank of the West (2013 – 2016); Senior Vice President – Capital Markets, BentleyForbes (2008 – 2013).	1	None

Vericimetry Funds

TRUSTEES AND OFFICERS (Continued)
September 30, 2022 (Unaudited)

Independent Trustees (Continued)

Name, Age
and Address

Positions
Held

Term of
Office⁽¹⁾ and
Length of
Service

Principal Occupation(s)
During Past 5 Years

Funds of
the Trust
Overseen

Other Public Company
or Registered
Investment Company
Trusteeships Held
During Past 5 Years

Paul Karapetian
1968 North Lake Avenue, # 303
Altadena, CA 91001

Age: 45

Trustee

Since March 2016.

Principal, Stoic Realty Advisors, Inc. (2020 - Present); Senior Vice President, IDS Real Estate Group (2006 – 2019)

None

Officers
Name, Age and Address	Positions Held	Term of Office⁽¹⁾and Length of Service	Principal Occupation(s) During Past 5 Years	Funds of the Trust Overseen
Christopher Thomas 1968 North Lake Avenue, # 303 Altadena, CA 91001 Age: 65	Chief Compliance Officer	Since September, 2014.	Chief Compliance Officer (2014-present); Chief Compliance Officer, First Pacific Advisors, LLC, (2005-2014), Vice President, Controller, Fund Assistant Treasurer, First Pacific Advisors, LLC, (1995 -2005).	1
Michael Thill 235 W. Galena Street, Milwaukee, WI 53212 Age: 44	Treasurer	Since October 2017.	Lead Administrator and Officer (2007- present) and other positions (2000-2007) at UMB Fund Services, Inc.	1

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

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

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

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Vericimetry U.S. Small Cap Value Fund

www.vericimetryfunds.com

(b) Not applicable.

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	For the Year Ended September 30, 2022		For the Year Ended September 30, 2021
Audit Fees	$	12,000	$	12,657	*
Audit-Related Fees	$	0	$	0
Tax Fees	$	2,000	$	2,000
All Other Fees	$	0	$	0

Includes $12,000 in audit fees for the fiscal year ended September 30, 2021 and $657 for audit fees related to the change in the Registrant’s independent public accountant.

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, 2022, all of the audit and non-audit services provided by the Registrant’s principal accountant were pre-approved by the audit committee.

(f) None.

(g) None.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a)

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

(b)

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

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

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

(a)(3) Not applicable.

(a)(4) Change in the registrant’s independent public accountant. 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 8, 2022

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 8, 2022

By:	/s/ Michael Thill
	Michael Thill
	Treasurer

Date:	December 7, 2022

ATTACHMENTS / EXHIBITS

fp0080546-3_ex99code.htm

fp0080546-3_ex99cert.htm

fp0080546-3_ex99906cert.htm

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Form N-CSR Vericimetry Funds For: Sep 30

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