# EDGAR Filing Document

**Accession Number:** 0001524968
**File Stem:** 0001398344-25-022167
**Filing Date:** 2025-12
**Character Count:** 132304
**Document Hash:** 58c479970d6935091d29c42df038a195
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-022167.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001398344-25-022167

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vericimetry Funds
- **CENTRAL INDEX KEY:** 0001524968

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22578
- **FILM NUMBER:** 251555740

**BUSINESS ADDRESS:**
- **STREET 1:** 972 WEST CAMPUS LANE
- **CITY:** GOLETA
- **STATE:** CA
- **ZIP:** 93117
- **BUSINESS PHONE:** 805-570-1086

**MAIL ADDRESS:**
- **STREET 1:** 972 WEST CAMPUS LANE
- **CITY:** GOLETA
- **STATE:** CA
- **ZIP:** 93117

## Series and Classes Contracts Data

### Vericimetry U.S. Small Cap Value Fund (Series ID: S000033942)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000104657 | Vericimetry U.S. Small Cap Value Fund | VYSVX           |

?xml version='1.0' encoding='ASCII'?

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 <u>811-22578</u>

<u>Vericimetry Funds</u>

(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: <u>(805) 570-1086</u>

Date of fiscal year end: <u>September 30</u>

Date of reporting period: <u>September 30, 2025</u>

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

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

**Item 1. Reports to Stockholders.**

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

Vericimetry U.S. Small Cap Value Fund

VYSVX

![](fp0095918-2_01.jpg)

**ANNUAL SHAREHOLDER REPORT \| September 30, 2025**

This annual shareholder report contains important information about the Vericimetry U.S. Small Cap Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund such as the prospectus, financial information, and fund holdings at https://www.vericimetry.com/vysvx/fund-information.php. You can also request this information by contacting us at 1-855-755-7550.

**What were the Fund costs for the last year?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Vericimetry U.S. Small Cap Value Fund | $62 | 0.60% |

---

**Management's Discussion of Fund Performance** 

**SUMMARY OF RESULTS**

In general, the Fund seeks to deliver the long side of the small-value risk premium 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 investment philosophy. Returns mentioned in the summary below, for both the Fund and its benchmark, include price appreciation/depreciation and reinvestment of dividends.

For the fiscal year ended September 30, 2025, the Fund had positive returns but underperformed its benchmark, the Russell 2000<sup>®</sup> Value Index (the "Benchmark") by 0.74%. The Fund's annualized return was 7.14%, versus the Benchmark's 7.88%. For most of the year, the Fund was more than 97% invested and held a well-diversified portfolio of at least 860 equity holdings.

As managers of a U.S. small cap value fund, we face the challenge of maintaining performance versus the benchmark during periods of declining US 10-year Treasury yields. The Fund's mandate excludes interest rate-sensitive sectors such as Real Estate Investment Trusts (REIT). To address this, we overweight sectors like Homebuilding that tend to correlate with REIT performance, helping offset the impact of our benchmark's significant REIT allocation, which can be over 12%.

How did the benchmark manage to outperform the Fund by 74 basis points during the 2025 fiscal year? The answer lies entirely in the last quarter, as the Fund outperformed its Benchmark in each of the first three quarters. While the Benchmark's REIT holdings contributed about 53 basis points in the final quarter, this was not the primary factor. The main driver was the Benchmark's non-value holdings in Biotechnology and Technology, and significantly its new 35 basis point allocation to Oklo Inc. (OKLO), which rose 123.2% in the quarter despite having no revenues.

Please note that the views and facts in this letter are as of September 30, 2025, and may not necessarily reflect the same views on the date this letter is first published or any date thereafter.

Vericimetry U.S. Small Cap Value Fund \| 1

**Fund Performance**

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

**GROWTH OF $10,000**

![](fp0095918-2_02.jpg)

**AVERAGE ANNUAL TOTAL RETURN**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Yr** | **3 Yr** | **5 Yr** | **10 Yr** |
| Vericimetry U.S. Small Cap Value Fund | 7.14% | 15.17% | 18.48% | 9.60% |
| Russell 2000 Value Index | 7.88% | 13.56% | 14.59% | 9.23% |

---

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

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

**Key Fund Statistic** **s**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund net assets** | $169520278 |
| &nbsp;&nbsp;**Total number of portfolio holdings** | 946 |
| &nbsp;&nbsp;**Total advisory fees paid (net)** | $759004 |
| &nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | 41% |

---

Vericimetry U.S. Small Cap Value Fund \| 2

**Graphical Representation of Holdings**

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

---

| | |
|:---|:---|
| TOP TEN HOLDINGS | TOP TEN HOLDINGS |
| Mr Cooper Group, Inc. | 1.29% |
| Group 1 Automotive, Inc. | 0.79% |
| TTM Technologies, Inc. | 0.77% |
| SkyWest, Inc. | 0.72% |
| GATX Corp. | 0.69% |
| Taylor Morrison Home Corp. | 0.68% |
| Sanmina Corp. | 0.68% |
| Air Lease Corp. | 0.65% |
| Hancock Whitney Corp. | 0.65% |
| Popular, Inc. | 0.64% |

---

ASSET ALLOCATION

![](fp0095918-2_03.jpg)

SECTOR ALLOCATION

![](fp0095918-2_04.jpg)

**Material Fund Changes**

No material changes occurred during the year ending September 30, 2025.

**Availability of Additional Information**

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

**Principal Risks of Investing**

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

Vericimetry U.S. Small Cap Value Fund \| 3

(b) Not applicable.

**Item 2. Code of Ethics.**

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

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

**Item 3. Audit Committee Financial Expert.**

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

**Item 4. Principal Accountant Fees and Services.**

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

---

| | | |
|:---|:---|:---|
|  | For the Year Ended<br> September 30, 2025 | For the Year Ended<br> September 30, 2024 |
| Audit Fees | $12600 | $12000 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $2000 | $2000 |
| All Other Fees | $0 | $0 |

---

 

The Registrant's audit committee has adopted an Audit Committee Charter that requires that the Audit Committee review the scope and plan of the registered public accounting firm's annual and interim examinations, approve the services to be performed for the Registrant by the independent public accountants and approve the fees and other compensation payable to the independent accountants. For the year ended September 30, 2025, all of the audit and non-audit services provided by the Registrant's principal accountant were pre-approved by the audit committee.

(f) None.

(g) None.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

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

(b) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Copy of the most recent financial statements.

![](fp0095918-2_i.jpg)

**Vericimetry U.S. Small Cap Value Fund** 

**Annual Financial Statements and Other Information** 

**(Form N-CSR Items 7-11)** 

September 30, 2025

**Vericimetry Funds** 

**TABLE OF CONTENTS**

SEPTEMBER 30, 2025

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

---

| | |
|:---|:---|
|  | **Pages** |
| **Item 7.** |  |
| Schedule of Investments  | 1 |
| Statement of Assets and Liabilities  | 12 |
| Statement of Operations  | 13 |
| Statements of Changes in Net Assets  | 14 |
| Financial Highlights  | 15 |
| Notes to Financial Statements  | 16 |
| Report of Independent Registered Public Accounting Firm  | 23 |
| **Item 8.** |  |
| Changes in and Disagreements with Accountants for Open-End Management Investment Companies  | 24 |
| **Item 9.** |  |
| Proxy Disclosures for Open-End Management Investment Companies.  | 24 |
| **Item 10.** |  |
| Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.  | 24 |
| **Item 11.** |  |
| Statement Regarding Basis for Approval of Investment Advisory Contract.  | 24 |

---

**Vericimetry U.S. Small Cap Value Fund** 

Schedule of Investments

AS OF SEPTEMBER 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — 94.9%** | **COMMON STOCKS — 94.9%** | **COMMON STOCKS — 94.9%** |
| **BASIC MATERIALS — 5.0%** | **BASIC MATERIALS — 5.0%** | **BASIC MATERIALS — 5.0%** |
| AdvanSix, Inc.  | 5255 | $101842 |
| Albemarle Corp.  | 1429 | 115863 |
| Alcoa Corp.  | 15390 | 506177 |
| American Battery Technology Co.\*  | 5923 | 28786 |
| American Vanguard Corp.\*  | 6285 | 36076 |
| Avient Corp.  | 5642 | 185904 |
| Cabot Corp.  | 675 | 51334 |
| Caledonia Mining Corp. PLC  | 1957 | 70863 |
| Calumet, Inc.\*  | 2004 | 36573 |
| Carpenter Technology Corp.  | 3042 | 746933 |
| Celanese Corp.  | 1980 | 83318 |
| Centrus Energy Corp. - Class A\*  | 178 | 55192 |
| Century Aluminum Co.\*  | 2240 | 65766 |
| Chemours Co.  | 14327 | 226940 |
| Cleveland-Cliffs, Inc.\*  | 32238 | 393304 |
| Coeur Mining, Inc.\*  | 13523 | 253691 |
| Commercial Metals Co.  | 16615 | 951707 |
| Compass Minerals International, Inc.\*  | 1093 | 20986 |
| Contango ORE, Inc.\*  | 2013 | 50184 |
| Ecovyst, Inc.\*  | 16780 | 146993 |
| Element Solutions, Inc.  | 21039 | 529552 |
| Encore Energy Corp.\*  | 11308 | 36299 |
| Energy Fuels, Inc./Canada\*  | 2088 | 32051 |
| FMC Corp.  | 5770 | 194045 |
| Friedman Industries, Inc.  | 2007 | 43943 |
| H.B. Fuller Co.  | 2962 | 175587 |
| Hawkins, Inc.  | 587 | 107257 |
| Hecla Mining Co.  | 48808 | 590577 |
| Huntsman Corp.  | 18684 | 167782 |
| Hycroft Mining Holding Corp. - Class A\*  | 6592 | 40870 |
| Innospec, Inc.  | 580 | 44753 |
| Intrepid Potash, Inc.\*  | 1350 | 41283 |
| Ivanhoe Electric, Inc. / US\*  | 2707 | 33973 |
| Kaiser Aluminum Corp.  | 1343 | 103626 |
| Koppers Holdings, Inc.  | 2191 | 61348 |
| Kronos Worldwide, Inc.  | 5030 | 28872 |
| Mativ Holdings, Inc.  | 7890 | 89236 |
| Mercer International, Inc.  | 4310 | 12413 |
| Minerals Technologies, Inc.  | 5033 | 312650 |
| MP Materials Corp.\*<sup>1</sup>  | 985 | 66064 |
| NewMarket Corp.  | 128 | 106011 |
| NioCorp Developments Ltd.\*  | 7895 | 52739 |
| Oil-Dri Corp. of America  | 1017 | 62078 |
| Olin Corp.  | 8593 | 214739 |
| Perimeter Solutions, Inc.\*  | 11667 | 261224 |
| Quaker Chemical Corp.  | 242 | 31883 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **BASIC MATERIALS (Continued)** | **BASIC MATERIALS (Continued)** | **BASIC MATERIALS (Continued)** | **BASIC MATERIALS (Continued)** |
| Rayonier Advanced Materials, Inc.\*  | 35536 | $| 256570 |
| Rogers Corp.\*  | 460 |  | 37012 |
| SSR Mining, Inc.\*  | 8568 |  | 209230 |
| Stepan Co.  | 1230 |  | 58671 |
| Tronox Holdings PLC  | 34862 |  | 140145 |
| U.S. Gold Corp.\*  | 2619 |  | 43161 |
| United States Antimony Corp.\*  | 13656 |  | 84667 |
| Valhi, Inc.  | 500 |  | 7890 |
| Westlake Corp.  | 789 |  | 60800 |
|  |  |  | **8467433** |
| **COMMUNICATIONS — 2.5%** | **COMMUNICATIONS — 2.5%** | **COMMUNICATIONS — 2.5%** | **COMMUNICATIONS — 2.5%** |
| AMC Networks, Inc. - Class A\*  | 9370 |  | 77209 |
| Angi, Inc.\*  | 3864 |  | 62829 |
| Array Digital Infrastructure, Inc.  | 3280 |  | 164033 |
| ATN International, Inc.  | 3679 |  | 55075 |
| BK Technologies Corp.\*  | 166 |  | 14024 |
| Bumble, Inc. - Class A\*  | 9086 |  | 55334 |
| Cable One, Inc.  | 560 |  | 99148 |
| Cars.com, Inc.\*  | 4585 |  | 56029 |
| DHI Group, Inc.\*  | 3600 |  | 10008 |
| EchoStar Corp. - Class A\*  | 3128 |  | 238854 |
| ePlus, Inc.  | 2090 |  | 148411 |
| Etsy, Inc.\*  | 375 |  | 24896 |
| Frontier Communications Parent, Inc.\*  | 8259 |  | 308474 |
| Gaia, Inc.\*  | 2104 |  | 12456 |
| Gannett Co., Inc.\*  | 9350 |  | 38615 |
| Gray Media, Inc.  | 13365 |  | 77250 |
| HealthStream, Inc.  | 890 |  | 25134 |
| Inseego Corp.\*  | 2000 |  | 29940 |
| InterDigital, Inc.<sup>1</sup>  | 960 |  | 331421 |
| Interpublic Group of Cos., Inc.  | 2170 |  | 60565 |
| Lands' End, Inc.\*  | 1830 |  | 25803 |
| Liberty Latin America Ltd. - Class A\*  | 20939 |  | 173584 |
| NETGEAR, Inc.\*  | 2440 |  | 79032 |
| Nexstar Media Group, Inc.  | 510 |  | 100847 |
| Opendoor Technologies, Inc.\*<sup>1</sup>  | 9649 |  | 76902 |
| Preformed Line Products Co.  | 820 |  | 160843 |
| RealReal, Inc.\*  | 3125 |  | 33219 |
| Ribbon Communications, Inc.\*  | 5824 |  | 22131 |
| Scholastic Corp.  | 7763 |  | 212551 |
| Shenandoah Telecommunications Co.  | 1510 |  | 20264 |
| Sinclair, Inc.  | 7190 |  | 108569 |
| Sphere Entertainment Co.\*  | 2073 |  | 128775 |
| TEGNA, Inc.  | 13920 |  | 282993 |
| Telephone and Data Systems, Inc.  | 18589 |  | 729432 |
| Thryv Holdings, Inc.\*  | 1320 |  | 15919 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued) AS OF SEPTEMBER 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **COMMUNICATIONS (Continued)** | **COMMUNICATIONS (Continued)** | **COMMUNICATIONS (Continued)** | **COMMUNICATIONS (Continued)** |
| Townsquare Media, Inc. - Class A  | 3070 | $| 20630 |
| TripAdvisor, Inc.\*  | 2890 |  | 46991 |
| Viasat, Inc.\*  | 3552 |  | 104073 |
| Ziff Davis, Inc.\*  | 1030 |  | 39243 |
|  |  |  | **4271506** |
| **CONSUMER, CYCLICAL — 16.2%** | **CONSUMER, CYCLICAL — 16.2%** | **CONSUMER, CYCLICAL — 16.2%** | **CONSUMER, CYCLICAL — 16.2%** |
| Abercrombie & Fitch Co. - Class A\*  | 418 |  | 35760 |
| Academy Sports & Outdoors, Inc.  | 7683 |  | 384304 |
| Adient PLC\*  | 15624 |  | 376226 |
| Advance Auto Parts, Inc.  | 8923 |  | 547872 |
| Alaska Air Group, Inc.\*  | 10874 |  | 541308 |
| Allegiant Travel Co.\*  | 1510 |  | 91763 |
| A-Mark Precious Metals, Inc.  | 732 |  | 18937 |
| AMC Entertainment Holdings, Inc. - Class A\*  | 3830 |  | 11107 |
| American Axle & Manufacturing Holdings, Inc.\*  | 21145 |  | 127081 |
| American Eagle Outfitters, Inc.  | 14202 |  | 242996 |
| American Outdoor Brands, Inc.\*  | 1960 |  | 17013 |
| Asbury Automotive Group, Inc.\*  | 1955 |  | 477900 |
| AutoNation, Inc.\*  | 1807 |  | 395317 |
| Bassett Furniture Industries, Inc.  | 170 |  | 2659 |
| Beazer Homes USA, Inc.\*  | 966 |  | 23715 |
| Biglari Holdings, Inc. - Class B\*  | 159 |  | 51460 |
| BJ's Restaurants, Inc.\*  | 1000 |  | 30530 |
| BlueLinx Holdings, Inc.\*  | 1286 |  | 93981 |
| Boot Barn Holdings, Inc.\*  | 140 |  | 23201 |
| Brunswick Corp.  | 522 |  | 33011 |
| Buckle, Inc.  | 1690 |  | 99135 |
| Build-A-Bear Workshop, Inc.  | 2110 |  | 137593 |
| Caleres, Inc.  | 4823 |  | 62892 |
| Capri Holdings Ltd.\*  | 1770 |  | 35258 |
| Carter's, Inc.  | 1260 |  | 35557 |
| Cavco Industries, Inc.\*  | 45 |  | 26133 |
| Century Communities, Inc.  | 4432 |  | 280856 |
| Cheesecake Factory, Inc.  | 2460 |  | 134414 |
| Cinemark Holdings, Inc.  | 1180 |  | 33064 |
| Citi Trends, Inc.\*  | 1089 |  | 33792 |
| Clean Energy Fuels Corp.\*  | 17690 |  | 45640 |
| Cooper-Standard Holdings, Inc.\*  | 1286 |  | 47492 |
| Copa Holdings S.A. - Class A  | 360 |  | 42775 |
| Cracker Barrel Old Country Store, Inc.<sup>1</sup>  | 880 |  | 38773 |
| Daktronics, Inc.\*  | 3140 |  | 65689 |
| Dana, Inc.  | 24526 |  | 491501 |
| Designer Brands, Inc. - Class A  | 8969 |  | 31750 |
| Destination XL Group, Inc.\*  | 3220 |  | 4218 |
| Dick's Sporting Goods, Inc.  | 2066 |  | 459107 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** |
| Dillard's, Inc. - Class A  | 511 | $313999 |
| Dine Brands Global, Inc.  | 792 | 19578 |
| Dorman Products, Inc.\*  | 630 | 98204 |
| Dream Finders Homes, Inc. - Class A\*  | 1190 | 30845 |
| Duluth Holdings, Inc. - Class B\*  | 100 | 391 |
| El Pollo Loco Holdings, Inc.\*  | 3670 | 35599 |
| Ethan Allen Interiors, Inc.  | 6952 | 204806 |
| Five Below, Inc.\*  | 380 | 58786 |
| Flexsteel Industries, Inc.  | 1350 | 62573 |
| Forestar Group, Inc.\*  | 9182 | 244149 |
| Fox Factory Holding Corp.\*  | 1384 | 33617 |
| Frontier Group Holdings, Inc.\*  | 3919 | 17302 |
| Gap, Inc.  | 5465 | 116896 |
| Genesco, Inc.\*  | 1160 | 33628 |
| Gentherm, Inc.\*  | 2660 | 90600 |
| G-III Apparel Group Ltd.\*  | 6650 | 176956 |
| Goodyear Tire & Rubber Co.\*  | 41866 | 313158 |
| Green Brick Partners, Inc.\*  | 4748 | 350687 |
| Group 1 Automotive, Inc.  | 3054 | 1336156 |
| Guess?, Inc.  | 7950 | 132845 |
| Hamilton Beach Brands Holding Co. - Class B  | 2891 | 41544 |
| Hanesbrands, Inc.\*  | 6830 | 45010 |
| Harley-Davidson, Inc.  | 1770 | 49383 |
| Haverty Furniture Cos., Inc.  | 3530 | 77413 |
| HNI Corp.  | 2720 | 127432 |
| Holley, Inc.\*  | 9291 | 29174 |
| Hooker Furnishings Corp.  | 2660 | 26999 |
| Hovnanian Enterprises, Inc. - Class A\*  | 719 | 92384 |
| Hudson Technologies, Inc.\*  | 3898 | 38707 |
| Interface, Inc.  | 6090 | 176245 |
| JAKKS Pacific, Inc.  | 693 | 12980 |
| JetBlue Airways Corp.\*  | 25918 | 127517 |
| Johnson Outdoors, Inc. - Class A  | 940 | 37967 |
| KB Home  | 4883 | 310754 |
| Kohl's Corp.  | 17749 | 272802 |
| La-Z-Boy, Inc.  | 7660 | 262891 |
| LCI Industries  | 1987 | 185089 |
| Lear Corp.  | 1480 | 148903 |
| Life Time Group Holdings, Inc.\*  | 11960 | 330096 |
| Light & Wonder, Inc.\*  | 392 | 32904 |
| Lovesac Co.\*  | 1620 | 27427 |
| M/I Homes, Inc.\*  | 4175 | 603037 |
| Macy's, Inc.  | 30494 | 546757 |
| Madison Square Garden Entertainment Corp.\*  | 1480 | 66955 |
| Malibu Boats, Inc. - Class A\*  | 1680 | 54516 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued) AS OF SEPTEMBER 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** |
| Titan International, Inc.\*  | 6700 | $| 50652 |
| Titan Machinery, Inc.\*  | 2309 |  | 38653 |
| TKO Group Holdings, Inc.  | 170 |  | 34333 |
| Toll Brothers, Inc.  | 1755 |  | 242436 |
| Topgolf Callaway Brands Corp.\*  | 17001 |  | 161509 |
| Travel + Leisure Co.  | 660 |  | 39263 |
| Tri Pointe Homes, Inc.\*  | 14025 |  | 476429 |
| Under Armour, Inc. - Class A\*  | 17792 |  | 88782 |
| UniFirst Corp.  | 600 |  | 100314 |
| Urban Outfitters, Inc.\*  | 6615 |  | 472509 |
| Victoria's Secret & Co.\*  | 721 |  | 19568 |
| Visteon Corp.  | 1909 |  | 228813 |
| VSE Corp.  | 1260 |  | 209462 |
| WESCO International, Inc.  | 3722 |  | 787203 |
| Weyco Group, Inc.  | 200 |  | 6018 |
| Whirlpool Corp.  | 760 |  | 59736 |
| Winnebago Industries, Inc.  | 3252 |  | 108747 |
| Wolverine World Wide, Inc.  | 2388 |  | 65527 |
| Zumiez, Inc.\*  | 2550 |  | 50006 |
|  |  |  | **27440144** |
| **CONSUMER, NON-CYCLICAL — 9.4%** | **CONSUMER, NON-CYCLICAL — 9.4%** | **CONSUMER, NON-CYCLICAL — 9.4%** | **CONSUMER, NON-CYCLICAL — 9.4%** |
| ABM Industries, Inc.  | 9825 |  | 453129 |
| Acacia Research Corp.\*  | 3860 |  | 12545 |
| Acadia Healthcare Co., Inc.\*  | 3998 |  | 98990 |
| ACCO Brands Corp.  | 8320 |  | 33197 |
| Aclaris Therapeutics, Inc.\*  | 29686 |  | 56403 |
| Acuren Corp.\*  | 1716 |  | 22840 |
| AdaptHealth Corp.\*  | 2690 |  | 24076 |
| Adtalem Global Education, Inc.\*  | 3513 |  | 542583 |
| Agios Pharmaceuticals, Inc.\*  | 1183 |  | 47486 |
| Alight, Inc.  | 20250 |  | 66015 |
| American Public Education, Inc.\*  | 2409 |  | 95083 |
| Amneal Pharmaceuticals, Inc.\*  | 3868 |  | 38719 |
| AnaptysBio, Inc.\*  | 1715 |  | 52513 |
| Andersons, Inc.  | 7130 |  | 283845 |
| Arcus Biosciences, Inc.\*  | 2216 |  | 30138 |
| Artivion, Inc.\*  | 388 |  | 16428 |
| Avanos Medical, Inc.\*  | 5870 |  | 67857 |
| Aveanna Healthcare Holdings, Inc.\*  | 10304 |  | 91396 |
| Avis Budget Group, Inc.\*  | 221 |  | 35487 |
| Azenta, Inc.\*  | 1670 |  | 47962 |
| B&G Foods, Inc.<sup>1</sup>  | 16250 |  | 71987 |
| Bio-Rad Laboratories, Inc. - Class A\*  | 100 |  | 28039 |
| BrightView Holdings, Inc.\*  | 10570 |  | 141638 |
| Brookdale Senior Living, Inc.\*  | 14433 |  | 122248 |
| Bunge Global S.A.  | 520 |  | 42250 |
| Cabaletta Bio, Inc.\*  | 10505 |  | 24582 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** |
| Marcus Corp.  | 3983 | $61776 |
| MarineMax, Inc.\*  | 2740 | 69404 |
| Marriott Vacations Worldwide Corp.  | 3390 | 225638 |
| Meritage Homes Corp.  | 8972 | 649842 |
| Methode Electronics, Inc.  | 3121 | 23564 |
| Miller Industries, Inc.  | 2055 | 83063 |
| MillerKnoll, Inc.  | 9350 | 165869 |
| Motorcar Parts of America, Inc.\*  | 3760 | 62190 |
| Movado Group, Inc.  | 3633 | 68918 |
| MRC Global, Inc.\*  | 2590 | 37348 |
| National Vision Holdings, Inc.\*  | 2803 | 81820 |
| Norwegian Cruise Line Holdings Ltd.\*  | 3980 | 98027 |
| ODP Corp.\*  | 5220 | 145377 |
| OPENLANE, Inc.\*  | 15834 | 455703 |
| Oxford Industries, Inc.  | 1580 | 64053 |
| Papa John's International, Inc.  | 890 | 42854 |
| Patrick Industries, Inc.  | 2418 | 250094 |
| PC Connection, Inc.  | 3503 | 217151 |
| Peloton Interactive, Inc. - Class A\*  | 7000 | 63000 |
| Penske Automotive Group, Inc.  | 1620 | 281734 |
| Petco Health & Wellness Co., Inc.\*  | 15681 | 60685 |
| Phinia, Inc.  | 1600 | 91968 |
| Polaris, Inc.  | 2958 | 171949 |
| PriceSmart, Inc.  | 1040 | 126038 |
| PVH Corp.  | 7849 | 657511 |
| Red Robin Gourmet Burgers, Inc.\*  | 3516 | 24120 |
| Resideo Technologies, Inc.\*  | 21929 | 946894 |
| REV Group, Inc.  | 3762 | 213193 |
| Rocky Brands, Inc.  | 1220 | 36344 |
| Rush Enterprises, Inc. - Class A  | 8871 | 474332 |
| Rush Enterprises, Inc. - Class B  | 5992 | 344061 |
| Rush Street Interactive, Inc.\*  | 1255 | 25702 |
| Sally Beauty Holdings, Inc.\*  | 9073 | 147708 |
| ScanSource, Inc.\*  | 4477 | 196943 |
| Shoe Carnival, Inc.  | 3747 | 77900 |
| Signet Jewelers Ltd.  | 4348 | 417060 |
| SkyWest, Inc.\*  | 12219 | 1229476 |
| Sonic Automotive, Inc. - Class A  | 2530 | 192508 |
| Standard Motor Products, Inc.  | 4146 | 169240 |
| Steelcase, Inc. - Class A  | 13375 | 230050 |
| Steven Madden Ltd.  | 1030 | 34484 |
| Strattec Security Corp.\*  | 418 | 28449 |
| Sun Country Airlines Holdings, Inc.\*  | 5332 | 62971 |
| Super Group SGHC Ltd.  | 1809 | 23879 |
| Tapestry, Inc.  | 1310 | 148318 |
| Taylor Morrison Home Corp.\*  | 17583 | 1160654 |
| Thor Industries, Inc.  | 7068 | 732881 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued) AS OF SEPTEMBER 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** |
| Cal-Maine Foods, Inc.  | 3167 | $298015 |
| CareDx, Inc.\*  | 1659 | 24122 |
| Castle Biosciences, Inc.\*  | 2550 | 58063 |
| Central Garden & Pet Co. - Class A\*  | 8237 | 243239 |
| Certara, Inc.\*  | 7550 | 92261 |
| Charles River Laboratories International, Inc.\*  | 207 | 32387 |
| Clarivate PLC\*  | 7440 | 28495 |
| Coca-Cola Consolidated, Inc.  | 1480 | 173397 |
| Collegium Pharmaceutical, Inc.\*  | 1280 | 44787 |
| Concentra Group Holdings Parent, Inc.  | 724 | 15153 |
| CONMED Corp.  | 595 | 27983 |
| Corbus Pharmaceuticals Holdings, Inc.\*  | 6423 | 81251 |
| Corcept Therapeutics, Inc.\*  | 928 | 77126 |
| CorMedix, Inc.\*<sup>1</sup>  | 2377 | 27645 |
| Coty, Inc. - Class A\*  | 8370 | 33815 |
| Cross Country Healthcare, Inc.\*  | 1940 | 27548 |
| Custom Truck One Source, Inc.\*  | 6610 | 42436 |
| Cytek Biosciences, Inc.\*  | 6578 | 22826 |
| Deluxe Corp.  | 5100 | 98736 |
| DENTSPLY SIRONA, Inc.  | 3511 | 44555 |
| Dole PLC  | 3000 | 40320 |
| Dyne Therapeutics, Inc.\*  | 5531 | 69967 |
| Edgewell Personal Care Co.  | 7070 | 143945 |
| Embecta Corp.  | 7606 | 107321 |
| Emerald Holding, Inc.  | 3510 | 17866 |
| Emergent BioSolutions, Inc.\*  | 3854 | 33992 |
| Enhabit, Inc.\*  | 4490 | 35965 |
| Ennis, Inc.  | 4260 | 77873 |
| Enovis Corp.\*  | 7300 | 221482 |
| Envista Holdings Corp.\*  | 11776 | 239877 |
| First Advantage Corp.\*  | 2924 | 45000 |
| FONAR Corp.\*  | 1270 | 19126 |
| Fresh Del Monte Produce, Inc.  | 10940 | 379837 |
| Fulgent Genetics, Inc.\*  | 3469 | 78399 |
| Graham Holdings Co. - Class B  | 570 | 671067 |
| GRAIL, Inc.\*  | 1942 | 114830 |
| Green Dot Corp. - Class A\*  | 5980 | 80311 |
| Grocery Outlet Holding Corp.\*  | 4360 | 69978 |
| GXO Logistics, Inc.\*  | 5771 | 305228 |
| Halozyme Therapeutics, Inc.\*  | 710 | 52071 |
| Harrow, Inc.\*  | 711 | 34256 |
| Healthcare Services Group, Inc.\*  | 2370 | 39887 |
| Heidrick & Struggles International, Inc.  | 2765 | 137614 |
| Helen of Troy Ltd.\*  | 1800 | 45360 |
| ICF International, Inc.  | 873 | 81014 |
| ICU Medical, Inc.\*  | 400 | 47984 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** |
| Indivior PLC\*  | 1916 | $46195 |
| Ingles Markets, Inc. - Class A  | 2517 | 175083 |
| Ingredion, Inc.  | 1988 | 242755 |
| Innoviva, Inc.\*  | 11619 | 212047 |
| Integer Holdings Corp.\*  | 3117 | 322080 |
| Ironwood Pharmaceuticals, Inc.\*  | 27705 | 36294 |
| Kelly Services, Inc. - Class A  | 6570 | 86198 |
| Korn Ferry  | 7975 | 558090 |
| Laureate Education, Inc.\*  | 6371 | 200941 |
| LENZ Therapeutics, Inc.\*  | 742 | 34562 |
| Ligand Pharmaceuticals, Inc.\*  | 770 | 136398 |
| ManpowerGroup, Inc.  | 2700 | 102330 |
| Matthews International Corp. - Class A  | 2790 | 67741 |
| MaxCyte, Inc.\*  | 16259 | 25689 |
| Mission Produce, Inc.\*  | 5444 | 65437 |
| Molina Healthcare, Inc.\*  | 302 | 57791 |
| Monro, Inc.  | 6677 | 119986 |
| Myriad Genetics, Inc.\*  | 6916 | 50003 |
| National HealthCare Corp.  | 2090 | 253956 |
| Natural Grocers by Vitamin Cottage, Inc.  | 3033 | 121320 |
| Nektar Therapeutics\*  | 1242 | 70670 |
| Neogen Corp.\*  | 23830 | 136069 |
| NeoGenomics, Inc.\*  | 3970 | 30648 |
| NPK International, Inc.\*  | 11095 | 125484 |
| Omni AB, Inc. - Earnout Shares2  | 477 |  |
| Omni AB, Inc. - Earnout Shares2  | 477 |  |
| OmniAb, Inc.\*  | 9280 | 14848 |
| Omnicell, Inc.\*  | 1710 | 52070 |
| OraSure Technologies, Inc.\*  | 17537 | 56294 |
| Organogenesis Holdings, Inc.\*  | 2990 | 12618 |
| Oruka Therapeutics, Inc.\*  | 2206 | 42421 |
| Pacira BioSciences, Inc.\*  | 5416 | 139570 |
| Pediatrix Medical Group, Inc.\*  | 4471 | 74889 |
| Perdoceo Education Corp.  | 8471 | 319018 |
| Perrigo Co. PLC  | 2150 | 47881 |
| Phathom Pharmaceuticals, Inc.\*  | 3640 | 42843 |
| Phibro Animal Health Corp. - Class A  | 553 | 22374 |
| Pilgrim's Pride Corp.  | 1458 | 59370 |
| Post Holdings, Inc.\*  | 5206 | 559541 |
| Premier, Inc. - Class A  | 7788 | 216506 |
| Prestige Consumer Healthcare, Inc.\*  | 4277 | 266885 |
| PROG Holdings, Inc.  | 1549 | 50126 |
| Prothena Corp. PLC\*  | 3120 | 30451 |
| Puma Biotechnology, Inc.\*  | 5375 | 28541 |
| Quad/Graphics, Inc.  | 9120 | 57091 |
| Quanex Building Products Corp.  | 5145 | 73162 |
| QuidelOrtho Corp.\*  | 2890 | 85110 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued) AS OF SEPTEMBER 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** |
| Repay Holdings Corp.\*  | 10751 | $| 56228 |
| Scilex Holding Co.\*<sup>1</sup>  | 1676 |  | 32984 |
| Seneca Foods Corp. - Class A\*  | 1280 |  | 138163 |
| SIGA Technologies, Inc.  | 2342 |  | 21429 |
| Simply Good Foods Co.\*  | 950 |  | 23579 |
| Sprouts Farmers Market, Inc.\*  | 293 |  | 31878 |
| STAAR Surgical Co.\*  | 1178 |  | 31653 |
| StoneCo Ltd. - Class A\*  | 2120 |  | 40089 |
| Strategic Education, Inc.  | 3110 |  | 267491 |
| Stride, Inc.\*  | 2776 |  | 413457 |
| Supernus Pharmaceuticals, Inc.\*  | 4881 |  | 233263 |
| Surgery Partners, Inc.\*  | 6067 |  | 131290 |
| Tango Therapeutics, Inc.\*  | 4880 |  | 40992 |
| Teleflex, Inc.  | 528 |  | 64606 |
| Theravance Biopharma, Inc.\*  | 1881 |  | 27463 |
| TreeHouse Foods, Inc.\*  | 6643 |  | 134255 |
| United Natural Foods, Inc.\*  | 11687 |  | 439665 |
| Universal Corp.  | 400 |  | 22348 |
| Universal Health Services, Inc. - Class B  | 483 |  | 98745 |
| Upbound Group, Inc.  | 1246 |  | 29443 |
| Vanda Pharmaceuticals, Inc.\*  | 5436 |  | 27126 |
| Varex Imaging Corp.\*  | 3540 |  | 43896 |
| Veracyte, Inc.\*  | 2246 |  | 77105 |
| Vestis Corp.  | 7366 |  | 33368 |
| Viatris, Inc.  | 5073 |  | 50223 |
| Village Super Market, Inc. - Class A  | 2030 |  | 75841 |
| Vital Farms, Inc.\*  | 870 |  | 35801 |
| Weis Markets, Inc.  | 6239 |  | 448397 |
| Zimvie, Inc.\*  | 3200 |  | 60608 |
| Zymeworks, Inc.\*  | 2401 |  | 41009 |
|  |  |  | **15933617** |
| **ENERGY — 8.6%** | **ENERGY — 8.6%** | **ENERGY — 8.6%** | **ENERGY — 8.6%** |
| Alpha Metallurgical Resources, Inc.\*  | 1531 |  | 251222 |
| Alto Ingredients, Inc.\*  | 39498 |  | 42658 |
| Amplify Energy Corp.\*  | 5030 |  | 26408 |
| Antero Midstream Corp.  | 15041 |  | 292397 |
| Antero Resources Corp.\*  | 3370 |  | 113097 |
| APA Corp.  | 21599 |  | 524424 |
| Archrock, Inc.  | 18470 |  | 485946 |
| Aris Water Solutions, Inc. - Class A  | 1703 |  | 41996 |
| Array Technologies, Inc.\*  | 3720 |  | 30318 |
| Berry Corp.  | 10935 |  | 41334 |
| Bristow Group, Inc.\*  | 3950 |  | 142516 |
| California Resources Corp.  | 8595 |  | 457082 |
| Chord Energy Corp.  | 2334 |  | 231930 |
| Civeo Corp.  | 1323 |  | 30429 |
| Civitas Resources, Inc.  | 8579 |  | 278818 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **ENERGY (Continued)** | **ENERGY (Continued)** | **ENERGY (Continued)** |
| CNX Resources Corp.\*  | 22469 | $721704 |
| Comstock Resources, Inc.\*  | 29407 | 583141 |
| Core Natural Resources, Inc.  | 3329 | 277905 |
| Crescent Energy Co. - Class A  | 15793 | 140874 |
| CVR Energy, Inc.  | 2780 | 101414 |
| Delek U.S. Holdings, Inc.  | 4735 | 152798 |
| Diamondback Energy, Inc.  | 2040 | 291924 |
| DMC Global, Inc.\*  | 3000 | 25350 |
| DNOW, Inc.\*  | 13815 | 210679 |
| DT Midstream, Inc.  | 1590 | 179765 |
| EQT Corp.  | 4547 | 247493 |
| Expro Group Holdings N.V.\*  | 9738 | 115687 |
| FutureFuel Corp.  | 6560 | 25453 |
| Golar LNG Ltd.  | 1235 | 49906 |
| Green Plains, Inc.\*  | 1755 | 15426 |
| Gulfport Energy Corp.\*  | 840 | 152023 |
| Hallador Energy Co.\*  | 4679 | 91568 |
| Helix Energy Solutions Group, Inc.\*  | 23260 | 152586 |
| Helmerich & Payne, Inc.  | 17093 | 377584 |
| Innovex International, Inc.\*  | 3490 | 64705 |
| Kosmos Energy Ltd.\*  | 13135 | 21804 |
| Liberty Energy, Inc.  | 16893 | 208460 |
| Matador Resources Co.  | 11824 | 531252 |
| Murphy Oil Corp.  | 23353 | 663459 |
| Nabors Industries Ltd.\*  | 704 | 28772 |
| NACCO Industries, Inc. - Class A  | 1450 | 61132 |
| Natural Gas Services Group, Inc.  | 1720 | 48143 |
| NEXTracker, Inc. - Class A\*  | 552 | 40842 |
| Noble Corp. PLC  | 5412 | 153051 |
| Northern Oil & Gas, Inc.  | 5320 | 131936 |
| NOV, Inc.  | 9625 | 127531 |
| Oceaneering International, Inc.\*  | 5512 | 136587 |
| Oil States International, Inc.\*  | 8576 | 51971 |
| ONEOK, Inc.  | 605 | 44147 |
| Par Pacific Holdings, Inc.\*  | 6822 | 241635 |
| Patterson-UTI Energy, Inc.  | 35073 | 181678 |
| PBF Energy, Inc. - Class A  | 12246 | 369462 |
| Peabody Energy Corp.  | 18421 | 488525 |
| Permian Resources Corp.  | 24234 | 310195 |
| ProPetro Holding Corp.\*  | 19783 | 103663 |
| Ramaco Resources, Inc. - Class A  | 4980 | 165286 |
| Range Resources Corp.  | 3919 | 147511 |
| Ranger Energy Services, Inc. - Class A  | 3595 | 50474 |
| REX American Resources Corp.\*  | 7540 | 230875 |
| Ring Energy, Inc.\*  | 91278 | 99493 |
| RPC, Inc.  | 10610 | 50504 |
| SandRidge Energy, Inc.  | 2136 | 24094 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued) AS OF SEPTEMBER 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **ENERGY (Continued)** | **ENERGY (Continued)** | **ENERGY (Continued)** | **ENERGY (Continued)** |
| Schlumberger N.V.  | 1778 | $| 61110 |
| Seadrill Ltd.\*  | 3570 |  | 107850 |
| Select Water Solutions, Inc.  | 10780 |  | 115238 |
| Shoals Technologies Group, Inc. - Class A\*  | 4444 |  | 32930 |
| SM Energy Co.  | 13794 |  | 344436 |
| Smart Sand, Inc.  | 3694 |  | 7905 |
| SolarEdge Technologies, Inc.\*  | 3077 |  | 113849 |
| SunCoke Energy, Inc.  | 15340 |  | 125174 |
| Sunrun, Inc.\*  | 10869 |  | 187925 |
| Talos Energy, Inc.\*  | 21557 |  | 206732 |
| Targa Resources Corp.  | 334 |  | 55958 |
| TechnipFMC PLC  | 15271 |  | 602441 |
| TETRA Technologies, Inc.\*  | 4479 |  | 25754 |
| Transocean Ltd.\*  | 86073 |  | 268548 |
| VAALCO Energy, Inc.  | 17753 |  | 71367 |
| Valaris Ltd.\*  | 849 |  | 41406 |
| Valero Energy Corp.  | 238 |  | 40522 |
| Vital Energy, Inc.\*  | 3494 |  | 59014 |
| Vitesse Energy, Inc.  | 1390 |  | 32290 |
| W&T Offshore, Inc.  | 21834 |  | 39738 |
| Warrior Met Coal, Inc.  | 5332 |  | 339328 |
| Weatherford International PLC  | 1120 |  | 76642 |
|  |  |  | **14637199** |
| **FINANCIAL — 32.8%** | **FINANCIAL — 32.8%** | **FINANCIAL — 32.8%** | **FINANCIAL — 32.8%** |
| 1st Source Corp.  | 5572 |  | 343012 |
| ACNB Corp.  | 1380 |  | 60775 |
| Air Lease Corp.  | 17324 |  | 1102673 |
| Alerus Financial Corp.  | 1550 |  | 34317 |
| Amalgamated Financial Corp.  | 1420 |  | 38553 |
| Ambac Financial Group, Inc.\*  | 5654 |  | 47154 |
| Amerant Bancorp, Inc.  | 1740 |  | 33530 |
| Ameris Bancorp  | 8312 |  | 609353 |
| AMREP Corp.\*  | 1522 |  | 36406 |
| Anywhere Real Estate, Inc.\*  | 21185 |  | 224349 |
| Associated Banc-Corp  | 29250 |  | 752018 |
| Assured Guaranty Ltd.  | 10216 |  | 864784 |
| Atlantic Union Bankshares Corp.  | 23285 |  | 821728 |
| Axis Capital Holdings Ltd.  | 7225 |  | 692155 |
| Axos Financial, Inc.\*  | 5214 |  | 441365 |
| Banc of California, Inc.  | 6254 |  | 103504 |
| BancFirst Corp.  | 484 |  | 61202 |
| Bancorp, Inc.\*  | 1519 |  | 113758 |
| Bank of Hawaii Corp.  | 1801 |  | 118218 |
| Bank of Marin Bancorp  | 1900 |  | 46132 |
| Bank of NT Butterfield & Son Ltd.  | 1990 |  | 85411 |
| Bank OZK  | 16929 |  | 863040 |
| Bank7 Corp.  | 770 |  | 35628 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| BankFinancial Corp.  | 1530 | $18406 |
| BankUnited, Inc.  | 13934 | 531721 |
| Banner Corp.  | 5730 | 375315 |
| Bar Harbor Bankshares  | 1790 | 54523 |
| BayCom Corp.  | 600 | 17250 |
| BCB Bancorp, Inc.  | 1600 | 13888 |
| Beacon Financial Corp.  | 14325 | 339646 |
| Bread Financial Holdings, Inc.  | 6988 | 389721 |
| Bridgewater Bancshares, Inc.\*  | 2910 | 51216 |
| Brighthouse Financial, Inc.\*  | 7455 | 395711 |
| Brookfield Asset Management Ltd. - Class A  | 2003 | 114051 |
| Burke & Herbert Financial Services Corp.  | 1557 | 96051 |
| Business First Bancshares, Inc.  | 3541 | 83603 |
| Byline Bancorp, Inc.  | 6100 | 169153 |
| C&F Financial Corp.  | 710 | 47712 |
| Cadence Bank  | 16541 | 620949 |
| Camden National Corp.  | 1798 | 69385 |
| Capital City Bank Group, Inc.  | 1190 | 49730 |
| Carter Bankshares, Inc.\*  | 3660 | 71041 |
| Cathay General Bancorp  | 10950 | 525710 |
| Central Pacific Financial Corp.  | 1800 | 54612 |
| Chemung Financial Corp.  | 680 | 35714 |
| ChoiceOne Financial Services, Inc.  | 500 | 14480 |
| Citizens Financial Services, Inc.  | 528 | 31828 |
| Citizens, Inc.\*  | 5237 | 27494 |
| City Holding Co.  | 1509 | 186920 |
| Cleanspark, Inc.\*<sup>1</sup>  | 5386 | 78097 |
| CNB Financial Corp.  | 3380 | 81796 |
| CNO Financial Group, Inc.  | 11159 | 441338 |
| Coastal Financial Corp.\*  | 434 | 46946 |
| Columbia Banking System, Inc.  | 30756 | 791659 |
| Comerica, Inc.  | 2650 | 181578 |
| Community Financial System, Inc.  | 1172 | 68726 |
| Community Trust Bancorp, Inc.  | 1470 | 82247 |
| Community West Bancshares  | 1800 | 37512 |
| Compass, Inc.\*  | 3787 | 30410 |
| ConnectOne Bancorp, Inc.  | 7889 | 195726 |
| Consumer Portfolio Services, Inc.\*  | 2001 | 15108 |
| Cushman & Wakefield PLC\*  | 24638 | 392237 |
| Customers Bancorp, Inc.\*  | 5594 | 365680 |
| CVB Financial Corp.  | 5390 | 101925 |
| Dime Community Bancshares, Inc.  | 6639 | 198041 |
| Donegal Group, Inc. - Class A  | 4842 | 93886 |
| Eagle Bancorp, Inc.  | 4147 | 83852 |
| Employers Holdings, Inc.  | 4632 | 196767 |
| Enact Holdings, Inc.  | 4747 | 182000 |
| Encore Capital Group, Inc.\*  | 3143 | 131189 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued)

AS OF SEPTEMBER 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Enova International, Inc.\*  | 1198 | $137878 |
| Enterprise Financial Services Corp.  | 4315 | 250184 |
| Esquire Financial Holdings, Inc.  | 859 | 87665 |
| Essent Group Ltd.  | 9614 | 611066 |
| Evercore, Inc. - Class A  | 320 | 107942 |
| EZCORP, Inc. - Class A\*  | 9534 | 181527 |
| FB Financial Corp.  | 1720 | 95873 |
| Federal Agricultural Mortgage Corp. - Class C  | 995 | 167140 |
| Fidelis Insurance Holdings Ltd.  | 3212 | 58298 |
| Financial Institutions, Inc.  | 2980 | 81056 |
| First American Financial Corp.  | 537 | 34497 |
| First BanCorp/Puerto Rico  | 42110 | 928525 |
| First Bancorp/Southern Pines NC  | 2038 | 107790 |
| First Bank/Hamilton NJ  | 1170 | 19059 |
| First Busey Corp.  | 9885 | 228838 |
| First Business Financial Services, Inc.  | 1100 | 56386 |
| First Commonwealth Financial Corp.  | 18740 | 319517 |
| First Community Bankshares, Inc.  | 1750 | 60900 |
| First Financial Bancorp  | 19350 | 488588 |
| First Financial Corp.  | 1821 | 102777 |
| First Hawaiian, Inc.  | 1640 | 40721 |
| First Horizon Corp.  | 15102 | 341456 |
| First Internet Bancorp  | 1140 | 25570 |
| First Interstate BancSystem, Inc. - Class A  | 7224 | 230229 |
| First Merchants Corp.  | 6962 | 262467 |
| First Mid Bancshares, Inc.  | 2812 | 106519 |
| First National Corp.  | 1560 | 35381 |
| Flushing Financial Corp.  | 2970 | 41016 |
| FNB Corp.  | 38057 | 613098 |
| Franklin Financial Services Corp.  | 611 | 28106 |
| FRP Holdings, Inc.\*  | 1560 | 38002 |
| FS Bancorp, Inc.  | 620 | 24750 |
| Fulton Financial Corp.  | 40311 | 750994 |
| Genworth Financial, Inc.\*  | 64324 | 572484 |
| German American Bancorp, Inc.  | 1000 | 39270 |
| Glacier Bancorp, Inc.  | 1630 | 79332 |
| Great Elm Group, Inc.\*  | 902 | 2210 |
| Great Southern Bancorp, Inc.  | 1845 | 113006 |
| Greenlight Capital Re Ltd. - Class A\*  | 2541 | 32271 |
| Hancock Whitney Corp.  | 17563 | 1099619 |
| Hanmi Financial Corp.  | 8080 | 199495 |
| Hanover Insurance Group, Inc.  | 622 | 112974 |
| HarborOne Bancorp, Inc.  | 3260 | 44336 |
| HBT Financial, Inc.  | 1300 | 32760 |
| HCI Group, Inc.  | 250 | 47983 |
| Heritage Commerce Corp.  | 6040 | 59977 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Heritage Financial Corp.  | 3008 | $72764 |
| Heritage Insurance Holdings, Inc.\*  | 3858 | 97144 |
| Hilltop Holdings, Inc.  | 12462 | 416480 |
| Home Bancorp, Inc.  | 940 | 51066 |
| HomeTrust Bancshares, Inc.  | 1000 | 40940 |
| Hope Bancorp, Inc.  | 17176 | 184986 |
| Horace Mann Educators Corp.  | 5211 | 235381 |
| Horizon Bancorp, Inc.  | 3741 | 59893 |
| Howard Hughes Holdings, Inc.\*  | 4399 | 361466 |
| Independent Bank Corp.  | 3020 | 93545 |
| Independent Bank Corp.  | 3661 | 253231 |
| International Bancshares Corp.  | 12955 | 890656 |
| Invesco Ltd.  | 19240 | 441366 |
| Investar Holding Corp.  | 1000 | 23210 |
| Jackson Financial, Inc. - Class A  | 10337 | 1046415 |
| Janus Henderson Group PLC  | 10892 | 484803 |
| Jones Lang LaSalle, Inc.\*  | 906 | 270242 |
| Kearny Financial Corp.  | 4182 | 27476 |
| Kemper Corp.  | 364 | 18764 |
| LendingClub Corp.\*  | 12354 | 187657 |
| LendingTree, Inc.\*  | 1251 | 80977 |
| Lincoln National Corp.  | 1806 | 72836 |
| Live Oak Bancshares, Inc.  | 663 | 23351 |
| loanDepot, Inc. - Class A\*<sup>1</sup>  | 8959 | 27504 |
| MARA Holdings, Inc.\*<sup>1</sup>  | 9860 | 180044 |
| McGrath RentCorp  | 504 | 59119 |
| Medallion Financial Corp.  | 109 | 1101 |
| Mercantile Bank Corp.  | 3880 | 174600 |
| Merchants Bancorp  | 560 | 17808 |
| Mercury General Corp.  | 1281 | 108603 |
| Metrocity Bankshares, Inc.  | 1000 | 27690 |
| Metropolitan Bank Holding Corp.  | 560 | 41899 |
| MGIC Investment Corp.  | 36630 | 1039193 |
| Mid Penn Bancorp, Inc.  | 1340 | 38378 |
| Midland States Bancorp, Inc.  | 3660 | 62732 |
| MidWestOne Financial Group, Inc.  | 1400 | 39606 |
| Moelis & Co.  | 500 | 35660 |
| Mr Cooper Group, Inc.  | 10342 | 2179990 |
| Navient Corp.  | 21964 | 288827 |
| NBT Bancorp, Inc.  | 3290 | 137390 |
| Nelnet, Inc. - Class A  | 5240 | 656991 |
| Newmark Group, Inc. - Class A  | 15215 | 283760 |
| NMI Holdings, Inc.\*  | 10198 | 390991 |
| Northeast Bank  | 1190 | 119190 |
| Northfield Bancorp, Inc.  | 6184 | 72971 |
| Northrim BanCorp, Inc.  | 5960 | 129094 |
| Northwest Bancshares, Inc.  | 19541 | 242113 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued) AS OF SEPTEMBER 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| SouthState Bank Corp.  | 7948 | $| 785819 |
| Stellar Bancorp, Inc.  | 2529 |  | 76730 |
| Stewart Information Services Corp.  | 2802 |  | 205443 |
| Stifel Financial Corp.  | 472 |  | 53558 |
| Stock Yards Bancorp, Inc.  | 530 |  | 37095 |
| StoneX Group, Inc.\*  | 3729 |  | 376331 |
| Synovus Financial Corp.  | 1640 |  | 80491 |
| Terawulf, Inc.\*  | 1270 |  | 14503 |
| Texas Capital Bancshares, Inc.\*  | 8278 |  | 699739 |
| Third Coast Bancshares, Inc.\*  | 540 |  | 20504 |
| Timberland Bancorp, Inc.  | 1578 |  | 52516 |
| Tiptree, Inc.  | 4301 |  | 82450 |
| Tompkins Financial Corp.  | 899 |  | 59523 |
| Towne Bank/Portsmouth VA  | 2010 |  | 69486 |
| TriCo Bancshares  | 3083 |  | 136916 |
| TrustCo Bank Corp. NY  | 3330 |  | 120879 |
| Trustmark Corp.  | 9097 |  | 360241 |
| UMB Financial Corp.  | 2772 |  | 328066 |
| United Bankshares, Inc.  | 11352 |  | 422408 |
| United Community Banks, Inc.  | 7632 |  | 239263 |
| United Fire Group, Inc.  | 3046 |  | 92659 |
| Unity Bancorp, Inc.  | 400 |  | 19548 |
| Universal Insurance Holdings, Inc.  | 1374 |  | 36136 |
| Univest Financial Corp.  | 5460 |  | 163909 |
| Unum Group  | 4671 |  | 363310 |
| Valley National Bancorp  | 49910 |  | 529046 |
| Veritex Holdings, Inc.  | 2990 |  | 100255 |
| Virtu Financial, Inc. - Class A  | 748 |  | 26554 |
| Virtus Investment Partners, Inc.  | 298 |  | 56629 |
| WaFd, Inc.  | 15220 |  | 461014 |
| Walker & Dunlop, Inc.  | 1664 |  | 139144 |
| Washington Trust Bancorp, Inc.  | 1970 |  | 56933 |
| Waterstone Financial, Inc.  | 2914 |  | 45458 |
| Webster Financial Corp.  | 8569 |  | 509341 |
| WesBanco, Inc.  | 17254 |  | 550920 |
| Westamerica BanCorp  | 1630 |  | 81484 |
| Western Alliance Bancorp  | 2876 |  | 249407 |
| Western New England Bancorp, Inc.  | 4604 |  | 55294 |
| White Mountains Insurance Group Ltd.  | 295 |  | 493098 |
| Wintrust Financial Corp.  | 5134 |  | 679947 |
| World Acceptance Corp.\*  | 613 |  | 103683 |
| WSFS Financial Corp.  | 8221 |  | 443359 |
| Zions Bancorp N.A.  | 4010 |  | 226886 |
|  |  |  | **55540195** |
| **INDUSTRIAL — 16.9%** | **INDUSTRIAL — 16.9%** | **INDUSTRIAL — 16.9%** | **INDUSTRIAL — 16.9%** |
| AAR Corp.\*  | 3076 |  | 275825 |
| Acuity, Inc.  | 140 |  | 48215 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Oak Valley Bancorp  | 1610 | $45354 |
| OceanFirst Financial Corp.  | 6620 | 116313 |
| OFG Bancorp  | 14850 | 645827 |
| Old National Bancorp  | 40696 | 893277 |
| Old Second Bancorp, Inc.  | 2780 | 48052 |
| OneMain Holdings, Inc.  | 3151 | 177905 |
| Oppenheimer Holdings, Inc. - Class A  | 1804 | 133334 |
| Orrstown Financial Services, Inc.  | 2317 | 78732 |
| Palomar Holdings, Inc.\*  | 110 | 12843 |
| Park National Corp.  | 185 | 30068 |
| Pathward Financial, Inc.  | 2945 | 217959 |
| PCB Bancorp  | 3540 | 74340 |
| Peapack-Gladstone Financial Corp.  | 2485 | 68586 |
| PennyMac Financial Services, Inc.  | 3474 | 430359 |
| Peoples Bancorp of North Carolina, Inc.  | 300 | 9198 |
| Peoples Bancorp, Inc.  | 6923 | 207621 |
| Peoples Financial Services Corp.  | 1290 | 62707 |
| Pinnacle Financial Partners, Inc.  | 3207 | 300785 |
| Piper Sandler Cos.  | 737 | 255732 |
| Popular, Inc.  | 8591 | 1091143 |
| PRA Group, Inc.\*  | 1650 | 25476 |
| Preferred Bank/Los Angeles CA  | 3270 | 295575 |
| Primerica, Inc.  | 320 | 88829 |
| Primis Financial Corp.  | 2444 | 25686 |
| ProAssurance Corp.\*  | 5465 | 131105 |
| Provident Financial Holdings, Inc.  | 1180 | 18585 |
| Provident Financial Services, Inc.  | 22561 | 434976 |
| QCR Holdings, Inc.  | 1447 | 109451 |
| Radian Group, Inc.  | 16152 | 585025 |
| RE/MAX Holdings, Inc. - Class A\*  | 4607 | 43444 |
| Regional Management Corp.  | 2920 | 113763 |
| RenaissanceRe Holdings Ltd.  | 135 | 34281 |
| Renasant Corp.  | 14379 | 530441 |
| Republic Bancorp, Inc. - Class A  | 2280 | 164730 |
| Riot Platforms, Inc.\*  | 4334 | 82476 |
| S&T Bancorp, Inc.  | 5553 | 208737 |
| Safety Insurance Group, Inc.  | 990 | 69983 |
| Seacoast Banking Corp. of Florida  | 3015 | 91746 |
| Selectquote, Inc.\*  | 4299 | 8426 |
| ServisFirst Bancshares, Inc.  | 790 | 63619 |
| Sierra Bancorp  | 2330 | 67360 |
| Simmons First National Corp. - Class A  | 16097 | 308579 |
| SiriusPoint Ltd.\*  | 17520 | 316937 |
| SLM Corp.  | 1261 | 34904 |
| SmartFinancial, Inc.  | 2450 | 87539 |
| SoFi Technologies, Inc.\*  | 12465 | 329325 |
| Southside Bancshares, Inc.  | 2196 | 62037 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued)

AS OF SEPTEMBER 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| Advanced Energy Industries, Inc.  | 259 | $44066 |
| Aebi Schmidt Holding A.G.  | 2517 | 31387 |
| American Woodmark Corp.\*  | 3555 | 237332 |
| Apogee Enterprises, Inc.  | 764 | 33287 |
| Applied Industrial Technologies, Inc.  | 154 | 40202 |
| ArcBest Corp.  | 3349 | 233995 |
| Arcosa, Inc.  | 6049 | 566852 |
| Ardmore Shipping Corp.  | 7723 | 91672 |
| Argan, Inc.  | 293 | 79125 |
| Arrow Electronics, Inc.\*  | 1640 | 198440 |
| Astec Industries, Inc.  | 3557 | 171198 |
| Astronics Corp.\*  | 890 | 40593 |
| ATI, Inc.\*  | 3979 | 323652 |
| Atkore, Inc.  | 890 | 55839 |
| Avnet, Inc.  | 16166 | 845158 |
| AZZ, Inc.  | 1710 | 186612 |
| Bel Fuse, Inc. - Class B  | 1600 | 225632 |
| Belden, Inc.  | 281 | 33796 |
| Benchmark Electronics, Inc.  | 6831 | 263335 |
| Boise Cascade Co.  | 3268 | 252682 |
| Brady Corp. - Class A  | 730 | 56962 |
| C.H. Robinson Worldwide, Inc.  | 204 | 27010 |
| Cadre Holdings, Inc.  | 724 | 26433 |
| Chart Industries, Inc.\*  | 1430 | 286214 |
| Clearwater Paper Corp.\*  | 2387 | 49554 |
| Coherent Corp.\*  | 1469 | 158241 |
| Columbus McKinnon Corp.  | 2510 | 35993 |
| Comfort Systems USA, Inc.  | 169 | 139455 |
| Concrete Pumping Holdings, Inc.  | 7730 | 54497 |
| Core Molding Technologies, Inc.\*  | 1390 | 28565 |
| Costamare, Inc.  | 19657 | 234115 |
| Covenant Logistics Group, Inc.  | 5924 | 128314 |
| DHT Holdings, Inc.  | 29553 | 353158 |
| Dorian LPG Ltd.  | 9803 | 292129 |
| Ducommun, Inc.\*  | 2697 | 259263 |
| DXP Enterprises, Inc.\*  | 1906 | 226947 |
| Eastman Kodak Co.\*  | 8600 | 55126 |
| EMCOR Group, Inc.  | 488 | 316976 |
| EnerSys  | 1590 | 179606 |
| Enpro, Inc.  | 1789 | 404314 |
| Enviri Corp.\*  | 15936 | 202228 |
| Esab Corp.  | 3661 | 409080 |
| ESCO Technologies, Inc.  | 1599 | 337565 |
| Everus Construction Group, Inc.\*  | 507 | 43475 |
| Federal Signal Corp.  | 1438 | 171108 |
| Flowserve Corp.  | 1770 | 94058 |
| Forward Air Corp.\*  | 1821 | 46690 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| Frontdoor, Inc.\*  | 2320 | $156113 |
| GATX Corp.  | 6657 | 1163644 |
| Genco Shipping & Trading Ltd.  | 9436 | 167961 |
| Gibraltar Industries, Inc.\*  | 2749 | 172637 |
| Granite Construction, Inc.  | 3298 | 361626 |
| Great Lakes Dredge & Dock Corp.\*  | 7550 | 90524 |
| Greenbrier Cos., Inc.  | 5372 | 248025 |
| Greif, Inc. - Class A  | 5540 | 331070 |
| Griffon Corp.  | 1970 | 150015 |
| Heartland Express, Inc.  | 8760 | 73409 |
| Helios Technologies, Inc.  | 783 | 40818 |
| Hillenbrand, Inc.  | 4859 | 131387 |
| Hillman Solutions Corp.\*  | 4490 | 41218 |
| Himalaya Shipping Ltd.  | 5610 | 46170 |
| Hub Group, Inc. - Class A  | 10810 | 372296 |
| Ichor Holdings Ltd.\*  | 3023 | 52963 |
| Insteel Industries, Inc.  | 1540 | 59044 |
| International Seaways, Inc.  | 8560 | 394445 |
| Itron, Inc.\*  | 394 | 49077 |
| Janus International Group, Inc.\*  | 5887 | 58105 |
| JELD-WEN Holding, Inc.\*  | 7407 | 36368 |
| Kennametal, Inc.  | 7425 | 155405 |
| Kimball Electronics, Inc.\*  | 5497 | 164140 |
| Kirby Corp.\*  | 5533 | 461729 |
| Knight-Swift Transportation Holdings, Inc.  | 2160 | 85342 |
| Knowles Corp.\*  | 12079 | 281561 |
| Kratos Defense & Security Solutions, Inc.\*  | 3110 | 284161 |
| L B Foster Co. - Class A\*  | 1544 | 41611 |
| Latham Group, Inc.\*  | 5550 | 42236 |
| Lindsay Corp.  | 230 | 32329 |
| LSB Industries, Inc.\*  | 3600 | 28368 |
| Manitowoc Co., Inc.\*  | 5050 | 50551 |
| Marten Transport Ltd.  | 16425 | 175090 |
| Masterbrand, Inc.\*  | 12775 | 168247 |
| Materion Corp.  | 1444 | 174450 |
| Matson, Inc.  | 5641 | 556146 |
| Mercury Systems, Inc.\*  | 1290 | 99846 |
| Metallus, Inc.\*  | 6609 | 109247 |
| Mirion Technologies, Inc.\*  | 11353 | 264071 |
| Mistras Group, Inc.\*  | 3760 | 36998 |
| Modine Manufacturing Co.\*  | 5030 | 715065 |
| Mohawk Industries, Inc.\*  | 4058 | 523157 |
| Mueller Industries, Inc.  | 5241 | 529918 |
| Myers Industries, Inc.  | 2540 | 43028 |
| MYR Group, Inc.\*  | 175 | 36405 |
| National Presto Industries, Inc.  | 710 | 79626 |
| NL Industries, Inc.  | 5450 | 33518 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued)

AS OF SEPTEMBER 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| Nordic American Tankers Ltd.  | 37298 | $117116 |
| nVent Electric PLC  | 2805 | 276685 |
| NWPX Infrastructure, Inc.\*  | 1967 | 104113 |
| O-I Glass, Inc.\*  | 11355 | 147274 |
| Olympic Steel, Inc.  | 2159 | 65742 |
| Orion Group Holdings, Inc.\*  | 2680 | 22298 |
| Park-Ohio Holdings Corp.  | 1067 | 22663 |
| Plexus Corp.\*  | 1507 | 218048 |
| Powell Industries, Inc.  | 110 | 33529 |
| Power Solutions International, Inc.\*  | 129 | 12670 |
| Primoris Services Corp.  | 5225 | 717549 |
| Proto Labs, Inc.\*  | 3080 | 154092 |
| Radiant Logistics, Inc.\*  | 11066 | 65289 |
| Regal Rexnord Corp.  | 560 | 80326 |
| Ryder System, Inc.  | 2573 | 485371 |
| Ryerson Holding Corp.  | 4869 | 111305 |
| Safe Bulkers, Inc.  | 15080 | 66955 |
| Sanmina Corp.\*  | 9962 | 1146726 |
| Schneider National, Inc. - Class B  | 9670 | 204617 |
| Scorpio Tankers, Inc.  | 9611 | 538697 |
| Sensata Technologies Holding PLC  | 8540 | 260897 |
| SFL Corp. Ltd.  | 21828 | 164365 |
| Smith & Wesson Brands, Inc.  | 5550 | 54556 |
| SPX Technologies, Inc.\*  | 1777 | 331908 |
| Standex International Corp.  | 260 | 55094 |
| Stanley Black & Decker, Inc.  | 2620 | 194745 |
| Sterling Infrastructure, Inc.\*  | 443 | 150478 |
| Stoneridge, Inc.\*  | 1024 | 7803 |
| Sturm Ruger & Co., Inc.  | 623 | 27082 |
| Taylor Devices, Inc.\*  | 300 | 14718 |
| TD SYNNEX Corp.  | 1420 | 232525 |
| Teekay Corp. Ltd.  | 15882 | 129915 |
| Teekay Tankers Ltd. - Class A  | 4795 | 242387 |
| Terex Corp.  | 3945 | 202378 |
| Thermon Group Holdings, Inc.\*  | 1980 | 52906 |
| Timken Co.  | 1435 | 107883 |
| TriMas Corp.  | 5160 | 199382 |
| Trinity Industries, Inc.  | 9072 | 254379 |
| TTM Technologies, Inc.\*  | 22588 | 1301069 |
| Tutor Perini Corp.\*  | 5717 | 374978 |
| UFP Industries, Inc.  | 1070 | 100034 |
| Universal Logistics Holdings, Inc.  | 869 | 20369 |
| Vishay Intertechnology, Inc.  | 21829 | 333984 |
| Watts Water Technologies, Inc. - Class A  | 260 | 72613 |
| Werner Enterprises, Inc.  | 9190 | 241881 |
| Willis Lease Finance Corp.  | 1660 | 227569 |
| World Kinect Corp.  | 9967 | 258644 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| Worthington Enterprises, Inc.  | 2520 | $| 139835 |
| Worthington Steel, Inc.  | 3813 |  | 115877 |
|  |  |  | **28726450** |
| **TECHNOLOGY — 2.3%** | **TECHNOLOGY — 2.3%** | **TECHNOLOGY — 2.3%** | **TECHNOLOGY — 2.3%** |
| 8x8, Inc.\*  | 11345 |  | 24051 |
| Adeia, Inc.  | 7782 |  | 130738 |
| Alpha & Omega Semiconductor Ltd.\*  | 4492 |  | 125596 |
| Amkor Technology, Inc.  | 35970 |  | 1021548 |
| Amtech Systems, Inc.\*  | 3996 |  | 37003 |
| ASGN, Inc.\*  | 1351 |  | 63970 |
| Axcelis Technologies, Inc.\*  | 340 |  | 33198 |
| Bandwidth, Inc. - Class A\*  | 870 |  | 14503 |
| Cerence, Inc.\*  | 2621 |  | 32658 |
| Claritev Corp.\*  | 1407 |  | 74684 |
| Climb Global Solutions, Inc.  | 379 |  | 51104 |
| Cohu, Inc.\*  | 5617 |  | 114194 |
| Concentrix Corp.  | 600 |  | 27690 |
| Conduent, Inc.\*  | 20100 |  | 56280 |
| Corsair Gaming, Inc.\*  | 2678 |  | 23888 |
| Digi International, Inc.\*  | 3455 |  | 125969 |
| Diodes, Inc.\*  | 3817 |  | 203103 |
| DXC Technology Co.\*  | 4260 |  | 58064 |
| Evolent Health, Inc. - Class A\*  | 2260 |  | 19120 |
| Five9, Inc.\*  | 1200 |  | 29040 |
| FormFactor, Inc.\*  | 1740 |  | 63371 |
| GigaCloud Technology, Inc. - Class A\*  | 2193 |  | 62281 |
| Insight Enterprises, Inc.\*  | 955 |  | 108307 |
| Integral Ad Science Holding Corp.\*  | 3990 |  | 40578 |
| IPG Photonics Corp.\*  | 2060 |  | 163131 |
| Kulicke & Soffa Industries, Inc.  | 938 |  | 38120 |
| LiveRamp Holdings, Inc.\*  | 3029 |  | 82207 |
| Mastech Digital, Inc.\*  | 3097 |  | 23611 |
| N-able, Inc.\*  | 5845 |  | 45591 |
| NCR Atleos Corp.\*  | 866 |  | 34042 |
| NCR Voyix Corp.\*  | 2690 |  | 33759 |
| NetScout Systems, Inc.\*  | 9560 |  | 246935 |
| OneSpan, Inc.  | 1723 |  | 27378 |
| Onto Innovation, Inc.\*  | 185 |  | 23906 |
| Photronics, Inc.\*  | 9427 |  | 216350 |
| Playstudios, Inc.\*  | 16237 |  | 15630 |
| Richardson Electronics Ltd./United States  | 1100 |  | 10769 |
| Synaptics, Inc.\*  | 370 |  | 25286 |
| Telos Corp.\*  | 3000 |  | 20520 |
| Ultra Clean Holdings, Inc.\*  | 2784 |  | 75864 |
| V2X, Inc.\*  | 552 |  | 32066 |
| Veeco Instruments, Inc.\*  | 3047 |  | 92720 |
| Verint Systems, Inc.\*  | 3380 |  | 68445 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry U.S. Small Cap Value Fund** 

SCHEDULE OF INVESTMENTS (Continued)

AS OF SEPTEMBER 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **TECHNOLOGY (Continued)** | **TECHNOLOGY (Continued)** | **TECHNOLOGY (Continued)** | **TECHNOLOGY (Continued)** |
| Vishay Precision Group, Inc.\*  | 2170 | $| 69548 |
| WM Technology, Inc.\*  | 21140 |  | 24522 |
| Xerox Holdings Corp.  | 9170 |  | 34479 |
|  |  |  | **3945817** |
| **UTILITIES — 1.2%** | **UTILITIES — 1.2%** | **UTILITIES — 1.2%** | **UTILITIES — 1.2%** |
| Ameresco, Inc. - Class A\*  | 4956 |  | 166423 |
| Brookfield Infrastructure Corp. - Class A  | 4327 |  | 177926 |
| Clearway Energy, Inc. - Class C  | 3200 |  | 90400 |
| Consolidated Water Co., Ltd.  | 1220 |  | 43042 |
| MDU Resources Group, Inc.  | 12004 |  | 213791 |
| MGE Energy, Inc.  | 944 |  | 79466 |
| New Jersey Resources Corp.  | 6126 |  | 294967 |
| NRG Energy, Inc.  | 3112 |  | 503988 |
| ONE Gas, Inc.  | 900 |  | 72846 |
| Otter Tail Corp.  | 1395 |  | 114348 |
| Portland General Electric Co.  | 1760 |  | 77440 |
| UGI Corp.  | 1580 |  | 52551 |
| Unitil Corp.  | 1290 |  | 61739 |
|  |  |  | **1948927** |
| **TOTAL COMMON STOCKS** (Cost $103,411,947)  |  |  | **160911288** |
| **EXCHANGE-TRADED FUNDS — 1.9%** | **EXCHANGE-TRADED FUNDS — 1.9%** | **EXCHANGE-TRADED FUNDS — 1.9%** | **EXCHANGE-TRADED FUNDS — 1.9%** |
| Direxion Daily Small Cap Bull 3X Shares - ETF<sup>1</sup>  | 19064 |  | 862455 |
| iShares Russell 2000 Value ETF<sup>1</sup>  | 5844 |  | 1033278 |
| iShares S&P Small-Cap 600 Value ETF<sup>1</sup>  | 2010 |  | 222286 |
| SPDR S&P Regional Banking ETF  | 16373 |  | 1036411 |
| **TOTAL EXCHANGE-TRADED FUNDS**  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,017,975)  |  |  | **3154430** |
| **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
| **CONSUMER, CYCLICAL — 0.0%** | **CONSUMER, CYCLICAL — 0.0%** | **CONSUMER, CYCLICAL — 0.0%** | **CONSUMER, CYCLICAL — 0.0%** |
| QVC Group, Inc. 8.00%, 3/15/2031<sup>3</sup>  | 274 |  | **1869** |
| **INDUSTRIAL — 0.0%** | **INDUSTRIAL — 0.0%** | **INDUSTRIAL — 0.0%** | **INDUSTRIAL — 0.0%** |
| Steel Partners Holdings LP 6.00%, 2/7/2026<sup>3</sup>  | 1855 |  | **46041** |
| **TOTAL PREFERRED STOCKS** (Cost $55,778)  |  |  | **47910** |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| **COMMUNICATIONS — 0.0%** | **COMMUNICATIONS — 0.0%** | **COMMUNICATIONS — 0.0%** | **COMMUNICATIONS — 0.0%** |
| Gen Digital, Inc., Expiration Date: December 30, 2025\*  | 400 |  | 2788 |
| **TOTAL RIGHTS** (Cost $0)  |  |  | **2788** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
| **BASIC MATERIALS — 0.0%** | **BASIC MATERIALS — 0.0%** | **BASIC MATERIALS — 0.0%** |
| Resolute Forest Products, Inc., Expiration Date: December 31, 2025\*<sup>2</sup>  | 12820 | $**—** |
| **CONSUMER, NON-CYCLICAL — 0.0%** | **CONSUMER, NON-CYCLICAL — 0.0%** | **CONSUMER, NON-CYCLICAL — 0.0%** |
| Regulus Therapeutics Inc., Expiration Date: December 30, 2026\*<sup>2</sup>  | 9881 | **—** |
| **TOTAL WARRANTS** (Cost $0)  |  | **—** |
| **MONEY MARKET INVESTMENTS — 4.6%** | **MONEY MARKET INVESTMENTS — 4.6%** | **MONEY MARKET INVESTMENTS — 4.6%** |
| Federated Treasury Obligations Fund - Class Institutional, 3.91%<sup>4,5</sup>  | 500000 | 500000 |
| Fidelity Investments Money Market Government Portfolio - Class III, 3.77%<sup>4</sup>  | 4177983 | 4177983 |
| Invesco Government & Agency Portfolio, 4.05%<sup>4,6</sup>  | 3069833 | 3069833 |
| **TOTAL MONEY MARKET INVESTMENTS**  | **TOTAL MONEY MARKET INVESTMENTS**  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,747,816)  |  | **7747816** |
| **TOTAL INVESTMENTS — 101.4%** | **TOTAL INVESTMENTS — 101.4%** | **TOTAL INVESTMENTS — 101.4%** |
| &nbsp;&nbsp;&nbsp;(Cost $113,233,516)  |  | **171864232** |
| Liabilities less other assets — (1.4)%  |  | **(2343954)** |
| **TOTAL NET ASSETS — 100.0%**  |  | $**169520278** |

---

LP – Limited Partnership

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> All or a portion of shares are on loan. Total loaned securities had a fair value of $2,993,122 at September 30, 2025. 

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

<sup>3</sup> <sup></sup>Callable.

<sup>4</sup> <sup></sup>Variable rate security; the rate shown represents the 7-day yield at September 30, 2025.

<sup>5</sup> &nbsp;&nbsp;&nbsp;&nbsp;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, 2025. The Fund had option contracts transactions during the period ended September 30, 2025, however, due to the timing of these transactions, there were no open options contracts as of September 30, 2025. 

<sup>6</sup> Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $3,069,833 at September 30, 2025. 

*See accompanying Notes to Financial Statements.*

**Vericimetry Funds** 

**Vericimetry U.S. Small Cap Value Fund** 

Statement of Assets and Liabilities

AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at value (cost $113,233,516)  | $171864232<sup>(1)</sup> |
| Deposit at broker for options contracts  | 822535 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Securities sold  | 387710 |
| &nbsp;&nbsp;&nbsp;Dividends and interest  | 152512 |
| &nbsp;&nbsp;&nbsp;Securities lending income  | 2259 |
| Prepaid expenses and other assets  | 11571 |
| &nbsp;&nbsp;&nbsp;Total assets  | 173240819 |
| **LIABILITIES:** |  |
| Collateral due to broker for securities loaned  | 3069833 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Securities purchased  | 525000 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed  | 4300 |
| &nbsp;&nbsp;&nbsp;Due to Trustees  | 8700 |
| &nbsp;&nbsp;&nbsp;Due to Adviser  | 62843 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees and expenses  | 13303 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees  | 3063 |
| &nbsp;&nbsp;&nbsp;Custody fees  | 6555 |
| Accrued other expenses  | 26944 |
| &nbsp;&nbsp;&nbsp;Total liabilities  | 3720541 |
| Commitments and contingencies (Note 3)  |  |
| **NET ASSETS**  | $169520278 |
| **COMPONENTS OF NET ASSETS:** |  |
| Paid-in capital  | $93564002 |
| Total distributable earnings  | 75956276 |
| **NET ASSETS**  | $169520278 |
| **Shares outstanding, no par value (unlimited shares authorized)**  | 7793410 |
| **Net asset value, offering and redemption price per share**  | $21.75 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes securities on loan of $2,993,122 (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, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $2,196)  | $3110223 |
| &nbsp;&nbsp;&nbsp;Securities lending income  | 11219 |
| &nbsp;&nbsp;&nbsp;Interest  | 198352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment Income  | 3319794 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees  | 839562 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees and expenses  | 79670 |
| &nbsp;&nbsp;&nbsp;Professional fees  | 39000 |
| &nbsp;&nbsp;&nbsp;Custody fees  | 36151 |
| &nbsp;&nbsp;&nbsp;Registration fees  | 29017 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees  | 25740 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees  | 14572 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses  | 9169 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses  | 8700 |
| &nbsp;&nbsp;&nbsp;Insurance fees  | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 1088033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived by the Adviser  | (80558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses  | 1007475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income**  | 2312319 |
| **Net Realized and Unrealized Gain on Investments and Options Contracts** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 18764843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts  | 18834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain  | 18783677 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments  | (9964044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments and options contracts  | 8819633 |
| **Net Increase in Net Assets from Operations**  | $11131952 |

---

*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 <br> September 30, 2025**  | **For the Year Ended <br> September 30, 2024**  |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $2312319 | $2239745 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, purchased options contracts and written options contracts  | 18783677 | 14116351 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments  | (9964044) | 24489734 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations**  | 11131952 | 40845830 |
| **Distributions to Shareholders**  | $(16299034) | $(5030033) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued  | 30379 | 425921 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions  | 16283929 | 5024733 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed  | (21579571) | (25608658) |
| &nbsp;&nbsp;&nbsp;**Net decrease resulting from capital transactions**  | (5265263) | (20158004) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets**  | (10432345) | 15657793 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year  | 179952623 | 164294830 |
| &nbsp;&nbsp;&nbsp;End of year  | $169520278 | $179952623 |
| **Capital Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued  | 1470 | 23329 |
| &nbsp;&nbsp;&nbsp;Shares reinvested  | 750157 | 261356 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (1055051) | (1257116) |
| **Net decrease in capital shares**  | (303424) | (972431) |

---

*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 a capital share outstanding throughout each year* | *For a capital share outstanding throughout each year* | *For a capital share outstanding throughout each year* | *For a capital share outstanding throughout each year* | *For a capital share outstanding throughout each year* |
|  | **For the <br> Year Ended <br> September 30, <br> 2025**  | **For the <br> Year Ended <br> September 30, <br> 2024**  | **For the <br> Year Ended <br> September 30, <br> 2023**  | **For the <br> Year Ended <br> September 30, <br> 2022**  | **For the <br> Year Ended <br> September 30, <br> 2021**  |
| **Net asset value, beginning of year**  | $22.23 | $18.12 | $17.30 | $23.11 | $13.69 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | 0.29 | 0.26 | 0.27 | 0.23 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 1.27 | 4.42 | 2.00 | (2.14) | 9.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations  | 1.56 | 4.68 | 2.27 | (1.91) | 9.62 |
| **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income  | (0.28) | (0.26) | (0.28) | (0.20) | (0.20) |
| &nbsp;&nbsp;&nbsp;From net realized gain  | (1.76) | (0.31) | (1.17) | (3.70) |  |
| &nbsp;&nbsp;&nbsp;Total distributions  | (2.04) | (0.57) | (1.45) | (3.90) | (0.20) |
| **Net asset value, end of year**  | $21.75 | $22.23 | $18.12 | $17.30 | $23.11 |
| **Total return**  | 7.14% | 26.35% | 12.85% | (10.34)% | 70.44% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (in thousands)  | $169520 | $179953 | $164295 | $155592 | $160188 |
| Ratio of expenses to average net assets (including interest expense)  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees reimbursed by the Adviser  | 0.65% | 0.65% | 0.66% | 0.66% | 0.67% |
| &nbsp;&nbsp;&nbsp;After fees reimbursed by the Adviser  | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Ratio of net investment income to average net assets (including interest expense)  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees reimbursed by the Adviser  | 1.33% | 1.23% | 1.42% | 1.07% | 0.77% |
| &nbsp;&nbsp;&nbsp;After fees reimbursed by the Adviser  | 1.38% | 1.28% | 1.48% | 1.13% | 0.84% |
| Portfolio turnover rate  | 41% | 23% | 46% | 72% | 72% |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry Funds** 

Notes to Financial Statements

As of SEPTEMBER 30, 2025

**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.

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Vericimetry Advisors LLC (the "Adviser") to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The management of the Fund's Adviser is deemed to be the Chief Operating Decision Maker (the "CODM") with respect to the Fund's investment decisions.

**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 generally accepted accounting principles 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 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, 2025

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials  | $8467433 | $— | $— | $8467433 |
| &nbsp;&nbsp;&nbsp;Communications  | 4271506 |  |  | 4271506 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical  | 27440144 |  |  | 27440144 |
| &nbsp;&nbsp;&nbsp;Consumer, Non—Cyclical  | 15933617 |  | — \* | 15933617 |
| &nbsp;&nbsp;&nbsp;Energy  | 14637199 |  |  | 14637199 |
| &nbsp;&nbsp;&nbsp;Financial  | 55540195 |  |  | 55540195 |
| &nbsp;&nbsp;&nbsp;Industrial  | 28726450 |  |  | 28726450 |
| &nbsp;&nbsp;&nbsp;Technology  | 3945817 |  |  | 3945817 |
| &nbsp;&nbsp;&nbsp;Utilities  | 1948927 |  |  | 1948927 |
| Exchange-Traded Funds  | 3154430 |  |  | 3154430 |
| Preferred Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical  | 1869 |  |  | 1869 |
| &nbsp;&nbsp;&nbsp;Industrial  | 46041 |  |  | 46041 |
| Rights  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial  | 2788 |  |  | 2788 |
| Warrants  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials  |  |  | — \* |  |
| &nbsp;&nbsp;&nbsp;Consumer, Non-Cyclical  |  |  | — \* |  |
| Money Market Investments  | 7747816 |  |  | 7747816 |
| **Total Investments in Securities**  | $171864232 | $— | $— | $171864232 |

---

\* The Adviser valued these holdings at $0 as of September 30, 2025. 

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment Transactions, Investment Income and Expenses – Investment transactions are recorded on the trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Securities gains and losses are calculated based on highest cost, long-term holdings. Interest income is recognized on an accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund. The Fund may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of SEPTEMBER 30, 2025

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

GAAP requires management of the Fund to analyze all open tax years (for the Fund, tax years 2022-2025), 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, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025, the value of securities loaned by the Fund was $2,993,122 and the Fund received cash collateral of $3,069,833. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Option Contracts – The Fund may write or purchase options contracts primarily to enhance the Fund's returns or reduce volatility. In addition, the Fund may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as an asset or a liability and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options that expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. The Fund, as a writer of an option, may have no control over whether the underlying securities may be sold (call) or

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of SEPTEMBER 30, 2025

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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Asset Coverage for Options Positions – The Fund deposits and maintains margin with respect to its futures and options positions. Such margin deposits will vary depending on the nature of the underlying instrument (and the related initial margin requirements), the current market value of the instrument and other positions held by the Fund. The Fund will hold liquid assets or enter into transactions to cover the underlying obligation or set aside in a segregated account at the Fund's custodian liquid assets, such as cash, 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, 2025 is denoted in the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Deposit at Brokers – Deposit at broker for options contracts represent an amount that is held by a third party for the Fund's derivative transactions. Such cash is excluded from cash and cash equivalents in the Statements of Assets and Liabilities. Cash and cash equivalents and deposits at broker are subject to credit risk to the extent those balances exceed applicable Securities Investor Protection Corporation ("SIPC") or Federal Deposit Insurance Corporation ("FDIC") limitations.

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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, 2025, the Fund had no open derivative instruments and therefore there was no impact to the Statement of Assets and Liabilities. The effects of derivative instruments on the Statement of Operations for the year ended September 30, 2025 are as follows:

---

| | |
|:---|:---|
|  | **Amount of <br> Realized Gain <br> or (Loss) on <br> Derivatives <br> Recognized in <br> Income** |
| Derivatives not designated as hedging instruments  | **Purchased <br> Options Contracts** |
| Equity contracts  | $18834 |
| Total  | $18834 |

---

For the year ended September 30, 2025, the Fund's purchases and sales of purchased option contracts were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $172178 | $191012 |

---

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

**3. Investment Advisory and Other Agreements** 

The Fund has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Adviser receives a fee from the Fund, accrued daily and paid monthly, at an annual rate equal to 0.50% of the Fund's average daily net assets. However, the Adviser has contractually agreed

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of SEPTEMBER 30, 2025

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, 2027. For the year ended September 30, 2025, the Fund accrued $839,562 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $80,558.

Under the terms of the Expense Limitation Agreement, if at any time the expenses of the Fund are less than the expense limitation, the Adviser retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed within the prior three years, to the extent that such reimbursement will not cause the Fund's annualized expenses to exceed 0.60% of its average net assets on an annualized basis, or the expense limitation in place at time of waiver or reimbursement. The Fund is not obligated to reimburse the Adviser for fees previously waived or expenses previously assumed by the Adviser more than three years before the date of such reimbursement. All such reimbursements are contingent upon Board review and approval. As of September 30, 2025, reimbursements that may potentially be made by the Fund to the Adviser total $264,711, which expire as follows:

---

| | |
|:---|:---|
| September 30, 2026  | $102223 |
| September 30, 2027  | $81930 |
| September 30, 2028  | $80558 |

---

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, 2025, 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  | $115418383 |
| Gross Unrealized Appreciation  | $63632920 |
| Gross Unrealized Depreciation  | (7187071) |
| Net Unrealized Appreciation  | $56445849 |

---

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, 2025, there were no permanent difference reclassifications.

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed Ordinary Income  | $281862 |
| Undistributed Long-term Gains  | 19229946 |
| Other Accumulated Losses  | (1381) |
| Unrealized Appreciation on Investments  | 56445849 |
| Total Distributable Earnings  | $75956276 |

---

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of SEPTEMBER 30, 2025

The tax character of distributions paid during the fiscal years ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2024** |
| Distributions Paid From: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income  | $2265590 | $2233216 |
| &nbsp;&nbsp;&nbsp;Long-term Capital Gains  | 14033444 | 2796817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions  | $16299034 | $5030033 |

---

**5. Investment Transactions** 

For the year ended September 30, 2025, the Fund's purchases and sales of investments, excluding short-term investments, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $67076726 | $86354962 |

---

**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, 2025, Charles Schwab & Co., Inc., holding shares for the benefit of others in nominee name, held approximately 94.9% 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. Concentration Risk** 

Financial Sector Concentration risk is the possibility that securities within the financial sector will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in the financial sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector, such as interest rate risk and credit risk. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. Additionally, the financial sector could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.

**9. New Accounting Pronouncements and Regulatory Updates** 

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of SEPTEMBER 30, 2025

**10. Events Subsequent to the Fiscal Period End** 

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

**Vericimetry Funds** 

Report of Independent Registered Public Accounting Firm

To the Shareholders of Vericimetry U.S. Small Cap Value Fund

and Board of Trustees of Vericimetry Funds

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vericimetry Funds comprising Vericimetry U.S. Small Cap Value Fund (the "Fund") as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the 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, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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

<u><u>Basis for Opinion</u></u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

![](fp0095918-2_23.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

**Vericimetry Funds** 

FORM N-CSR ITEMS 8 – 11

September 30 (Unaudited)

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

Not applicable.

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

Not applicable.

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

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

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contact.** 

Not applicable.

**This page intentionally left blank.**

**Vericimetry U.S. Small Cap Value Fund** 

www.vericimetryfunds.com

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

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable.

**Item 16. Controls and Procedures.**

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

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

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

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics – Filed as an attachment to this filing.](fp0095918-2_ex99code.htm)

[(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.](fp0095918-2_ex99cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) – Filed as an attachment to this filing.](fp0095918-2_ex99906cert.htm)

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 | Vericimetry Funds |
| By: | /s/ Dr. Mendel Fygenson |
|  | Dr. Mendel Fygenson |
|  | President |
| Date: | December 8, 2025 |

---

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 | Vericimetry Funds |
| By: | /s/ Dr. Mendel Fygenson |
|  | Dr. Mendel Fygenson |
|  | President |
| Date: | December 8, 2025 |
| By: | /s/ Michael Thill |
|  | Michael Thill |
|  | Treasurer |
| Date: | December 8, 2025 |

---

## Ex-99.Code

**CODE OF BUSINESS ETHICS FOR**

**SENIOR EXECUTIVES AND FINANCIAL OFFICERS**

**VERICIMETRY FUNDS**

I. Covered Officers and Purposes of the Code

The Board of Trustees (the "Board") of Vericimetry Funds (the "Trust") has adopted this Code of Business Ethics for Senior Executive and Financial Officers (the "Code"). The Code applies to the Trust's senior executive officers and principal financial officers (together, the "Covered Officers"), and is adopted to promote:

● honest and ethical conduct, including the ethical handling of conflicts of interest;

● full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission (the "SEC"), and in other public communications made by the Funds;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to the appropriate person(s) identified in the Code; and

● accountability for adherence to the Code.

II. Covered Officers Should "Adhere to a High Standard of Business Ethics"

Each Covered Officer owes a duty to the Trust to adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual, as well as apparent, conflicts of interests.

Each Covered Officer shall:

● observe all laws and governmental rules and regulations, accounting standards and Trust policies;

● adhere to a high standard of business ethics; and

● place the interests of the Trust before the Covered Officer's own personal interests.

All activities of Covered Officers should be guided by and adhere to these fiduciary standards.

III. Covered Officers Should Ethically Handle Conflicts of Interest

**Guiding Principles.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of or his/her service to, the Trust. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his/her Trust work objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Trust. In addition, the Trust must be sensitive to situations that create apparent, if not actual, conflicts of interest. Service to the Trust should not be subordinated to personal gain and advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Trust that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of the Covered Officers' status as "affiliated persons" of the Trusts. The compliance programs and procedures of the Trust and Vericimetry Advisors LLC, the Trust's investment advisor (the "Advisor"), are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace those compliance programs and procedures. Covered Officers must in all cases comply with applicable statutes and regulations.

Although typically not presenting an opportunity for improper personal benefit, conflicts of interest arise from, or as a result of, the contractual relationships between the Trust and the Advisor, of which the Covered Officers are also officers or employees. As a result, it is recognized by the Boards that, subject to the Advisor's fiduciary duties to the Trust, the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Advisor, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Advisor and the Trust. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationships between the Trust and the Advisor, and is consistent with the expectation of the Boards of the performance by the Covered Officers of their duties as officers of the Trust. Such participation, if addressed in conformity with the provisions of the 1940 Act and the Advisers Act, will be deemed to have been handled ethically

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. In reading the following examples of conflicts of interest under the Code, the Covered Officers should keep in mind that such a list cannot be exhaustive by covering every possible scenario. It follows that the overarching principle—that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust—should be the guiding principle in all circumstances.

Each Covered Officer must:

● avoid conflicts of interest whenever possible;

● handle any actual or apparent conflict of interest ethically;

● not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Trust;

● not use material, non-public knowledge of portfolio transactions made or contemplated for the Trust to profit personally, or to cause others to profit, by the market effect of such transactions; and

● as described in more detail below, discuss any material transaction or relationship, which could reasonably be expected to give rise to a conflict of interest, with the Chief Compliance Officer of the Trust (the "Designated Ethics Officer"). In the event the Chief Compliance Officer of the Funds is not available, the Chairman of the Audit Committee may take action required hereunder of the Designated Ethics Officer.

There are some conflict of interest situations that should always be discussed with the Designated Ethics Officer, if material. Examples of these situations include:

● any outside business activity that detracts from an individual's ability to devote appropriate time and attention to his responsibilities with the Funds;

● service as a director on the board of any public or private company;

● the receipt of any non-nominal gifts;

● the receipt of any entertainment from any company with which the Funds have current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Advisor or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

IV. Disclosure

Each Covered Officer is required to be familiar and comply with the Trust's disclosure controls and procedures so that the Trust's subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Trust's other public communications should, to the extent appropriate within his/her area of responsibility, consult with other Fund officers and employees and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer:

● must familiarize themselves with the disclosure requirements applicable to the Trust as well as the business and financial operations of the Trust; and

● must not knowingly misrepresent, or intentionally cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Trust's Trustees and auditors, and to governmental regulators and self-regulatory organizations.

V. Compliance

It is the Trust's policy to comply with all applicable laws and governmental rules and regulations. It is the responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

VI. Reporting and Accountability

Each Covered Officer must:

● upon adoption of the Code, affirm in writing to the Designated Ethics Officer that he/she has received, read, and understands the Code;

● annually thereafter affirm to the Designated Ethics Officer that he/she has received, read and understands the Code and has complied with the requirements of the Code;

● not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

● notify the Designated Ethics Officer promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Designated Ethics Officer is responsible for applying the provisions of the Code to specific situations in which questions arise under the Code, and the Designated Ethics Officer has the authority to interpret this Code in any particular situation. The Designated Ethics Officer is authorized (and encouraged) to consult, as appropriate, with the Audit Committee of the Trust, the members of the Board who are not "interested persons" (together, the "Independent Trustees"), and counsel to the Funds and the Independent Trustees.

The Trust will comply with the following procedures in investigating and enforcing this Code:

● the Designated Ethics Officer will take all appropriate action to investigate any violations and potential violations reported to her;

● violations and potential violations will be reported to the Audit Committee after such investigation;

● if the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will consider appropriate action, which may include the review of, and necessary modifications to, applicable policies and procedures; notification to appropriate personnel of the Advisor or recommending the dismissal of the Covered Officer;

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities;

● the Audit Committee will report to the Board any action (whether disciplinary, preventive or otherwise) taken to address violations of this Code;

● the Audit Committee will be responsible for granting waivers and determining sanctions, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed on Form N-CSR as provided by SEC rules.

VII. Other Policies and Procedures

The code of ethics under Rule 17j-1 under the 1940 Act, adopted by the Trust and the Advisor, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VIII. Amendments

This Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Boards, including a majority of the Independent Trustees.

IX. Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Board and their counsel, the Funds, and the Advisor.

X. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**Exhibit A**

**Persons Covered by this Code of Business Ethics**

President of the Trust - (Principal Executive Officer)

Treasurer of the Trust - (Principal Financial Officer)

## Ex-99.Cert

**<u>Section 302 Certification<br></u>**

<br> I, Dr. Mendel Fygenson, certify that:

1. I have reviewed this report on Form N-CSR of Vericimetry Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940 Act):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the Audit Committee
of the registrant's Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| |
|:---|
| Date: December 8, 2025 |
| /s/ Dr. Mendel Fygenson |
| Dr. Mendel Fygenson |
| President |

---

**<u> </u>**

**<u>Section 302 Certification<br></u>**

<br> I, Michael Thill, certify that:

1. I have reviewed this report on Form N-CSR of Vericimetry Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940 Act):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the Audit Committee
of the registrant's Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| |
|:---|
| Date: December 8, 2025 |
| /s/ Michael Thill |
| Michael Thill |
| Treasurer |

---

## Exhibit 99.906

**<u>Section 906 Certification</u>**

**<u> </u>**

I, Dr. Mendel Fygenson, certify that the periodic report containing the financial statements filed herewith pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) (the "1934 Act") fully complies with the requirements of said Sections 13(a) or 15(d) of the 1934 Act and that information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

---

| |
|:---|
| Date: December 8, 2025 |
| /s/ Dr. Mendel Fygenson |
| Dr. Mendel Fygenson |
| President |

---

**<u>Section 906 Certification</u>**

**<u> </u>**

I, Michael Thill, certify that the periodic report containing the financial statements filed herewith pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) (the "1934 Act") fully complies with the requirements of said Sections 13(a) or 15(d) of the 1934 Act and that information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

---

| |
|:---|
| Date: December 8, 2025 |
| /s/ Michael Thill |
| Michael Thill |
| Treasurer |

---