# EDGAR Filing Document

**Accession Number:** 0001524968
**File Stem:** 0001398344-26-010560
**Filing Date:** 2026-6
**Character Count:** 106737
**Document Hash:** 41b018952e3e3cd0f4d8dc77ce7450a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010560.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001398344-26-010560

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22578
- **FILM NUMBER:** 261073126

**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>March 31, 2026</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

![](fp0098497-2_01.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026**

This semi-annual shareholder report contains important information about the Vericimetry U.S. Small Cap Value Fund ("Fund") for the period of October 1, 2025 to March 31, 2026.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.

**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 | $31 | 0.60%\* |

---

\* Annualized

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| **Fund net assets** | $168031798 |
| **Total number of portfolio holdings** | 834 |
| **Portfolio turnover rate as of the end of the reporting period** | 24% |

---

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

**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

---

| | |
|:---|:---|
| TTM Technologies, Inc. | 0.96% |
| Amkor Technology, Inc. | 0.76% |
| Hancock Whitney Corp. | 0.68% |
| Alcoa Corp. | 0.68% |
| APA Corp. | 0.67% |
| Popular, Inc. | 0.63% |
| Jackson Financial, Inc. - Class A | 0.62% |
| Avnet, Inc. | 0.61% |
| Air Lease Corp. | 0.60% |
| Matador Resources Co. | 0.57% |

---

ASSET ALLOCATION

![](fp0098497-2_02.jpg)

SECTOR ALLOCATION

![](fp0098497-2_03.jpg)

**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 \| 2

 ****

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable to semi-annual reports.

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

Not applicable to semi-annual reports.

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

Not applicable to semi-annual reports.

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

Not applicable.

**Item 6. 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.

![](fp0098497-1_i.jpg)

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

**Financial Statements and Other Information** 

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

March 31, 2026

**Vericimetry Funds** 

**TABLE OF CONTENTS**

MARCH 31, 2026

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

---

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

---

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

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

Schedule of Investments

AS OF MARCH 31, 2026 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — 93.0%** | **COMMON STOCKS — 93.0%** | **COMMON STOCKS — 93.0%** |
| **BASIC MATERIALS — 5.0%** | **BASIC MATERIALS — 5.0%** | **BASIC MATERIALS — 5.0%** |
| AdvanSix, Inc.  | 2926 | $71394 |
| Albemarle Corp.  | 1422 | 255292 |
| Alcoa Corp.  | 17082 | 1133049 |
| Cabot Corp.  | 1144 | 86155 |
| Caledonia Mining Corp. PLC  | 686 | 15497 |
| Calumet, Inc.\*  | 4368 | 156811 |
| Carpenter Technology Corp.  | 1869 | 736666 |
| Celanese Corp.  | 1787 | 117531 |
| Century Aluminum Co.\*  | 991 | 58162 |
| Chemours Co.  | 8184 | 180294 |
| Cleveland-Cliffs, Inc.\*  | 26385 | 222953 |
| Coeur Mining, Inc.\*  | 5254 | 98618 |
| Commercial Metals Co.  | 15360 | 943565 |
| Compass Minerals International, Inc.\*  | 847 | 19777 |
| Eastman Chemical Co.  | 1116 | 85173 |
| Ecovyst, Inc.\*  | 21110 | 271475 |
| Element Solutions, Inc.  | 13272 | 453106 |
| Ferroglobe PLC  | 3215 | 13246 |
| FMC Corp.  | 1500 | 25830 |
| Friedman Industries, Inc.  | 1376 | 24383 |
| H.B. Fuller Co.  | 3371 | 207923 |
| Hawkins, Inc.  | 327 | 50227 |
| Hecla Mining Co.  | 16821 | 313375 |
| Huntsman Corp.  | 18146 | 241523 |
| Innospec, Inc.  | 894 | 65280 |
| Intrepid Potash, Inc.\*  | 1350 | 57739 |
| Kaiser Aluminum Corp.  | 1361 | 164014 |
| Koppers Holdings, Inc.  | 2416 | 93451 |
| Kronos Worldwide, Inc.  | 16138 | 106027 |
| LyondellBasell Industries N.V. - Class A  | 1120 | 90227 |
| Mativ Holdings, Inc.  | 1971 | 17148 |
| Minerals Technologies, Inc.  | 4354 | 308786 |
| Mosaic Co.  | 1773 | 45212 |
| NewMarket Corp.  | 91 | 58326 |
| Oil-Dri Corp. of America  | 1759 | 114493 |
| Olin Corp.  | 6492 | 193007 |
| Perimeter Solutions, Inc.\*  | 7010 | 171184 |
| Quaker Chemical Corp.  | 512 | 63606 |
| Rayonier Advanced Materials, Inc.\*  | 15560 | 172249 |
| Rogers Corp.\*  | 1264 | 135665 |
| SSR Mining, Inc.\*  | 7700 | 226380 |
| Stepan Co.  | 1989 | 99410 |
| Tronox Holdings PLC  | 23532 | 229908 |
| Westlake Corp.  | 1533 | 179085 |
|  |  | **8373222** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **COMMUNICATIONS — 2.0%**  |  |  |
| A10 Networks, Inc.  | 1513 | $34981 |
| AMC Networks, Inc. - Class A\*  | 3161 | 21463 |
| ATN International, Inc.  | 1735 | 47227 |
| Bumble, Inc. - Class A\*  | 4763 | 15527 |
| Cable One, Inc.  | 730 | 66583 |
| Cargurus, Inc.\*  | 1922 | 65444 |
| Cars.com, Inc.\*  | 3654 | 29671 |
| EchoStar Corp. - Class A\*  | 2009 | 235194 |
| ePlus, Inc.  | 1589 | 119572 |
| EW Scripps Co. - Class A\*  | 1200 | 4464 |
| Gray Media, Inc.  | 13365 | 58004 |
| InterDigital, Inc.  | 113 | 34126 |
| Lands' End, Inc.\*  | 3093 | 34765 |
| Liberty Latin America Ltd. - Class A\*  | 23852 | 206081 |
| Liquidity Services, Inc.\*  | 2268 | 69333 |
| NETGEAR, Inc.\*  | 1666 | 36385 |
| Nexstar Media Group, Inc.  | 510 | 92223 |
| Preformed Line Products Co.  | 566 | 153245 |
| Scholastic Corp.<sup>1</sup>  | 6095 | 238071 |
| Shenandoah Telecommunications Co.  | 1510 | 23284 |
| Sphere Entertainment Co.\*  | 3035 | 356309 |
| Telephone and Data Systems, Inc.  | 18589 | 782597 |
| Viasat, Inc.\*  | 8757 | 401071 |
| Viavi Solutions, Inc.\*  | 2758 | 91786 |
| Ziff Davis, Inc.\*  | 1960 | 82242 |
|  |  | **3299648** |
| **CONSUMER, CYCLICAL — 12.8%**  |  |  |
| Academy Sports & Outdoors, Inc.  | 8603 | 485639 |
| Adient PLC\*  | 12418 | 250968 |
| Advance Auto Parts, Inc.  | 4987 | 263064 |
| Alaska Air Group, Inc.\*  | 9945 | 365777 |
| Allegiant Travel Co.\*  | 1010 | 81850 |
| American Eagle Outfitters, Inc.  | 10496 | 175283 |
| America's Car-Mart, Inc.\*  | 1975 | 25142 |
| Asbury Automotive Group, Inc.\*  | 2092 | 408798 |
| AutoNation, Inc.\*  | 1438 | 280784 |
| Biglari Holdings, Inc. - Class B\*  | 183 | 60315 |
| BJ's Restaurants, Inc.\*  | 1193 | 41874 |
| BlueLinx Holdings, Inc.\*  | 680 | 36842 |
| BorgWarner, Inc.  | 750 | 40695 |
| Brunswick Corp.  | 522 | 37981 |
| Buckle, Inc.  | 1122 | 56504 |
| Callaway Golf Co.\*  | 17274 | 239763 |
| Carter's, Inc.  | 3007 | 107530 |
| Central Garden & Pet Co. - Class A\*  | 7651 | 248045 |
| Century Casinos, Inc.\*  | 2020 | 2808 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** |
| Century Communities, Inc.  | 2985 | $171279 |
| Cheesecake Factory, Inc.<sup>1</sup>  | 852 | 46647 |
| Copa Holdings S.A. - Class A  | 878 | 99750 |
| Dana, Inc.  | 25581 | 860801 |
| Dauch Corp.\*  | 8711 | 51656 |
| Designer Brands, Inc. - Class A  | 5215 | 29673 |
| Dick's Sporting Goods, Inc.  | 467 | 92601 |
| Dillard's, Inc. - Class A  | 406 | 232277 |
| Dorman Products, Inc.\*  | 879 | 91732 |
| El Pollo Loco Holdings, Inc.\*  | 3670 | 50866 |
| Escalade, Inc.  | 1170 | 20089 |
| Ethan Allen Interiors, Inc.  | 4544 | 101149 |
| Five Below, Inc.\*  | 749 | 171132 |
| Flexsteel Industries, Inc.  | 1249 | 56130 |
| Forestar Group, Inc.\*  | 5395 | 131854 |
| Fox Factory Holding Corp.\*  | 1859 | 30599 |
| Gap, Inc.  | 1175 | 28435 |
| Genesco, Inc.\*  | 1646 | 47718 |
| Gentherm, Inc.\*  | 1406 | 39059 |
| G-III Apparel Group Ltd.  | 8247 | 228442 |
| Gold.com, Inc.  | 758 | 30381 |
| Golden Entertainment, Inc.  | 1093 | 29172 |
| Goodyear Tire & Rubber Co.\*  | 30319 | 201015 |
| Green Brick Partners, Inc.\*  | 3972 | 255995 |
| Group 1 Automotive, Inc.  | 2575 | 851372 |
| Hamilton Beach Brands Holding Co. - Class A  | 2891 | 54784 |
| Hamilton Beach Brands Holding Co. - Class A  | 1700 | 32215 |
| Haverty Furniture Cos., Inc.  | 1580 | 33464 |
| HNI Corp.  | 2548 | 85078 |
| Holley, Inc.\*  | 4134 | 12691 |
| Hooker Furnishings Corp.  | 4160 | 53581 |
| Hovnanian Enterprises, Inc. - Class A\*  | 325 | 36046 |
| Hudson Technologies, Inc.\*  | 2751 | 16176 |
| indie Semiconductor, Inc. - Class A\*<sup>1</sup>  | 8000 | 25760 |
| Inspired Entertainment, Inc.\*  | 8747 | 62366 |
| Interface, Inc.  | 2409 | 60032 |
| JetBlue Airways Corp.\*  | 37191 | 164384 |
| Johnson Outdoors, Inc. - Class A  | 519 | 24139 |
| KB Home  | 3543 | 183350 |
| Kohl's Corp.  | 15505 | 200015 |
| La-Z-Boy, Inc.  | 6415 | 206178 |
| LCI Industries  | 2787 | 342745 |
| Lear Corp.  | 1947 | 235743 |
| Life Time Group Holdings, Inc.\*  | 10372 | 279422 |
| Light & Wonder, Inc.\*  | 392 | 32646 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** |
| Lovesac Co.\*  | 2456 | $36275 |
| M/I Homes, Inc.\*  | 3487 | 426983 |
| Macy's, Inc.  | 30494 | 551637 |
| Madison Square Garden Entertainment Corp.\*  | 1038 | 61149 |
| Malibu Boats, Inc. - Class A\*  | 1096 | 28408 |
| Marcus Corp.  | 2822 | 48454 |
| MarineMax, Inc.\*  | 2740 | 74144 |
| Marriott Vacations Worldwide Corp.  | 3406 | 221799 |
| Meritage Homes Corp.  | 6924 | 428180 |
| Miller Industries, Inc.  | 2055 | 93605 |
| MillerKnoll, Inc.  | 7202 | 104141 |
| Motorcar Parts of America, Inc.\*  | 2453 | 27130 |
| Movado Group, Inc.  | 3633 | 88718 |
| Murphy USA, Inc.  | 586 | 289466 |
| National Vision Holdings, Inc.\*  | 1312 | 33981 |
| Newell Brands, Inc.  | 25331 | 86885 |
| OPENLANE, Inc.\*  | 12986 | 378542 |
| Oxford Industries, Inc.  | 712 | 27419 |
| Patrick Industries, Inc.  | 1232 | 136838 |
| PC Connection, Inc.  | 3089 | 180583 |
| Penske Automotive Group, Inc.  | 1376 | 205740 |
| Petco Health & Wellness Co., Inc.\*  | 20681 | 57493 |
| Phinia, Inc.  | 1600 | 109504 |
| Polaris, Inc.  | 2461 | 134125 |
| PriceSmart, Inc.  | 1040 | 156520 |
| PVH Corp.  | 6819 | 475693 |
| Resideo Technologies, Inc.\*  | 19037 | 641737 |
| Rocky Brands, Inc.  | 1220 | 47238 |
| Rush Enterprises, Inc. - Class A  | 6893 | 455696 |
| Rush Enterprises, Inc. - Class B  | 5166 | 332432 |
| Sally Beauty Holdings, Inc.\*  | 6977 | 96632 |
| ScanSource, Inc.\*  | 3397 | 123311 |
| Shoe Carnival, Inc.  | 1724 | 26877 |
| Signet Jewelers Ltd.  | 3606 | 305212 |
| SkyWest, Inc.\*  | 8558 | 785881 |
| Sonic Automotive, Inc. - Class A  | 1664 | 114101 |
| Standard Motor Products, Inc.  | 3488 | 121173 |
| Strattec Security Corp.\*  | 418 | 32746 |
| Sun Country Airlines Holdings, Inc.\*  | 6119 | 101086 |
| Tapestry, Inc.  | 1310 | 184854 |
| Taylor Morrison Home Corp.\*  | 13621 | 793287 |
| Thor Industries, Inc.  | 6275 | 501310 |
| Tilly's, Inc. - Class A\*<sup>1</sup>  | 10151 | 41112 |
| Titan International, Inc.\*  | 9106 | 62923 |
| Titan Machinery, Inc.\*  | 1862 | 31133 |
| Toll Brothers, Inc.  | 1605 | 219034 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** |
| Torrid Holdings, Inc.\*  | 20346 | $36216 |
| Travel + Leisure Co.  | 298 | 20619 |
| Tri Pointe Homes, Inc.\*  | 12266 | 573190 |
| Under Armour, Inc. - Class A\*  | 12025 | 71068 |
| UniFirst Corp.  | 1107 | 278510 |
| Urban Outfitters, Inc.\*  | 5176 | 327900 |
| Victoria's Secret & Co.\*  | 1304 | 60453 |
| Visteon Corp.  | 2059 | 187596 |
| WESCO International, Inc.  | 3358 | 918816 |
| Whirlpool Corp.<sup>1</sup>  | 760 | 40979 |
| Winnebago Industries, Inc.  | 2225 | 68953 |
| XPEL, Inc.\*  | 1263 | 55900 |
| Zumiez, Inc.\*  | 1917 | 42481 |
|  |  | **21464169** |
| **CONSUMER, NON-CYCLICAL — 8.3%**  |  |  |
| ABM Industries, Inc.  | 9249 | 356272 |
| Acacia Research Corp.\*  | 3860 | 18567 |
| Acadia Healthcare Co., Inc.\*  | 6676 | 156152 |
| ACCO Brands Corp.  | 3592 | 10776 |
| AdaptHealth Corp.\*  | 11950 | 142205 |
| Alico, Inc.  | 316 | 13038 |
| Alumis, Inc.\*  | 2680 | 59040 |
| American Public Education, Inc.\*  | 1437 | 81737 |
| Amneal Pharmaceuticals, Inc.\*  | 6216 | 77265 |
| Andersons, Inc.  | 8180 | 587160 |
| Anika Therapeutics, Inc.\*  | 2344 | 33988 |
| Avanos Medical, Inc.\*  | 6790 | 95128 |
| Avantor, Inc.\*  | 2250 | 17640 |
| Avis Budget Group, Inc.\*<sup>1</sup>  | 150 | 21878 |
| Azenta, Inc.\*  | 1896 | 40063 |
| B&G Foods, Inc.<sup>1</sup>  | 19529 | 93935 |
| Baxter International, Inc.  | 5845 | 98196 |
| Bicara Therapeutics, Inc.\*  | 1809 | 35981 |
| BioAge Labs, Inc.\*  | 2936 | 51351 |
| Bio-Rad Laboratories, Inc. - Class A\*  | 100 | 27875 |
| Booz Allen Hamilton Holding Corp.  | 413 | 32226 |
| BrightSpring Health Services, Inc.\*  | 1190 | 50706 |
| BrightView Holdings, Inc.\*  | 10570 | 124620 |
| Brookdale Senior Living, Inc.\*  | 13254 | 181315 |
| Bunge Global S.A.  | 520 | 66144 |
| Calavo Growers, Inc.  | 2243 | 57847 |
| Cal-Maine Foods, Inc.  | 2542 | 201199 |
| CareDx, Inc.\*  | 795 | 13801 |
| Castle Biosciences, Inc.\*  | 1562 | 38347 |
| Charles River Laboratories International, Inc.\*  | 841 | 145073 |
| Clarivate PLC\*  | 17440 | 44123 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Coca-Cola Consolidated, Inc.  | 891 | $170840 |
| Community Health Systems, Inc.\*  | 10032 | 29494 |
| Conagra Brands, Inc.  | 4263 | 67014 |
| CONMED Corp.  | 595 | 21039 |
| Coty, Inc. - Class A\*  | 8370 | 16824 |
| Covista, Inc.\*  | 1827 | 210562 |
| Cross Country Healthcare, Inc.\*  | 1692 | 15905 |
| Custom Truck One Source, Inc.\*  | 7703 | 50609 |
| Cytek Biosciences, Inc.\*  | 8510 | 37189 |
| Darling Ingredients, Inc.\*  | 500 | 30925 |
| Deluxe Corp.  | 5800 | 159732 |
| Dole PLC  | 5000 | 71450 |
| Edgewell Personal Care Co.  | 5697 | 121574 |
| Emergent BioSolutions, Inc.\*  | 2586 | 21464 |
| Enhabit, Inc.\*  | 3879 | 54655 |
| Ennis, Inc.  | 5429 | 116289 |
| Enovis Corp.\*  | 5216 | 118664 |
| Envista Holdings Corp.\*  | 11776 | 298757 |
| First Advantage Corp.\*  | 1097 | 12901 |
| Fresh Del Monte Produce, Inc.  | 10451 | 420757 |
| Graham Holdings Co. - Class B  | 570 | 602638 |
| Green Dot Corp. - Class A\*  | 3793 | 42557 |
| Grocery Outlet Holding Corp.\*  | 2662 | 18767 |
| Guardant Health, Inc.\*  | 1072 | 99021 |
| Healthcare Services Group, Inc.\*  | 1496 | 27751 |
| ICF International, Inc.  | 873 | 56998 |
| ICU Medical, Inc.\*  | 682 | 88080 |
| Indivior Pharmaceuticals, Inc.\*  | 1410 | 42977 |
| InfuSystem Holdings, Inc.\*  | 2034 | 18774 |
| Ingles Markets, Inc. - Class A  | 3143 | 282524 |
| Ingredion, Inc.  | 1988 | 223968 |
| Innoviva, Inc.\*  | 9598 | 223633 |
| Integer Holdings Corp.\*  | 3190 | 280720 |
| Integra LifeSciences Holdings Corp.\*  | 3337 | 31435 |
| John B Sanfilippo & Son, Inc.  | 428 | 33953 |
| John Wiley & Sons, Inc. - Class A  | 978 | 37262 |
| Kelly Services, Inc. - Class A  | 3789 | 33533 |
| Korn Ferry  | 5915 | 372349 |
| Lantheus Holdings, Inc.\*  | 677 | 51350 |
| Laureate Education, Inc.\*  | 5380 | 187439 |
| Ligand Pharmaceuticals, Inc.\*  | 879 | 175492 |
| ManpowerGroup, Inc.  | 3700 | 109002 |
| Matthews International Corp. - Class A  | 2459 | 63491 |
| Mission Produce, Inc.\*  | 8479 | 116671 |
| Molina Healthcare, Inc.\*  | 444 | 59185 |
| Monro, Inc.  | 2682 | 43019 |
| Monte Rosa Therapeutics, Inc.\*  | 3203 | 52689 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **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)** |
| National HealthCare Corp.  | 1991 | $317963 |
| Natural Grocers by Vitamin Cottage, Inc.  | 1280 | 33088 |
| Neogen Corp.\*  | 22002 | 204399 |
| NPK International, Inc.\*  | 6686 | 96880 |
| Omni AB, Inc. - Earnout Shares<sup>2</sup>  | 477 |  |
| Omni AB, Inc. - Earnout Shares<sup>2</sup>  | 477 |  |
| Omnicell, Inc.\*  | 4311 | 143901 |
| OraSure Technologies, Inc.\*  | 5178 | 15534 |
| Oruka Therapeutics, Inc.\*  | 3154 | 154704 |
| Pacira BioSciences, Inc.\*  | 5593 | 126402 |
| Pediatrix Medical Group, Inc.\*  | 4808 | 102843 |
| Perdoceo Education Corp.  | 6099 | 226944 |
| Pilgrim's Pride Corp.  | 1357 | 51240 |
| Post Holdings, Inc.\*  | 6035 | 596620 |
| Prestige Consumer Healthcare, Inc.\*  | 4022 | 238384 |
| Puma Biotechnology, Inc.\*  | 2710 | 17317 |
| Quanex Building Products Corp.  | 4385 | 78798 |
| QuidelOrtho Corp.\*  | 1459 | 23971 |
| Repay Holdings Corp.\*  | 14630 | 38038 |
| SBC Medical Group Holdings, Inc.\*  | 701 | 2930 |
| Seaboard Corp.  | 7 | 39578 |
| Select Medical Holdings Corp.  | 5049 | 82248 |
| Seneca Foods Corp. - Class A\*  | 1552 | 234538 |
| Shattuck Labs, Inc.\*  | 6789 | 43653 |
| Simply Good Foods Co.\*  | 4340 | 62279 |
| Spire Global, Inc.\*  | 2540 | 31953 |
| Sprouts Farmers Market, Inc.\*  | 751 | 57925 |
| Strategic Education, Inc.  | 2882 | 239091 |
| Stride, Inc.\*  | 1510 | 133137 |
| Supernus Pharmaceuticals, Inc.\*  | 5434 | 280883 |
| Surgery Partners, Inc.\*  | 6369 | 75919 |
| Tactile Systems Technology, Inc.\*  | 1937 | 50614 |
| Tango Therapeutics, Inc.\*  | 2940 | 61505 |
| Teleflex, Inc.  | 1323 | 158244 |
| Terns Pharmaceuticals, Inc.\*  | 1250 | 65900 |
| Theravance Biopharma, Inc.\*  | 2437 | 39553 |
| United Natural Foods, Inc.\*  | 9926 | 447266 |
| Universal Corp.  | 400 | 21080 |
| Universal Health Services, Inc. - Class B  | 483 | 86443 |
| Universal Technical Institute, Inc.\*  | 920 | 33212 |
| Vanda Pharmaceuticals, Inc.\*  | 3542 | 24475 |
| Varex Imaging Corp.\*  | 1992 | 21135 |
| Vestis Corp.  | 8363 | 65733 |
| Viatris, Inc.  | 5073 | 68536 |
| Village Super Market, Inc. - Class A  | 4339 | 183236 |
| Weis Markets, Inc.  | 6364 | 435234 |
|  |  | **13908896** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **ENERGY — 13.9%**  |  |  |
| Alpha Metallurgical Resources, Inc.\*  | 1560 | $320221 |
| Alto Ingredients, Inc.\*  | 25141 | 121682 |
| Amplify Energy Corp.\*  | 10341 | 64528 |
| Antero Midstream Corp.  | 10801 | 246263 |
| Antero Resources Corp.\*  | 7392 | 313716 |
| APA Corp.  | 26539 | 1126315 |
| Archrock, Inc.  | 12994 | 452191 |
| Atlas Energy Solutions, Inc.  | 4114 | 53976 |
| Borr Drilling Ltd.  | 18881 | 108943 |
| Bristow Group, Inc.  | 4701 | 220430 |
| California Resources Corp.  | 9916 | 686386 |
| Cheniere Energy, Inc.  | 387 | 109815 |
| Chord Energy Corp.  | 3592 | 510711 |
| Civeo Corp.  | 1342 | 35509 |
| CNX Resources Corp.\*  | 20264 | 781177 |
| Comstock Resources, Inc.\*  | 23887 | 503538 |
| Core Natural Resources, Inc.  | 2866 | 300156 |
| Crescent Energy Co. - Class A  | 36280 | 489780 |
| CVR Energy, Inc.\*  | 1000 | 33650 |
| Delek U.S. Holdings, Inc.  | 5086 | 229226 |
| Diamondback Energy, Inc.  | 2040 | 403492 |
| Diversified Energy Co.  | 6154 | 107326 |
| DNOW, Inc.\*  | 18464 | 219906 |
| DT Midstream, Inc.  | 1590 | 214125 |
| Epsilon Energy Ltd.  | 5602 | 34508 |
| EQT Corp.  | 4103 | 261115 |
| Excelerate Energy, Inc. - Class A  | 1147 | 38333 |
| Expro Group Holdings N.V.\*  | 8738 | 152129 |
| Flotek Industries, Inc.\*  | 1350 | 22910 |
| Forum Energy Technologies, Inc.\*  | 597 | 35020 |
| FutureFuel Corp.  | 11964 | 46061 |
| Geospace Technologies Corp.\*  | 3450 | 42090 |
| Gevo, Inc.\*  | 25465 | 69519 |
| Golar LNG Ltd.  | 794 | 42963 |
| Gran Tierra Energy, Inc.\*  | 16806 | 150750 |
| Granite Ridge Resources, Inc.  | 5690 | 33400 |
| Green Plains, Inc.\*  | 9406 | 154729 |
| Gulfport Energy Corp.\*  | 992 | 209877 |
| Hallador Energy Co.\*  | 6665 | 108506 |
| Helix Energy Solutions Group, Inc.\*  | 23439 | 231812 |
| Helmerich & Payne, Inc.  | 16455 | 592874 |
| HF Sinclair Corp.  | 2089 | 130333 |
| HighPeak Energy, Inc.<sup>1</sup>  | 4680 | 32292 |
| Infinity Natural Resources, Inc. - Class A\*  | 2273 | 40028 |
| Innovex International, Inc.\*  | 4737 | 115535 |
| Kosmos Energy Ltd.\*  | 11419 | 31745 |
| Liberty Energy, Inc.  | 19128 | 550886 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **ENERGY (Continued)** | **ENERGY (Continued)** | **ENERGY (Continued)** |
| Magnolia Oil & Gas Corp. - Class A  | 3790 | $119650 |
| Mammoth Energy Services, Inc.\*  | 1373 | 3364 |
| Matador Resources Co.  | 15273 | 964948 |
| Murphy Oil Corp.  | 22362 | 922432 |
| Nabors Industries Ltd.\*  | 1225 | 105424 |
| NACCO Industries, Inc. - Class A  | 1115 | 57947 |
| National Energy Services Reunited Corp.\*  | 1980 | 42511 |
| Natural Gas Services Group, Inc.  | 2220 | 83783 |
| NCS Multistage Holdings, Inc.\*  | 208 | 12863 |
| Nextpower, Inc. - Class A\*  | 458 | 55212 |
| Noble Corp. PLC  | 8576 | 420824 |
| Northern Oil & Gas, Inc.  | 8614 | 251787 |
| NOV, Inc.  | 11125 | 209261 |
| Oceaneering International, Inc.\*  | 4942 | 175293 |
| Oil States International, Inc.\*  | 10606 | 123454 |
| Par Pacific Holdings, Inc.\*  | 5748 | 360055 |
| Patterson-UTI Energy, Inc.  | 52157 | 564860 |
| PBF Energy, Inc. - Class A  | 12492 | 594869 |
| Peabody Energy Corp.  | 16250 | 535438 |
| Permian Resources Corp. - Class A  | 27234 | 580629 |
| PrimeEnergy Resources Corp.\*  | 293 | 68225 |
| ProFrac Holding Corp. - Class A\*  | 29345 | 181939 |
| ProPetro Holding Corp.\*  | 17124 | 246757 |
| Range Resources Corp.  | 8679 | 392117 |
| Ranger Energy Services, Inc. - Class A  | 3595 | 61618 |
| REX American Resources Corp.\*  | 8255 | 376180 |
| Ring Energy, Inc.\*  | 53366 | 81650 |
| RPC, Inc.  | 24348 | 172384 |
| SandRidge Energy, Inc.  | 3173 | 51752 |
| Seadrill Ltd.\*  | 4921 | 223906 |
| Select Water Solutions, Inc.  | 9538 | 145931 |
| SM Energy Co.  | 25308 | 789103 |
| Smart Sand, Inc.  | 11205 | 57370 |
| SolarEdge Technologies, Inc.\*  | 1588 | 81067 |
| Summit Midstream Corp.\*  | 2296 | 69431 |
| SunCoke Energy, Inc.  | 13317 | 86694 |
| Sunrun, Inc.\*  | 8907 | 120779 |
| Talos Energy, Inc.\*  | 23897 | 376617 |
| TechnipFMC PLC  | 13780 | 952611 |
| TETRA Technologies, Inc.\*  | 2477 | 21104 |
| Tidewater, Inc.\*  | 996 | 83216 |
| Transocean Ltd.\*  | 110818 | 734723 |
| VAALCO Energy, Inc.  | 31746 | 201270 |
| Valaris Ltd.\*  | 2927 | 286963 |
| Warrior Met Coal, Inc.  | 4683 | 436221 |
| Weatherford International PLC  | 339 | 32063 |
|  |  | **23296772** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL — 28.8%** | **FINANCIAL — 28.8%** | **FINANCIAL — 28.8%** |
| 1st Source Corp.  | 5572 | $385638 |
| ACNB Corp.  | 1380 | 66061 |
| Air Lease Corp.  | 15377 | 998582 |
| Alerus Financial Corp.  | 1879 | 44551 |
| Ally Financial, Inc.  | 813 | 31894 |
| Amalgamated Financial Corp.  | 1420 | 55195 |
| Amerant Bancorp, Inc.  | 2123 | 46791 |
| Ameris Bancorp  | 8312 | 648253 |
| Arrow Financial Corp.  | 300 | 10071 |
| Associated Banc-Corp  | 25302 | 654310 |
| Assured Guaranty Ltd.  | 9658 | 786934 |
| Atlantic Union Bankshares Corp.  | 20502 | 732741 |
| Axis Capital Holdings Ltd.  | 5837 | 591930 |
| Axos Financial, Inc.\*  | 4276 | 363845 |
| Banc of California, Inc.  | 6254 | 109945 |
| BancFirst Corp.  | 484 | 52514 |
| Bank of Hawaii Corp.  | 1551 | 115162 |
| Bank of Marin Bancorp  | 1900 | 48697 |
| Bank of NT Butterfield & Son Ltd.  | 1990 | 104435 |
| Bank OZK  | 15676 | 719372 |
| Bank7 Corp.  | 770 | 30708 |
| BankUnited, Inc.  | 12473 | 563281 |
| Banner Corp.  | 5336 | 323788 |
| Bar Harbor Bankshares  | 1790 | 58086 |
| BayCom Corp.  | 600 | 17835 |
| Beacon Financial Corp.  | 14325 | 429750 |
| Better Home & Finance Holding Co.\*  | 805 | 28674 |
| Bread Financial Holdings, Inc.  | 7283 | 545424 |
| Bridgewater Bancshares, Inc.\*  | 2910 | 51507 |
| Brighthouse Financial, Inc.\*  | 6282 | 376166 |
| Burke & Herbert Financial Services Corp.  | 1153 | 71820 |
| Business First Bancshares, Inc.  | 3541 | 95749 |
| Byline Bancorp, Inc.  | 6100 | 192577 |
| C&F Financial Corp.  | 710 | 51787 |
| Camden National Corp.  | 1798 | 85315 |
| Capital City Bank Group, Inc.  | 1190 | 51717 |
| Capitol Federal Financial, Inc.  | 8924 | 63628 |
| Carter Bankshares, Inc.\*  | 4802 | 111983 |
| Cathay General Bancorp  | 10267 | 511913 |
| Central Pacific Financial Corp.  | 1800 | 57528 |
| Citizens, Inc.\*  | 9107 | 45808 |
| City Holding Co.  | 1310 | 156571 |
| Cleanspark, Inc.\*  | 2037 | 17335 |
| CNB Financial Corp.  | 3380 | 97885 |
| CNO Financial Group, Inc.  | 10693 | 439055 |
| Columbia Banking System, Inc.  | 30756 | 843637 |
| Community Financial System, Inc.  | 1172 | 68738 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Community Trust Bancorp, Inc.  | 1470 | $89258 |
| Community West Bancshares  | 1800 | 41940 |
| Compass, Inc.\*  | 16169 | 118195 |
| ConnectOne Bancorp, Inc.  | 6934 | 185623 |
| Consumer Portfolio Services, Inc.\*  | 3384 | 26158 |
| Cushman & Wakefield Ltd.\*  | 22563 | 276622 |
| Customers Bancorp, Inc.\*  | 3931 | 272851 |
| CVB Financial Corp.  | 5390 | 104512 |
| Dime Community Bancshares, Inc.  | 5709 | 193078 |
| Donegal Group, Inc. - Class A  | 2505 | 43036 |
| Eagle Bancorp, Inc.  | 3373 | 83887 |
| Employers Holdings, Inc.  | 3369 | 138601 |
| Enact Holdings, Inc.  | 5583 | 227842 |
| Encore Capital Group, Inc.\*  | 2911 | 204119 |
| Enova International, Inc.\*  | 935 | 127001 |
| Enterprise Financial Services Corp.  | 4315 | 233485 |
| Esquire Financial Holdings, Inc.  | 677 | 72777 |
| Essent Group Ltd.  | 9614 | 561842 |
| Evercore, Inc. - Class A  | 281 | 83881 |
| EZCORP, Inc. - Class A\*  | 9132 | 231770 |
| FB Financial Corp.  | 1720 | 89337 |
| Fidelis Insurance Holdings Ltd.  | 4984 | 95244 |
| Fifth Third Bancorp  | 2794 | 129809 |
| Financial Institutions, Inc.  | 2980 | 94496 |
| First American Financial Corp.  | 1567 | 94474 |
| First BanCorp/Puerto Rico  | 31861 | 680551 |
| First Bancorp/Southern Pines NC  | 2038 | 114841 |
| First Bank/Hamilton NJ  | 1170 | 18720 |
| First Busey Corp.  | 9885 | 249794 |
| First Business Financial Services, Inc.  | 1100 | 59323 |
| First Commonwealth Financial Corp.  | 15857 | 278766 |
| First Community Bankshares, Inc.  | 1750 | 72660 |
| First Financial Bancorp  | 19988 | 557265 |
| First Financial Corp.  | 1821 | 115087 |
| First Hawaiian, Inc.  | 1640 | 40410 |
| First Horizon Corp.  | 12962 | 295015 |
| First Interstate BancSystem, Inc. - Class A  | 7224 | 241282 |
| First Merchants Corp.  | 6962 | 269638 |
| First Mid Bancshares, Inc.  | 2812 | 115826 |
| First National Corp.  | 1560 | 41995 |
| Flushing Financial Corp.  | 4919 | 75556 |
| FNB Corp.  | 38057 | 636313 |
| Franklin Financial Services Corp.  | 611 | 31210 |
| FRP Holdings, Inc.\*  | 868 | 18992 |
| FS Bancorp, Inc.  | 620 | 23926 |
| Fulton Financial Corp.  | 31511 | 640934 |
| Genworth Financial, Inc.\*  | 60178 | 488645 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| German American Bancorp, Inc.  | 1000 | $41790 |
| Glacier Bancorp, Inc.  | 1630 | 72812 |
| Great Southern Bancorp, Inc.  | 1301 | 82132 |
| Greenlight Capital Re Ltd. - Class A\*  | 4287 | 74122 |
| Hancock Whitney Corp.  | 18074 | 1149326 |
| Hanmi Financial Corp.  | 8080 | 212989 |
| Hanover Insurance Group, Inc.  | 477 | 82688 |
| HBT Financial, Inc.  | 1300 | 34736 |
| Heritage Commerce Corp.  | 6040 | 75379 |
| Heritage Financial Corp.  | 3982 | 103532 |
| Heritage Insurance Holdings, Inc.\*  | 2558 | 67148 |
| Hilltop Holdings, Inc.  | 11531 | 413040 |
| Home Bancorp, Inc.  | 940 | 56945 |
| HomeTrust Bancshares, Inc.  | 1000 | 42650 |
| Hope Bancorp, Inc.  | 17176 | 191856 |
| Horace Mann Educators Corp.  | 5211 | 222405 |
| Horizon Bancorp, Inc.  | 3741 | 61988 |
| Howard Hughes Holdings, Inc.\*  | 3468 | 219386 |
| Huntington Bancshares, Inc.  | 16671 | 260901 |
| Independent Bank Corp.  | 3020 | 100566 |
| Independent Bank Corp.  | 3661 | 275344 |
| International Bancshares Corp.  | 10134 | 681917 |
| Invesco Ltd.  | 25109 | 609898 |
| Investar Holding Corp.  | 1000 | 27270 |
| Jackson Financial, Inc. - Class A  | 9841 | 1040391 |
| Janus Henderson Group PLC  | 10392 | 533837 |
| Jones Lang LaSalle, Inc.\*  | 640 | 194765 |
| LendingClub Corp.\*  | 7380 | 105682 |
| Lincoln National Corp.  | 3482 | 123611 |
| McGrath RentCorp  | 353 | 38929 |
| Mercantile Bank Corp.  | 3880 | 195940 |
| Merchants Bancorp  | 797 | 34199 |
| Mercury General Corp.  | 1094 | 96436 |
| Metropolitan Bank Holding Corp.  | 560 | 46642 |
| MGIC Investment Corp.  | 35567 | 933634 |
| Mid Penn Bancorp, Inc.  | 1340 | 43094 |
| Midland States Bancorp, Inc.  | 2338 | 52161 |
| Navient Corp.  | 16705 | 136647 |
| NBT Bancorp, Inc.  | 2276 | 96912 |
| Nelnet, Inc. - Class A  | 5240 | 675750 |
| Newmark Group, Inc. - Class A  | 7128 | 106849 |
| Nicolet Bankshares, Inc.  | 444 | 65987 |
| NMI Holdings, Inc.\*  | 7989 | 299667 |
| Northeast Bank  | 889 | 99897 |
| Northfield Bancorp, Inc.  | 2999 | 40606 |
| Northrim BanCorp, Inc.  | 4165 | 95295 |
| Northwest Bancshares, Inc.  | 19541 | 247975 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued)

AS OF MARCH 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Oak Valley Bancorp  | 1610 | $52212 |
| OceanFirst Financial Corp.  | 6620 | 119425 |
| OFG Bancorp  | 10614 | 429442 |
| Old National Bancorp  | 40696 | 899382 |
| Old Second Bancorp, Inc.  | 2780 | 56045 |
| OneMain Holdings, Inc.  | 967 | 51725 |
| Oppenheimer Holdings, Inc. - Class A  | 1182 | 105423 |
| Orrstown Financial Services, Inc.  | 2317 | 83597 |
| Park National Corp.  | 185 | 30238 |
| Pathward Financial, Inc.  | 3099 | 276524 |
| Paysign, Inc.\*  | 7519 | 44362 |
| PCB Bancorp  | 3540 | 79615 |
| Peapack-Gladstone Financial Corp.  | 2485 | 87497 |
| PennyMac Financial Services, Inc.  | 1324 | 115718 |
| Peoples Bancorp of North Carolina, Inc.  | 300 | 11748 |
| Peoples Bancorp, Inc.  | 6923 | 227559 |
| Peoples Financial Services Corp.  | 1290 | 68796 |
| Pinnacle Financial Partners, Inc.  | 4065 | 350159 |
| Piper Sandler Cos.  | 1380 | 105639 |
| Popular, Inc.  | 7903 | 1060346 |
| Preferred Bank/Los Angeles CA  | 3270 | 296556 |
| Primerica, Inc.  | 320 | 80154 |
| Primis Financial Corp.  | 2444 | 32456 |
| ProAssurance Corp.\*  | 5465 | 135095 |
| Provident Financial Holdings, Inc.  | 1180 | 19022 |
| Provident Financial Services, Inc.  | 18698 | 395650 |
| QCR Holdings, Inc.  | 1447 | 123646 |
| Radian Group, Inc.  | 14172 | 468810 |
| Regional Management Corp.  | 1108 | 35733 |
| Renasant Corp.  | 12138 | 438546 |
| Republic Bancorp, Inc. - Class A  | 1879 | 132563 |
| Rocket Cos., Inc. - Class A\*  | 9591 | 136672 |
| S&T Bancorp, Inc.  | 5553 | 232282 |
| Safety Insurance Group, Inc.  | 424 | 30799 |
| Seacoast Banking Corp. of Florida  | 1966 | 59550 |
| Sierra Bancorp  | 2330 | 79034 |
| Simmons First National Corp. - Class A  | 16097 | 313087 |
| SiriusPoint Ltd.\*  | 13499 | 290768 |
| SmartFinancial, Inc.  | 2450 | 95746 |
| Southside Bancshares, Inc.  | 2196 | 68274 |
| SOUTHSTATE BANK Corp.  | 7948 | 735349 |
| Stellar Bancorp, Inc.  | 2529 | 92587 |
| Stewart Information Services Corp.  | 1685 | 103762 |
| Stifel Financial Corp.  | 708 | 52335 |
| Stock Yards Bancorp, Inc.  | 530 | 35134 |
| StoneX Group, Inc.\*  | 3541 | 285582 |
| Stratus Properties, Inc.\*  | 799 | 24385 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Texas Capital Bancshares, Inc.\*  | 7564 | $717672 |
| Third Coast Bancshares, Inc.\*  | 540 | 20428 |
| Timberland Bancorp, Inc.  | 1578 | 62221 |
| Tiptree, Inc.  | 2388 | 40405 |
| Tompkins Financial Corp.  | 899 | 70877 |
| Towne Bank/Portsmouth VA  | 2010 | 67677 |
| TriCo Bancshares  | 2357 | 112052 |
| TrustCo Bank Corp. NY  | 3330 | 145787 |
| Trustmark Corp.  | 9097 | 383348 |
| UMB Financial Corp.  | 2772 | 312654 |
| United Bankshares, Inc.  | 11352 | 470200 |
| United Community Banks, Inc.  | 7632 | 240332 |
| United Fire Group, Inc.  | 3046 | 112885 |
| Unity Bancorp, Inc.  | 400 | 20732 |
| Universal Insurance Holdings, Inc.  | 2394 | 81779 |
| Univest Financial Corp.  | 5460 | 187060 |
| Unum Group  | 2023 | 147740 |
| Valley National Bancorp  | 49910 | 612895 |
| Virtu Financial, Inc. - Class A  | 1442 | 63419 |
| WaFd, Inc.  | 12572 | 394761 |
| Washington Trust Bancorp, Inc.  | 1970 | 65916 |
| Waterstone Financial, Inc.  | 2914 | 52539 |
| Webster Financial Corp.  | 9285 | 644565 |
| WesBanco, Inc.  | 16254 | 560600 |
| Westamerica BanCorp  | 1630 | 85004 |
| Western Alliance Bancorp  | 2876 | 203765 |
| Western New England Bancorp, Inc.  | 3159 | 40846 |
| White Mountains Insurance Group Ltd.  | 295 | 648103 |
| Wintrust Financial Corp.  | 4702 | 653296 |
| World Acceptance Corp.\*  | 443 | 59823 |
| WSFS Financial Corp.  | 7709 | 504631 |
| Zions Bancorp N.A.  | 4010 | 231056 |
|  |  | **48371596** |
| **INDUSTRIAL — 18.7%**  |  |  |
| AAR Corp.\*  | 2520 | 275839 |
| Advanced Energy Industries, Inc.  | 168 | 54215 |
| Alamo Group, Inc.  | 196 | 32334 |
| American Superconductor Corp.\*  | 750 | 25388 |
| American Woodmark Corp.\*  | 2227 | 88701 |
| Apogee Enterprises, Inc.  | 332 | 11135 |
| Applied Industrial Technologies, Inc.  | 154 | 40859 |
| ArcBest Corp.  | 3226 | 317309 |
| Arcosa, Inc.  | 6049 | 642041 |
| Ardmore Shipping Corp.  | 6547 | 99842 |
| Argan, Inc.  | 192 | 104573 |
| Array Digital Infrastructure, Inc.  | 3280 | 151339 |
| Arrow Electronics, Inc.\*  | 1986 | 284812 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| Astec Industries, Inc.  | 3484 | $187579 |
| ATI, Inc.\*  | 3510 | 510565 |
| Atkore, Inc.  | 1265 | 74521 |
| Avient Corp.  | 8458 | 307025 |
| Avnet, Inc.  | 16681 | 1027883 |
| AZZ, Inc.  | 1578 | 197455 |
| Bel Fuse, Inc. - Class B  | 1120 | 221738 |
| Benchmark Electronics, Inc.  | 6368 | 356990 |
| Boise Cascade Co.  | 3705 | 281024 |
| Brady Corp. - Class A  | 166 | 13486 |
| C.H. Robinson Worldwide, Inc.  | 204 | 33878 |
| Chart Industries, Inc.\*  | 1430 | 295653 |
| Clearwater Paper Corp.\*  | 1517 | 21814 |
| Coherent Corp.\*  | 1344 | 320154 |
| Columbus McKinnon Corp.  | 1452 | 21098 |
| Comfort Systems USA, Inc.  | 138 | 190301 |
| Concrete Pumping Holdings, Inc.\*  | 4616 | 32958 |
| Core Molding Technologies, Inc.\*  | 1390 | 31136 |
| Costamare, Inc.  | 18212 | 307783 |
| Covenant Logistics Group, Inc.  | 4220 | 114573 |
| DHT Holdings, Inc.  | 29289 | 535110 |
| Dorian LPG Ltd.  | 6756 | 231055 |
| Ducommun, Inc.\*  | 1993 | 243146 |
| DXP Enterprises, Inc.\*  | 1092 | 152585 |
| Dycom Industries, Inc.\*  | 140 | 47435 |
| Eastman Kodak Co.\*  | 5444 | 49268 |
| EMCOR Group, Inc.  | 421 | 310829 |
| EnerSys  | 1769 | 307311 |
| Enpro, Inc.  | 1564 | 392017 |
| Enviri Corp.\*  | 15494 | 303992 |
| Esab Corp.  | 990 | 95693 |
| ESCO Technologies, Inc.  | 1439 | 404891 |
| Everus Construction Group, Inc.\*  | 918 | 108379 |
| Federal Signal Corp.  | 909 | 98299 |
| Flowserve Corp.  | 759 | 55794 |
| Fluor Corp.\*  | 1068 | 49822 |
| Frontdoor, Inc.\*  | 574 | 30342 |
| Frontline PLC  | 4196 | 146273 |
| GATX Corp.  | 4939 | 843285 |
| Genco Shipping & Trading Ltd.  | 6987 | 157557 |
| Gencor Industries, Inc.\*  | 2000 | 30000 |
| Gibraltar Industries, Inc.\*  | 2813 | 112154 |
| Granite Construction, Inc.  | 2307 | 276563 |
| Great Lakes Dredge & Dock Corp.\*  | 9205 | 156485 |
| Greenbrier Cos., Inc.  | 6079 | 320059 |
| Greif, Inc. - Class A  | 5036 | 337765 |
| Griffon Corp.  | 1627 | 118250 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| GXO Logistics, Inc.\*  | 6318 | $327588 |
| Heartland Express, Inc.  | 8760 | 91104 |
| Helios Technologies, Inc.  | 1311 | 84835 |
| Hillman Solutions Corp.\*  | 4490 | 37357 |
| Himalaya Shipping Ltd.  | 5576 | 74161 |
| Hub Group, Inc. - Class A  | 9988 | 359968 |
| Hyster-Yale, Inc.  | 587 | 19083 |
| Ichor Holdings Ltd.\*  | 2302 | 107296 |
| IES Holdings, Inc.\*  | 130 | 61941 |
| Insteel Industries, Inc.  | 1273 | 42786 |
| International Seaways, Inc.  | 9273 | 675816 |
| Kennametal, Inc.  | 8923 | 322388 |
| Kimball Electronics, Inc.\*  | 4422 | 104757 |
| Kirby Corp.\*  | 5791 | 769508 |
| Knight-Swift Transportation Holdings, Inc.  | 2974 | 171243 |
| Knowles Corp.\*  | 10757 | 276240 |
| L B Foster Co. - Class A\*  | 1544 | 43078 |
| Latham Group, Inc.\*  | 3100 | 16647 |
| Leonardo DRS, Inc.  | 999 | 44475 |
| LSB Industries, Inc.\*  | 5100 | 75990 |
| Manitowoc Co., Inc.\*  | 5071 | 59077 |
| Marten Transport Ltd.  | 15250 | 200233 |
| Masterbrand, Inc.\*  | 12033 | 99994 |
| Materion Corp.  | 931 | 134669 |
| Matson, Inc.  | 5476 | 897735 |
| Mayville Engineering Co., Inc.\*  | 1936 | 34751 |
| Mesa Laboratories, Inc.  | 384 | 33953 |
| Metallus, Inc.\*  | 6023 | 98416 |
| Mistras Group, Inc.\*  | 5764 | 85192 |
| Modine Manufacturing Co.\*  | 3483 | 754801 |
| Mohawk Industries, Inc.\*  | 4357 | 428990 |
| Mueller Industries, Inc.  | 5241 | 580703 |
| Myers Industries, Inc.  | 2540 | 53797 |
| MYR Group, Inc.\*  | 346 | 97683 |
| National Presto Industries, Inc.  | 656 | 89911 |
| NL Industries, Inc.  | 5450 | 31774 |
| Nordic American Tankers Ltd.  | 41836 | 245159 |
| nVent Electric PLC  | 2721 | 321840 |
| NWPX Infrastructure, Inc.\*  | 1646 | 128158 |
| O-I Glass, Inc.\*  | 11355 | 119341 |
| Orion Group Holdings, Inc.\*  | 2680 | 29212 |
| Outdoor Holding Co.\*  | 9218 | 18528 |
| Pangaea Logistics Solutions Ltd.  | 6330 | 44816 |
| Park-Ohio Holdings Corp.  | 1238 | 29762 |
| Plexus Corp.\*  | 1673 | 338849 |
| Primoris Services Corp.  | 4524 | 647113 |
| Pro-Dex, Inc.\*  | 466 | 22890 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued)

AS OF MARCH 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| Proto Labs, Inc.\*  | 2508 | $143006 |
| Radiant Logistics, Inc.\*  | 7106 | 50097 |
| Regal Rexnord Corp.  | 560 | 104866 |
| Ryder System, Inc.  | 2389 | 489052 |
| Ryerson Holding Corp.  | 1562 | 35114 |
| Safe Bulkers, Inc.  | 8456 | 53527 |
| Sanmina Corp.\*  | 7071 | 916684 |
| Schneider National, Inc. - Class B  | 9670 | 254901 |
| Scorpio Tankers, Inc.  | 8066 | 602208 |
| Sensata Technologies Holding PLC  | 9585 | 337584 |
| SFL Corp. Ltd.  | 19707 | 212639 |
| Silgan Holdings, Inc.  | 917 | 35580 |
| Smith & Wesson Brands, Inc.  | 3853 | 55214 |
| SPX Technologies, Inc.\*  | 1340 | 267920 |
| Standex International Corp.  | 155 | 39503 |
| Stanley Black & Decker, Inc.  | 3036 | 215738 |
| Sterling Infrastructure, Inc.\*  | 757 | 308303 |
| Sturm Ruger & Co., Inc.  | 937 | 37564 |
| TD SYNNEX Corp.  | 1640 | 276684 |
| Tecnoglass, Inc.  | 1282 | 57113 |
| Teekay Corp. Ltd.  | 15882 | 193919 |
| Teekay Tankers Ltd. - Class A  | 5584 | 409419 |
| Terex Corp.  | 4917 | 290595 |
| Thermon Group Holdings, Inc.\*  | 2239 | 112846 |
| Timken Co.  | 1790 | 180020 |
| TriMas Corp.  | 5160 | 185450 |
| Trinity Industries, Inc.  | 10166 | 327142 |
| TTM Technologies, Inc.\*  | 16502 | 1607625 |
| Tutor Perini Corp.  | 5870 | 453105 |
| UFP Industries, Inc.  | 1430 | 131732 |
| Universal Logistics Holdings, Inc.  | 1000 | 21140 |
| Vishay Intertechnology, Inc.  | 17524 | 315432 |
| Watts Water Technologies, Inc. - Class A  | 272 | 78959 |
| Werner Enterprises, Inc.  | 8024 | 235986 |
| Willis Lease Finance Corp.  | 1504 | 256071 |
| World Kinect Corp.  | 7018 | 161905 |
| Worthington Enterprises, Inc.  | 1229 | 64080 |
| Worthington Steel, Inc.  | 2811 | 85314 |
|  |  | **31528005** |
| **TECHNOLOGY — 2.5%**  |  |  |
| Adeia, Inc.  | 1318 | 31672 |
| Alpha & Omega Semiconductor Ltd.\*  | 3205 | 71023 |
| Amkor Technology, Inc.  | 28464 | 1281734 |
| Amtech Systems, Inc.\*  | 2665 | 31127 |
| ASGN, Inc.\*  | 1351 | 52297 |
| AstroNova, Inc.\*  | 2000 | 18380 |
| Axcelis Technologies, Inc.\*  | 565 | 52590 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **TECHNOLOGY (Continued)** | **TECHNOLOGY (Continued)** | **TECHNOLOGY (Continued)** |
| Bandwidth, Inc. - Class A\*  | 5207 | $92789 |
| Cirrus Logic, Inc.\*  | 266 | 38469 |
| Cohu, Inc.\*  | 2666 | 81633 |
| Concentrix Corp.  | 2661 | 72805 |
| Diebold Nixdorf, Inc.\*  | 576 | 43453 |
| Digi International, Inc.\*  | 1553 | 74855 |
| Diodes, Inc.\*  | 5142 | 350993 |
| DXC Technology Co.\*  | 7660 | 96286 |
| Fastly, Inc.\*  | 1822 | 52947 |
| FormFactor, Inc.\*  | 1683 | 163234 |
| GigaCloud Technology, Inc. - Class A\*  | 2193 | 99518 |
| Insight Enterprises, Inc.\*  | 423 | 28345 |
| IPG Photonics Corp.\*  | 3216 | 368522 |
| LiveRamp Holdings, Inc.\*  | 884 | 23444 |
| MaxLinear, Inc.\*  | 6003 | 104392 |
| NetScout Systems, Inc.\*  | 9846 | 313004 |
| Photronics, Inc.\*  | 8676 | 350597 |
| Richardson Electronics Ltd./United States  | 2401 | 26291 |
| Skyworks Solutions, Inc.  | 550 | 29453 |
| Talkspace, Inc.\*  | 7311 | 37834 |
| Ultra Clean Holdings, Inc.\*  | 1378 | 85684 |
| Veeco Instruments, Inc.\*  | 1374 | 46524 |
| Vishay Precision Group, Inc.\*  | 1608 | 69819 |
|  |  | **4189714** |
| **UTILITIES — 1.0%**  |  |  |
| AES Corp.  | 2534 | 35704 |
| Ameresco, Inc. - Class A\*  | 1945 | 49598 |
| Black Hills Corp.  | 822 | 57055 |
| Brookfield Infrastructure Corp. - Class A  | 1090 | 43077 |
| Clearway Energy, Inc. - Class C  | 1463 | 57481 |
| H2O America  | 601 | 35261 |
| MDU Resources Group, Inc.  | 13558 | 280922 |
| MGE Energy, Inc.  | 345 | 26665 |
| National Fuel Gas Co.  | 700 | 65772 |
| New Jersey Resources Corp.  | 6126 | 336440 |
| NRG Energy, Inc.  | 2917 | 426290 |
| ONE Gas, Inc.  | 900 | 77517 |
| Otter Tail Corp.  | 659 | 57840 |
| Portland General Electric Co.  | 2253 | 118891 |
| UGI Corp.  | 1652 | 60166 |
| Unitil Corp.  | 559 | 29202 |
|  |  | **1757881** |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $95,603,564)  |  | **156189903** |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued)

AS OF MARCH 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS — 1.7%**  |  |  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF  | 3470 | $153443 |
| Direxion Daily Small Cap Bull 3X ETF<sup>1</sup>  | 19228 | 848532 |
| iShares Russell 2000 Value ETF  | 5042 | 955913 |
| iShares S&P Small-Cap 600 Value ETF  | 2010 | 238084 |
| State Street SPDR S&P Regional Banking ETF<sup>1</sup>  | 10309 | 671631 |
| VanEck Oil Services ETF  | 127 | 51335 |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,822,530)  |  | **2918938** |
| **PREFERRED STOCKS — 0.0%**  |  |  |
| **CONSUMER, CYCLICAL — 0.0%**  |  |  |
| QVC Group, Inc. 8.00%, 3/15/2031\*<sup>3</sup>  | 274 | **693** |
| **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,189)  |  | **693** |
| **WARRANTS — 0.0%**  |  |  |
| **CONSUMER, NON-CYCLICAL — 0.0%**  |  |  |
| Regulus Therapeutics Inc., Expiration Date: December 30, 2026\*  | 9881 |  |
| TreeHouse Foods, Inc., Expiration Date: February 11, 2027\*  | 5799 |  |
|  |  | **—** |
| **FINANCIAL — 0.0%**  |  |  |
| Opendoor Technologies, Inc., Expiration Date: November 19, 2026\*  | 104 | 26 |
| Opendoor Technologies, Inc., Expiration Date: November 19, 2026\*  | 104 | 63 |
| Opendoor Technologies, Inc., Expiration Date: November 19, 2026\*  | 104 | 24 |
|  |  | **113** |
| **TOTAL WARRANTS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $0)  |  | **113** |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **MONEY MARKET INVESTMENTS — 5.7%**  | **MONEY MARKET INVESTMENTS — 5.7%**  |  |
| Fidelity Investments Money Market Government Portfolio - Class III, 3.22%<sup>4</sup>  | 8154437 | $8154437 |
| Invesco Government & Agency Porfolio, 3.67%<sup>4,5</sup>  | 1398010 | 1398010 |
| **TOTAL MONEY MARKET INVESTMENTS** | **TOTAL MONEY MARKET INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,552,447)  |  | **9552447** |
| **TOTAL INVESTMENTS — 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $106,994,730)  |  | **168662094** |
| Liabilities less other assets — (0.4)%  |  | **(630296)** |
| **TOTAL NET ASSETS — 100.0%**  |  | $**168031798** |

---

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of shares are on loan. Total loaned securities had a fair value of $1,362,910 at March 31, 2026. 

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;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> &nbsp;&nbsp;&nbsp;&nbsp;Callable.

<sup>4</sup> &nbsp;&nbsp;&nbsp;&nbsp;Variable rate security; the rate shown represents the 7-day yield at March 31, 2026.

<sup>5</sup> &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased with cash proceeds from securities lending.

Total collateral had a fair value of $1,398,010 at March 31, 2026. <br>

*See accompanying Notes to Financial Statements.*

**Vericimetry Funds** 

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

Statement of Assets and Liabilities

AS OF MARCH 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at value (cost $106,994,730)  | $168662094<sup>(1)</sup> |
| Cash held at broker  | 815954 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Securities sold  | 91568 |
| &nbsp;&nbsp;&nbsp;Dividends and interest  | 130496 |
| &nbsp;&nbsp;&nbsp;Securities lending income  | 2637 |
| Prepaid expenses and other assets  | 21203 |
| &nbsp;&nbsp;&nbsp;Total assets  | 169723952 |
| **LIABILITIES:** |  |
| Collateral due to broker for securities loaned  | 1398010 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Securities purchased  | 129865 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed  | 45500 |
| &nbsp;&nbsp;&nbsp;Due to Trustees  | 4339 |
| &nbsp;&nbsp;&nbsp;Due to Adviser  | 62215 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees and expenses  | 13921 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees  | 3188 |
| &nbsp;&nbsp;&nbsp;Custody fees  | 7221 |
| Accrued other expenses  | 27895 |
| &nbsp;&nbsp;&nbsp;Total liabilities  | 1692154 |
| Commitments and contingencies (Note 3)  |  |
| **NET ASSETS**  | $168031798 |
| **COMPONENTS OF NET ASSETS:** |  |
| Paid-in capital  | $98276677 |
| Total distributable earnings  | 69755121 |
| **NET ASSETS**  | $168031798 |
| **Shares outstanding, no par value (unlimited shares authorized)**  | 8085902 |
| **Net asset value, offering and redemption price per share**  | $20.78 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes securities on loan of $1,362,910 (see Note 2). 

*See accompanying Notes to Financial Statements.* 

**Vericimetry Funds** 

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

Statement of Operations

FOR THE Six Months ENDED MARCH 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $435)  | $1378056 |
| &nbsp;&nbsp;&nbsp;Securities lending income  | 12864 |
| &nbsp;&nbsp;&nbsp;Interest  | 97382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment Income  | 1488302 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees  | 420109 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees and expenses  | 40777 |
| &nbsp;&nbsp;&nbsp;Professional fees  | 19447 |
| &nbsp;&nbsp;&nbsp;Custody fees  | 18549 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees  | 16365 |
| &nbsp;&nbsp;&nbsp;Registration fees  | 14511 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses  | 8377 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees  | 7242 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses  | 4339 |
| &nbsp;&nbsp;&nbsp;Insurance fees  | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 552583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived by the Adviser  | (48452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses  | 504131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income**  | 984171 |
| **Net Realized and Unrealized Gain on Investments and Options Contracts** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 11106862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts  | (20082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain  | 11086780 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments  | 3036648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments and options contracts  | 14123428 |
| **Net Increase in Net Assets from Operations**  | $15107599 |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry Funds** 

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

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the <br> Six Months Ended <br> March 31, 2026 <br> (Unaudited)** | **For the Year Ended <br> September 30, 2025**  |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $984171 | $2312319 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and purchased options contracts  | 11086780 | 18783677 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments  | 3036648 | (9964044) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations**  | 15107599 | 11131952 |
| **Distributions to Shareholders**  | $(21308754) | $(16299034) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued  | 5352 | 30379 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions  | 21288053 | 16283929 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed  | (16580730) | (21579571) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) resulting from capital transactions**  | 4712675 | (5265263) |
| &nbsp;&nbsp;&nbsp;**Total decrease in net assets**  | (1488480) | (10432345) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 169520278 | 179952623 |
| &nbsp;&nbsp;&nbsp;End of period  | $168031798 | $169520278 |
| **Capital Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued  | 253 | 1470 |
| &nbsp;&nbsp;&nbsp;Shares reinvested  | 1082316 | 750157 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (790078) | (1055051) |
| **Net increase (decrease) in capital shares**  | 292491 | (303424) |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry Funds** 

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

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *For a capital share outstanding throughout each period* | *For a capital share outstanding throughout each period* | *For a capital share outstanding throughout each period* | *For a capital share outstanding throughout each period* | *For a capital share outstanding throughout each period* | *For a capital share outstanding throughout each period* | *For a capital share outstanding throughout each period* |
|  | **For the <br> Six Months <br> Ended <br> March 31, <br> 2026 <br> (Unaudited)**  | **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 period**  | $21.75 | $22.23 | $18.12 | $17.30 | $23.11 | $13.69 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | 0.12 | 0.29 | 0.26 | 0.27 | 0.23 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 1.74 | 1.27 | 4.42 | 2.00 | (2.14) | 9.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations  | 1.86 | 1.56 | 4.68 | 2.27 | (1.91) | 9.62 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income  | (0.13) | (0.28) | (0.26) | (0.28) | (0.20) | (0.20) |
| &nbsp;&nbsp;&nbsp;From net realized gain  | (2.70) | (1.76) | (0.31) | (1.17) | (3.70) |  |
| &nbsp;&nbsp;&nbsp;Total distributions  | (2.83) | (2.04) | (0.57) | (1.45) | (3.90) | (0.20) |
| **Net asset value, end of period**  | $20.78 | $21.75 | $22.23 | $18.12 | $17.30 | $23.11 |
| **Total return**  | 9.31%<sup>1</sup> | 7.14% | 26.35% | 12.85% | (10.34)% | 70.44% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)  | $168032 | $169520 | $179953 | $164295 | $155592 | $160188 |
| Ratio of expenses to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees reimbursed by the Adviser  | 0.66%<sup>2</sup> | 0.65% | 0.65% | 0.66% | 0.66% | 0.67% |
| &nbsp;&nbsp;&nbsp;After fees reimbursed by the Adviser  | 0.60%<sup>2</sup> | 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  | 1.11%<sup>2</sup> | 1.33% | 1.23% | 1.42% | 1.07% | 0.77% |
| &nbsp;&nbsp;&nbsp;After fees reimbursed by the Adviser  | 1.17%<sup>2</sup> | 1.38% | 1.28% | 1.48% | 1.13% | 0.84% |
| Portfolio turnover rate  | 24%<sup>1</sup> | 41% | 23% | 46% | 72% | 72% |

---

<sup>1</sup> <sup></sup>Not annualized.

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;Annualized.

*See accompanying Notes to Financial Statements.*

**Vericimetry Funds** 

Notes to Financial Statements

As of MARCH 31, 2026 (Unaudited)

**1. Organization** 

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

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 an Expense Litigation Agreement as disclosed in the Note 3 and there are no resources allocated to the 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:

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| | |
|:---|:---|
| **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.  |

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| | |
|:---|:---|
| **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.  |

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| | |
|:---|:---|
| **Level 3** –  | significant unobservable inputs, including the Fund's own assumptions in determining the fair value of investments.  |

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**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of MARCH 31, 2026 (Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the fair values of the Fund's investments in each category as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials  | $8373222 | $— | $— | $8373222 |
| &nbsp;&nbsp;&nbsp;Communications  | 3299648 |  |  | 3299648 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical  | 21464169 |  |  | 21464169 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-Cyclical  | 13908896 |  | — \* | 13908896 |
| &nbsp;&nbsp;&nbsp;Energy  | 23296772 |  |  | 23296772 |
| &nbsp;&nbsp;&nbsp;Financial  | 48371596 |  |  | 48371596 |
| &nbsp;&nbsp;&nbsp;Industrial  | 31528005 |  |  | 31528005 |
| &nbsp;&nbsp;&nbsp;Technology  | 4189714 |  |  | 4189714 |
| &nbsp;&nbsp;&nbsp;Utilities  | 1757881 |  |  | 1757881 |
| Exchange-Traded Funds  | 2918938 |  |  | 2918938 |
| Preferred Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical  | 693 |  |  | 693 |
| &nbsp;&nbsp;&nbsp;Industrial  |  |  |  |  |
| Rights  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Financial  | 113 |  |  | 113 |
| Warrants  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials  |  |  | — \* |  |
| &nbsp;&nbsp;&nbsp;Consumer, Non-Cyclical  |  |  | — \* |  |
| Money Market Investments  | 9552447 |  |  | 9552447 |
| **Total Investments in Securities**  | $168662094 | $— | $— | $168662094 |

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\* The Adviser valued these holdings at $0 as of March 31, 2026. 

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 MARCH 31, 2026 (Unaudited)

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

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 six months ended March 31, 2026, 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. <br>

&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 the 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 U.S. 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. <br>

At March 31, 2026, the value of securities loaned by the Fund was $1,362,910 and the Fund received cash collateral of $1,398,010. 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. <br>

&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 MARCH 31, 2026 (Unaudited)

purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. The Fund may buy options on equity indexes or their ETF equivalents as a potentially cost-effective way to gain exposure to these indexes. The Fund held no option contracts as of March 31, 2026.

&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. As of March 31, 2026, no securities were segregated as collateral for options contracts.

&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 March 31, 2026, 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 six months ended March 31, 2026 are as follows:

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| | |
|:---|:---|
|  | **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  | $(20082) |
| Total  | $(20082) |

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The Fund had option contracts transactions during the six months ended March 31, 2026, however, due to the timing of these transactions, the average monthly notional amount for the Fund was $0.

For the six months ended March 31, 2026, the Fund's purchases and sales of purchased option contracts were as follows:

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| | |
|:---|:---|
| **Purchases** | **Sales** |
| $28032 | $7950 |

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&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.

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of MARCH 31, 2026 (Unaudited)

**3. Investment Advisory and Other Agreements** 

The Fund has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Adviser receives a fee from the Fund, accrued daily and paid monthly, at an annual rate equal to 0.50% of the Fund's average daily net assets. However, the Adviser has contractually agreed through an Expense Limitation Agreement to waive its management fee or reimburse the Fund so that its total annual operating expenses (excluding non-operating costs, which includes but is not limited to taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, and brokerage and other transaction expenses relating to the purchase or sale of portfolio investments) do not exceed 0.60% of the Fund's average daily net assets through January 31, 2027. For the six months ended March 31, 2026, the Fund accrued $420,109 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $48,452.

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 $313,163, which expire as follows:

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| | |
|:---|:---|
| September 30, 2026  | $102223 |
| September 30, 2027  | $81930 |
| September 30, 2028  | $80558 |
| September 30, 2029  | $48452 |

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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:

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| | |
|:---|:---|
| Cost of Investments  | $115418383 |
| Gross Unrealized Appreciation  | $63632920 |
| Gross Unrealized Depreciation  | (7187071) |
| Net Unrealized Appreciation  | $56445849 |

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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.

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of MARCH 31, 2026 (Unaudited)

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

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

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

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| | | |
|:---|:---|:---|
|  | **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 |

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**5. Investment Transactions** 

For the six months ended March 31, 2026, the Fund's purchases and sales of investments, excluding short-term investments, were as follows:

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| | |
|:---|:---|
| **Purchases** | **Sales** |
| $38490142 | $57429421 |

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**6. Control Ownership** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of control of the Fund, under Section 2(a) 9 of the 1940 Act. As of March 31, 2026, Charles Schwab & Co., Inc., holding shares for the benefit of others in nominee name, held approximately 95.01% of the voting securities of the Fund.

**7. Indemnifications** 

In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

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

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

**Vericimetry Funds** 

FORM N-CSR ITEMS 8 – 11

MARCH 31, 2026 (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.** 

At a meeting held on September 19, 2025, the Board of Trustees, including a majority of the independent trustees, met to consider, among other matters, the renewal of the investment management agreement (the "Investment Management Agreement") between the Adviser and the Fund.

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

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

The Board reviewed the background information of the Adviser's key investment personnel, taking into consideration that they collectively averaged over 30 years of financial industry experience. The Board discussed the Adviser's investment process and expressed its satisfaction with the Adviser's processes for risk management, broker selection, business continuity and monitoring compliance with the Fund's investment limitations. The Board commented that the Adviser reported no material compliance issues or concerns or regulatory examination deficiencies in the past year. The Board acknowledged that the Adviser did not identify any deviations from the Fund's investment objectives, policies or limitations. The Board noted that the Fund outperformed its peer group over the 1-year period and its benchmark across all periods. The Board concluded that the Adviser had provided, and was likely to continue to provide, high quality services to the Fund for the benefit of the shareholders.

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

In terms of potential "fall out" benefits to the Adviser from its relationship to the Fund, the Board noted that the Adviser did not engage in the use of soft dollars. The Board discussed economies of scale, noting that no such economies of scale had been achieved but that the Adviser the matter of economies of scale would be revisited at the next renewal of the Investment Management Agreement and as the Fund's size increases.

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

**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.**

At a meeting held on September 19, 2025, the Board of Trustees, including a majority of the independent trustees, met to consider, among other matters, the renewal of the investment management agreement (the "Investment Management Agreement") between the Adviser and the Fund.

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

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

The Board reviewed the background information of the Adviser's key investment personnel, taking into consideration that they collectively averaged over 30 years of financial industry experience. The Board discussed the Adviser's investment process and expressed its satisfaction with the Adviser's processes for risk management, broker selection, business continuity and monitoring compliance with the Fund's investment limitations. The Board commented that the Adviser reported no material compliance issues or concerns or regulatory examination deficiencies in the past year. The Board acknowledged that the Adviser did not identify any deviations from the Fund's investment objectives, policies or limitations. The Board noted that the Fund outperformed its peer group over the 1-year period and its benchmark across all periods. The Board concluded that the Adviser had provided, and was likely to continue to provide, high quality services to the Fund for the benefit of the shareholders.

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

In terms of potential "fall out" benefits to the Adviser from its relationship to the Fund, the Board noted that the Adviser did not engage in the use of soft dollars. The Board discussed economies of scale, noting that no such economies of scale had been achieved but that the Adviser the matter of economies of scale would be revisited at the next renewal of the Investment Management Agreement and as the Fund's size increases.

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

**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 control over financial reporting (as defined in Rule 30a3(d) under the Act (17 CFR 270.30a-3(d)) during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**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) Not applicable.

[(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.](fp0098497-2_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.](fp0098497-2_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

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| | |
|:---|:---|
| By: | /s/ Dr. Mendel Fygenson |
|  | Dr. Mendel Fygenson |
|  | Principal Executive Officer |
| Date: | June 8, 2026 |

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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

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| | |
|:---|:---|
| By: | /s/ Dr. Mendel Fygenson |
|  | Dr. Mendel Fygenson |
|  | Principal Executive Officer |
| Date: | June 8, 2026 |
| By: | /s/ Michael Thill |
|  | Michael Thill |
|  | Principal Financial Officer |
| Date: | June 8, 2026 |

---

## Ex-99.Cert

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

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 period
covered by this 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: June 8, 2026

---

| |
|:---|
| /s/ Dr. Mendel Fygenson |
| Dr. Mendel Fygenson |
| Principal Executive Officer |

---

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

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 period
covered by this 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: June 8, 2026

---

| |
|:---|
| /s/ Michael Thill |
| Michael Thill |
| Principal Financial Officer |

---

## Exhibit 99.906

**<u>Section 906 Certification</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: June 8, 2026

---

| |
|:---|
| /s/ Dr. Mendel Fygenson |
| Dr. Mendel Fygenson |
| Principal Executive Officer |

---

**<u>Section 906 Certification</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: June 8, 2026

---

| |
|:---|
| /s/ Michael Thill |
| Michael Thill |
| Principal Financial Officer |

---