# EDGAR Filing Document

**Accession Number:** 0001524968
**File Stem:** 0001398344-25-011623
**Filing Date:** 2025-6
**Character Count:** 105492
**Document Hash:** d169d489638ed6ca29a489fe262dfe7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011623.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001398344-25-011623

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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:** 251034903

**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 <u>N-CSR</u>**

**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, 2025</u>

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

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

**Item 1. Reports to Stockholders.**

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

Vericimetry U.S. Small Cap Value Fund

VYSVX

![](fp0093277-2_01.jpg)

**SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025**

This annual shareholder report contains important information about the Vericimetry U.S. Small Cap Value Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund such as the prospectus, financial information, and fund holdings at https://www.vericimetry.com/vysvx/fund-information.php. You can also request this information by contacting us at 1-855-755-7550.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Vericimetry U.S. Small Cap Value Fund | $29 | 0.60%\* |

---

\* Annualized

**Key Fund Statistics**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | $155888635 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | 866 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | 18% |

---

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 | TOP TEN HOLDINGS |
| Mr Cooper Group, Inc. | 1.01% |
| SkyWest, Inc. | 0.81% |
| Taylor Morrison Home Corp. | 0.79% |
| Group 1 Automotive, Inc. | 0.75% |
| GATX Corp. | 0.74% |
| Carpenter Technology Corp. | 0.73% |
| Assured Guaranty Ltd. | 0.69% |
| Jackson Financial, Inc. - Class A | 0.65% |
| CNO Financial Group, Inc. | 0.64% |
| Element Solutions, Inc. | 0.63% |

---

ASSET ALLOCATION

![](fp0093277-2_02.jpg)

SECTOR ALLOCATION

![](fp0093277-2_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.

![](fp0093277-1_i.jpg)

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

**Semi-Annual Financial Statements and Other Information** 

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

March 31, 2025

**Vericimetry Funds** 

**TABLE OF CONTENTS**

MARCH 31, 2025

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

---

| | |
|:---|:---|
|  | **Pages** |
| **Item 7.** |  |
| Schedule of Investments  | 1 |
| Statement of Assets and Liabilities  | 11 |
| Statement of Operations  | 12 |
| Statements of Changes in Net Assets  | 13 |
| Financial Highlights  | 14 |
| Notes to Financial Statements  | 15 |

---

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, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS — 94.8%**  | **COMMON STOCKS — 94.8%**  | **COMMON STOCKS — 94.8%**  |
| **BASIC MATERIALS — 4.7%**  | **BASIC MATERIALS — 4.7%**  | **BASIC MATERIALS — 4.7%**  |
| AdvanSix, Inc.  | 4042 | $91551 |
| Alcoa Corp.  | 8460 | 258030 |
| Ashland, Inc.  | 1203 | 71326 |
| ATI, Inc.\*  | 7999 | 416188 |
| Avient Corp.  | 4620 | 171679 |
| Balchem Corp.  | 410 | 68060 |
| Cabot Corp.  | 578 | 48055 |
| Carpenter Technology Corp.  | 6277 | 1137267 |
| Century Aluminum Co.\*  | 4900 | 90944 |
| Cleveland-Cliffs, Inc.\*  | 7780 | 63952 |
| Coeur Mining, Inc.\*  | 7460 | 44163 |
| Commercial Metals Co.  | 18690 | 859927 |
| Ecovyst, Inc.\*  | 7110 | 44082 |
| Element Solutions, Inc.  | 43110 | 974717 |
| FMC Corp.  | 2300 | 97037 |
| H.B. Fuller Co.  | 1872 | 105057 |
| Hawkins, Inc.  | 760 | 80499 |
| Hecla Mining Co.  | 39398 | 219053 |
| Huntsman Corp.  | 19305 | 304826 |
| Innospec, Inc.  | 580 | 54955 |
| Intrepid Potash, Inc.\*  | 1350 | 39676 |
| Kaiser Aluminum Corp.  | 643 | 38979 |
| Koppers Holdings, Inc.  | 1921 | 53788 |
| Kronos Worldwide, Inc.  | 5030 | 37624 |
| Mercer International, Inc.  | 4310 | 26506 |
| Minerals Technologies, Inc.  | 5450 | 346456 |
| MP Materials Corp.\*  | 2240 | 54678 |
| NewMarket Corp.  | 118 | 66841 |
| Oil-Dri Corp. of America  | 1840 | 84493 |
| Olin Corp.  | 3665 | 88840 |
| Perimeter Solutions, Inc.\*  | 5980 | 60219 |
| Rayonier Advanced Materials, Inc.\*  | 15475 | 88981 |
| Stepan Co.  | 1230 | 67699 |
| Sylvamo Corp.  | 1710 | 114690 |
| Tronox Holdings PLC  | 23875 | 168080 |
| United States Steel Corp.  | 19300 | 815618 |
| Valhi, Inc.  | 1238 | 20118 |
|  |  | **7374654** |
| **COMMUNICATIONS — 2.1%**  | **COMMUNICATIONS — 2.1%**  | **COMMUNICATIONS — 2.1%**  |
| AMC Networks, Inc. - Class A\*  | 8370 | 57586 |
| ATN International, Inc.  | 2909 | 59082 |
| Bumble, Inc. - Class A\*  | 4850 | 21049 |
| Cars.com, Inc.\*  | 3165 | 35670 |
| EchoStar Corp. - Class A\*  | 3265 | 83519 |
| ePlus, Inc.\*  | 2670 | 162950 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **COMMUNICATIONS (Continued)** | **COMMUNICATIONS (Continued)** | **COMMUNICATIONS (Continued)** | **COMMUNICATIONS (Continued)** |
| EverQuote, Inc.\*  | 1280 | $| 33523 |
| Frontier Communications Parent, Inc.\*  | 8259 |  | 296168 |
| Gannett Co., Inc.\*  | 11530 |  | 33322 |
| Gray Media, Inc.  | 21085 |  | 91087 |
| HealthStream, Inc.  | 890 |  | 28640 |
| InterDigital, Inc.  | 1170 |  | 241897 |
| Lands' End, Inc.\*  | 1830 |  | 18629 |
| Liberty Latin America Ltd. - Class A\*  | 15460 |  | 97862 |
| NETGEAR, Inc.\*  | 2490 |  | 60905 |
| Nexstar Media Group, Inc.  | 510 |  | 91402 |
| Preformed Line Products Co.  | 720 |  | 100865 |
| QuinStreet, Inc.\*  | 1820 |  | 32469 |
| Ribbon Communications, Inc.\*  | 5824 |  | 22830 |
| Scholastic Corp.  | 6963 |  | 131461 |
| Shenandoah Telecommunications Co.  | 1510 |  | 18981 |
| Sinclair, Inc.  | 11240 |  | 179053 |
| Sphere Entertainment Co.\*  | 2120 |  | 69366 |
| Sprinklr, Inc. - Class A\*  | 3930 |  | 32816 |
| TEGNA, Inc.  | 13920 |  | 253622 |
| Telephone and Data Systems, Inc.  | 19519 |  | 756166 |
| TripAdvisor, Inc.\*  | 1850 |  | 26215 |
| United States Cellular Corp.\*  | 2200 |  | 152130 |
| Upwork, Inc.\*  | 2280 |  | 29754 |
| Viavi Solutions, Inc.\*  | 3690 |  | 41291 |
|  |  |  | **3260310** |
| **CONSUMER, CYCLICAL — 15.2%** | **CONSUMER, CYCLICAL — 15.2%** | **CONSUMER, CYCLICAL — 15.2%** | **CONSUMER, CYCLICAL — 15.2%** |
| Abercrombie & Fitch Co. - Class A\*  | 793 |  | 60561 |
| Academy Sports & Outdoors, Inc.  | 5683 |  | 259202 |
| Adient PLC\*  | 7251 |  | 93248 |
| Advance Auto Parts, Inc.  | 6061 |  | 237613 |
| Alaska Air Group, Inc.\*  | 10100 |  | 497122 |
| Allegiant Travel Co.  | 1420 |  | 73343 |
| A-Mark Precious Metals, Inc.  | 830 |  | 21057 |
| American Axle & Manufacturing Holdings, Inc.\*  | 18305 |  | 74501 |
| American Eagle Outfitters, Inc.  | 8072 |  | 93797 |
| American Outdoor Brands, Inc.\*  | 1900 |  | 23104 |
| America's Car-Mart, Inc.\*  | 670 |  | 30411 |
| Asbury Automotive Group, Inc.\*  | 1275 |  | 281571 |
| AutoNation, Inc.\*  | 1807 |  | 292589 |
| Bassett Furniture Industries, Inc.  | 2990 |  | 45597 |
| Bath & Body Works, Inc.  | 2490 |  | 75497 |
| Beacon Roofing Supply, Inc.\*  | 4228 |  | 523004 |
| Beazer Homes USA, Inc.\*  | 860 |  | 17535 |
| Biglari Holdings, Inc. - Class B\*  | 140 |  | 30316 |
| BJ's Restaurants, Inc.\*  | 2090 |  | 71603 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** |
| BlueLinx Holdings, Inc.\*  | 1490 | $111720 |
| Brinker International, Inc.\*  | 340 | 50677 |
| Buckle, Inc.  | 1690 | 64761 |
| Build-A-Bear Workshop, Inc.  | 2220 | 82517 |
| Caleres, Inc.  | 1933 | 33306 |
| Century Communities, Inc.  | 5182 | 347712 |
| Champion Homes, Inc.\*  | 160 | 15162 |
| Cheesecake Factory, Inc.<sup>1</sup>  | 2310 | 112405 |
| Children's Place, Inc.\*  | 2860 | 24996 |
| Citi Trends, Inc.\*  | 1970 | 43606 |
| Copa Holdings S.A. - Class A  | 360 | 33286 |
| Cracker Barrel Old Country Store, Inc.  | 720 | 27950 |
| Daktronics, Inc.\*  | 9620 | 117172 |
| Dana, Inc.  | 27296 | 363856 |
| Designer Brands, Inc. - Class A  | 3710 | 13542 |
| Dick's Sporting Goods, Inc.  | 1370 | 276137 |
| Dillard's, Inc. - Class A  | 591 | 211655 |
| Dorman Products, Inc.\*  | 830 | 100048 |
| Dutch Bros, Inc. - Class A\*  | 400 | 24696 |
| El Pollo Loco Holdings, Inc.\*  | 4240 | 43672 |
| Ethan Allen Interiors, Inc.  | 6952 | 192570 |
| Everi Holdings, Inc.\*  | 4480 | 61242 |
| Flexsteel Industries, Inc.  | 1350 | 49288 |
| Foot Locker, Inc.\*  | 10073 | 142029 |
| Forestar Group, Inc.\*  | 7592 | 160495 |
| Gap, Inc.  | 8872 | 182852 |
| Genesco, Inc.\*  | 1900 | 40337 |
| Genius Sports Ltd.\*  | 3120 | 31231 |
| G-III Apparel Group Ltd.\*  | 6650 | 181877 |
| GMS, Inc.\*  | 6030 | 441215 |
| Goodyear Tire & Rubber Co.\*  | 40766 | 376678 |
| Green Brick Partners, Inc.\*  | 4748 | 276856 |
| Group 1 Automotive, Inc.  | 3054 | 1166475 |
| Guess?, Inc.  | 2430 | 26900 |
| Hamilton Beach Brands Holding Co. - Class A  | 2891 | 56172 |
| Hamilton Beach Brands Holding Co. - Class A  | 330 | 6412 |
| Harley-Davidson, Inc.  | 1770 | 44692 |
| Haverty Furniture Cos., Inc.  | 2400 | 47328 |
| HNI Corp.  | 3380 | 149903 |
| Hooker Furnishings Corp.  | 1310 | 13152 |
| Hovnanian Enterprises, Inc. - Class A\*  | 290 | 30366 |
| Hudson Technologies, Inc.\*  | 3910 | 24125 |
| Interface, Inc.  | 6090 | 120826 |
| JAKKS Pacific, Inc.  | 1630 | 40212 |
| JetBlue Airways Corp.\*  | 8194 | 39495 |
| Johnson Outdoors, Inc. - Class A  | 1720 | 42725 |
| KB Home  | 4180 | 242942 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** |
| Kohl's Corp.<sup>1</sup>  | 9910 | $81064 |
| Kontoor Brands, Inc.  | 770 | 49380 |
| La-Z-Boy, Inc.  | 7600 | 297084 |
| LCI Industries  | 1647 | 143997 |
| Life Time Group Holdings, Inc.\*  | 13680 | 413136 |
| Lifetime Brands, Inc.  | 2950 | 14544 |
| Light & Wonder, Inc.\*  | 392 | 33951 |
| Lovesac Co.\*  | 1620 | 29452 |
| M/I Homes, Inc.\*  | 4395 | 501821 |
| Macy's, Inc.  | 28314 | 355624 |
| Madison Square Garden Entertainment Corp.\*  | 790 | 25865 |
| Malibu Boats, Inc. - Class A\*  | 950 | 29146 |
| Marcus Corp.  | 7820 | 130516 |
| MarineMax, Inc.\*  | 2790 | 59985 |
| Marriott Vacations Worldwide Corp.  | 2060 | 132334 |
| Meritage Homes Corp.  | 11452 | 811718 |
| Miller Industries, Inc.  | 2055 | 87070 |
| MillerKnoll, Inc.  | 8020 | 153503 |
| Movado Group, Inc.  | 2200 | 36784 |
| MSC Industrial Direct Co., Inc. - Class A  | 400 | 31068 |
| Murphy USA, Inc.  | 112 | 52619 |
| National Vision Holdings, Inc.\*  | 5858 | 74865 |
| Norwegian Cruise Line Holdings Ltd.\*  | 2450 | 46452 |
| Nu Skin Enterprises, Inc. - Class A  | 5830 | 42326 |
| ODP Corp.\*  | 7180 | 102889 |
| OPENLANE, Inc.\*  | 15834 | 305280 |
| Oxford Industries, Inc.  | 600 | 35202 |
| Patrick Industries, Inc.  | 2360 | 199562 |
| PC Connection, Inc.  | 5352 | 334072 |
| Peloton Interactive, Inc. - Class A\*  | 3740 | 23637 |
| Penske Automotive Group, Inc.  | 1430 | 205891 |
| Phinia, Inc.  | 740 | 31398 |
| Playa Hotels & Resorts N.V.\*  | 14037 | 187113 |
| PriceSmart, Inc.  | 970 | 85214 |
| PVH Corp.  | 7919 | 511884 |
| Resideo Technologies, Inc.\*  | 18290 | 323733 |
| REV Group, Inc.  | 5540 | 175064 |
| Rocky Brands, Inc.  | 1220 | 21191 |
| Rush Enterprises, Inc. - Class A  | 13492 | 720608 |
| Rush Enterprises, Inc. - Class B  | 5992 | 338668 |
| ScanSource, Inc.\*  | 5040 | 171410 |
| Shoe Carnival, Inc.  | 4520 | 99395 |
| Signet Jewelers Ltd.  | 3780 | 219467 |
| Skechers USA, Inc. - Class A\*  | 1250 | 70975 |
| SkyWest, Inc.\*  | 14510 | 1267739 |
| Sonic Automotive, Inc. - Class A  | 3047 | 173557 |
| Standard Motor Products, Inc.  | 2480 | 61826 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** | **CONSUMER, CYCLICAL (Continued)** |
| Steelcase, Inc. - Class A  | 13375 | $| 146590 |
| Sun Country Airlines Holdings, Inc.\*  | 1380 |  | 17002 |
| Tapestry, Inc.  | 1310 |  | 92237 |
| Taylor Morrison Home Corp.\*  | 20433 |  | 1226797 |
| Texas Roadhouse, Inc.  | 280 |  | 46656 |
| Thor Industries, Inc.  | 6698 |  | 507775 |
| Titan International, Inc.\*  | 16693 |  | 140054 |
| Titan Machinery, Inc.\*  | 4770 |  | 81281 |
| TKO Group Holdings, Inc.  | 320 |  | 48899 |
| Toll Brothers, Inc.  | 2070 |  | 218571 |
| Topgolf Callaway Brands Corp.\*  | 9100 |  | 59969 |
| Tri Pointe Homes, Inc.\*  | 18105 |  | 577912 |
| Twin Hospitality Group, Inc.\*  | 305 |  | 2080 |
| Under Armour, Inc. - Class A\*  | 15942 |  | 99637 |
| UniFirst Corp.  | 600 |  | 104400 |
| Urban Outfitters, Inc.\*  | 13029 |  | 682720 |
| VF Corp.  | 7480 |  | 116090 |
| Victoria's Secret & Co.\*  | 1720 |  | 31958 |
| Visteon Corp.\*  | 600 |  | 46572 |
| VSE Corp.  | 1260 |  | 151187 |
| Wabash National Corp.  | 2150 |  | 23758 |
| WESCO International, Inc.  | 3222 |  | 500377 |
| Weyco Group, Inc.  | 700 |  | 21336 |
| Whirlpool Corp.  | 420 |  | 37855 |
| Winmark Corp.  | 240 |  | 76289 |
| Winnebago Industries, Inc.  | 4275 |  | 147316 |
| Xperi, Inc.\*  | 3310 |  | 25553 |
| Zumiez, Inc.\*  | 1570 |  | 23377 |
|  |  |  | **23643269** |
| **CONSUMER, NON-CYCLICAL — 10.5%** | **CONSUMER, NON-CYCLICAL — 10.5%** | **CONSUMER, NON-CYCLICAL — 10.5%** | **CONSUMER, NON-CYCLICAL — 10.5%** |
| ABM Industries, Inc.  | 11325 |  | 536352 |
| Acadia Healthcare Co., Inc.\*  | 1024 |  | 31048 |
| ACCO Brands Corp.  | 8320 |  | 34861 |
| ACELYRIN, Inc.\*  | 25630 |  | 63306 |
| AdaptHealth Corp.\*  | 1820 |  | 19729 |
| Adtalem Global Education, Inc.\*  | 8650 |  | 870536 |
| agilon health, Inc.\*  | 7560 |  | 32735 |
| Agios Pharmaceuticals, Inc.\*  | 1030 |  | 30179 |
| Alight, Inc.  | 20250 |  | 120082 |
| American Public Education, Inc.\*  | 4140 |  | 92405 |
| AMN Healthcare Services, Inc.\*  | 1340 |  | 32776 |
| Amphastar Pharmaceuticals, Inc.\*  | 850 |  | 24642 |
| Anavex Life Sciences Corp.\*<sup>1</sup>  | 3790 |  | 32518 |
| Andersons, Inc.  | 7790 |  | 334425 |
| Apogee Therapeutics, Inc.\*  | 910 |  | 33998 |
| Artivion, Inc.\*  | 2840 |  | 69807 |
| Aurinia Pharmaceuticals, Inc.\*  | 3950 |  | 31758 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Avanos Medical, Inc.\*  | 6650 | $95295 |
| B&G Foods, Inc.  | 15100 | 103737 |
| Bridgebio Pharma, Inc.\*  | 2450 | 84697 |
| BrightView Holdings, Inc.\*  | 8630 | 110809 |
| Brookdale Senior Living, Inc.\*  | 11260 | 70488 |
| Bunge Global S.A.  | 520 | 39738 |
| Cal-Maine Foods, Inc.  | 5043 | 458409 |
| CBIZ, Inc.\*  | 1015 | 76998 |
| Central Garden & Pet Co. - Class A\*  | 8987 | 294145 |
| Certara, Inc.\*  | 6230 | 61677 |
| CG oncology, Inc.\*  | 1170 | 28653 |
| Chefs' Warehouse, Inc.\*  | 1030 | 56094 |
| Coca-Cola Consolidated, Inc.  | 310 | 418500 |
| Concentra Group Holdings Parent, Inc.  | 3392 | 73606 |
| Corcept Therapeutics, Inc.\*  | 550 | 62821 |
| CRA International, Inc.  | 110 | 19052 |
| Cross Country Healthcare, Inc.\*  | 1940 | 28887 |
| Custom Truck One Source, Inc.\*  | 6610 | 27894 |
| CVRx, Inc.\*  | 2270 | 27762 |
| Deluxe Corp.  | 5100 | 80631 |
| Dun & Bradstreet Holdings, Inc.  | 12440 | 111214 |
| Edgewell Personal Care Co.  | 9400 | 293374 |
| Ennis, Inc.  | 4260 | 85583 |
| Enovis Corp.\*  | 7168 | 273889 |
| Envista Holdings Corp.\*  | 7800 | 134628 |
| First Advantage Corp.\*  | 5210 | 73409 |
| FONAR Corp.\*  | 1270 | 17793 |
| Fresh Del Monte Produce, Inc.  | 11840 | 365027 |
| Fulgent Genetics, Inc.\*  | 2060 | 34814 |
| Ginkgo Bioworks Holdings, Inc.\*<sup>1</sup>  | 4370 | 24909 |
| Graham Holdings Co. - Class B  | 570 | 547690 |
| Grocery Outlet Holding Corp.\*  | 4270 | 59695 |
| GXO Logistics, Inc.\*  | 1390 | 54321 |
| Healthcare Services Group, Inc.\*  | 2370 | 23890 |
| Heidrick & Struggles International, Inc.  | 2765 | 118425 |
| Helen of Troy Ltd.\*  | 1480 | 79165 |
| Herc Holdings, Inc.  | 230 | 30882 |
| Heron Therapeutics, Inc.\*  | 6740 | 14828 |
| Huron Consulting Group, Inc.\*  | 950 | 136277 |
| ICF International, Inc.  | 1223 | 103918 |
| ICU Medical, Inc.\*  | 500 | 69430 |
| Ingles Markets, Inc. - Class A  | 3387 | 220595 |
| Ingredion, Inc.  | 1988 | 268797 |
| Innoviva, Inc.\*  | 11450 | 207588 |
| Integer Holdings Corp.\*  | 4700 | 554647 |
| J M Smucker Co.  | 480 | 56837 |
| John Wiley & Sons, Inc. - Class A  | 730 | 32529 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2025 (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)** |
| Kelly Services, Inc. - Class A  | 6570 | $86527 |
| Korn Ferry  | 8445 | 572824 |
| Lantheus Holdings, Inc.\*  | 240 | 23424 |
| Laureate Education, Inc.\*  | 10521 | 215154 |
| Ligand Pharmaceuticals, Inc.\*  | 1005 | 105666 |
| LiveRamp Holdings, Inc.\*  | 3729 | 97476 |
| ManpowerGroup, Inc.  | 1760 | 101869 |
| Matthews International Corp. - Class A  | 2790 | 62050 |
| Mister Car Wash, Inc.\*  | 6830 | 53889 |
| Moneylion, Inc.\*  | 400 | 34604 |
| Monro, Inc.  | 1840 | 26625 |
| National HealthCare Corp.  | 1850 | 171680 |
| Natural Grocers by Vitamin Cottage, Inc.  | 3280 | 131856 |
| Ocular Therapeutix, Inc.\*  | 2390 | 17519 |
| Omeros Corp.\*  | 3450 | 28359 |
| Omni AB, Inc. - Earnout Shares<sup>2</sup>  | 477 |  |
| Omni AB, Inc. - Earnout Shares<sup>2</sup>  | 477 |  |
| Omnicell, Inc.\*  | 1710 | 59782 |
| OraSure Technologies, Inc.\*  | 5810 | 19580 |
| Organogenesis Holdings, Inc.\*  | 4350 | 18792 |
| Owens & Minor, Inc.\*  | 8490 | 76665 |
| Pacira BioSciences, Inc.\*  | 5540 | 137669 |
| Patterson Cos., Inc.  | 1300 | 40612 |
| Payoneer Global, Inc.\*  | 7950 | 58115 |
| Pediatrix Medical Group, Inc.\*  | 5537 | 80231 |
| Perdoceo Education Corp.  | 11100 | 279498 |
| Perrigo Co. PLC  | 1150 | 32246 |
| Pilgrim's Pride Corp.\*  | 5323 | 290157 |
| Post Holdings, Inc.\*  | 4170 | 485221 |
| Premier, Inc. - Class A  | 3730 | 71914 |
| Prestige Consumer Healthcare, Inc.\*  | 7935 | 682172 |
| PROG Holdings, Inc.  | 4843 | 128824 |
| Quad/Graphics, Inc.  | 9120 | 49704 |
| Quanex Building Products Corp.  | 6355 | 118139 |
| QuidelOrtho Corp.\*  | 950 | 33222 |
| Regulus Therapeutics, Inc.\*  | 15551 | 27214 |
| Repay Holdings Corp.\*  | 6580 | 36651 |
| Sage Therapeutics, Inc.\*  | 6970 | 55412 |
| Sagimet Biosciences, Inc. - Class A\*  | 6193 | 20189 |
| Seneca Foods Corp. - Class A\*  | 1530 | 136231 |
| SpartanNash Co.  | 8753 | 177336 |
| Sprouts Farmers Market, Inc.\*  | 3038 | 463720 |
| StoneCo Ltd. - Class A\*  | 3290 | 34479 |
| Strategic Education, Inc.  | 3300 | 277068 |
| Stride, Inc.\*  | 4385 | 554702 |
| Supernus Pharmaceuticals, Inc.\*  | 2982 | 97660 |
| Surgery Partners, Inc.\*  | 2930 | 69588 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** | **CONSUMER, NON-CYCLICAL (Continued)** |
| Tenet Healthcare Corp.\*  | 230 | $| 30935 |
| TreeHouse Foods, Inc.\*  | 6467 |  | 175191 |
| TrueBlue, Inc.\*  | 5250 |  | 27878 |
| UFP Technologies, Inc.\*  | 130 |  | 26222 |
| United Natural Foods, Inc.\*  | 9560 |  | 261848 |
| Universal Corp.  | 400 |  | 22420 |
| Universal Technical Institute, Inc.\*  | 2790 |  | 71647 |
| Upbound Group, Inc.  | 3580 |  | 85777 |
| Varex Imaging Corp.\*  | 3540 |  | 41064 |
| Veracyte, Inc.\*  | 1173 |  | 34779 |
| Village Super Market, Inc. - Class A  | 2030 |  | 77160 |
| Weis Markets, Inc.  | 6849 |  | 527715 |
| Westrock Coffee Co.\*  | 3620 |  | 26136 |
| WK Kellogg Co.  | 1680 |  | 33482 |
| Zimvie, Inc.\*  | 3200 |  | 34560 |
|  |  |  | **16424333** |
| **ENERGY — 9.3%** | **ENERGY — 9.3%** | **ENERGY — 9.3%** | **ENERGY — 9.3%** |
| Alpha Metallurgical Resources, Inc.\*  | 1248 |  | 156312 |
| Amplify Energy Corp.\*  | 5030 |  | 18812 |
| Antero Midstream Corp.  | 19200 |  | 345600 |
| Antero Resources Corp.\*  | 5720 |  | 231317 |
| APA Corp.  | 9034 |  | 189895 |
| Archrock, Inc.  | 23210 |  | 609030 |
| Aris Water Solutions, Inc. - Class A  | 3300 |  | 105732 |
| Baytex Energy Corp.  | 0 |  | 1 |
| Berry Corp.  | 8485 |  | 27237 |
| Bristow Group, Inc.\*  | 3950 |  | 124741 |
| California Resources Corp.  | 8185 |  | 359894 |
| ChampionX Corp.  | 2110 |  | 62878 |
| Chord Energy Corp.  | 2991 |  | 337146 |
| Civeo Corp.  | 1323 |  | 30429 |
| Civitas Resources, Inc.  | 7051 |  | 246009 |
| CNX Resources Corp.\*  | 30901 |  | 972763 |
| Comstock Resources, Inc.\*  | 35444 |  | 720931 |
| Core Natural Resources, Inc.  | 4763 |  | 367227 |
| Crescent Energy Co. - Class A  | 12233 |  | 137499 |
| Delek U.S. Holdings, Inc.  | 9638 |  | 145245 |
| Diamondback Energy, Inc.  | 2569 |  | 410732 |
| DMC Global, Inc.\*  | 3680 |  | 30986 |
| DNOW, Inc.\*  | 10475 |  | 178913 |
| DT Midstream, Inc.  | 1590 |  | 153403 |
| EQT Corp.  | 5307 |  | 283553 |
| Expro Group Holdings N.V.\*  | 3895 |  | 38716 |
| FutureFuel Corp.  | 6560 |  | 25584 |
| Golar LNG Ltd.  | 2025 |  | 76930 |
| Gulfport Energy Corp.\*  | 1820 |  | 335135 |
| Hallador Energy Co.\*  | 7240 |  | 88907 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **ENERGY (Continued)** | **ENERGY (Continued)** | **ENERGY (Continued)** | **ENERGY (Continued)** |
| Helix Energy Solutions Group, Inc.\*  | 23260 | $| 193291 |
| Helmerich & Payne, Inc.  | 16809 |  | 439051 |
| HighPeak Energy, Inc.  | 2500 |  | 31650 |
| Innovex International, Inc.\*  | 8040 |  | 144398 |
| Kosmos Energy Ltd.\*  | 8720 |  | 19882 |
| Liberty Energy, Inc.  | 25549 |  | 404441 |
| Matador Resources Co.  | 10164 |  | 519279 |
| Murphy Oil Corp.  | 23891 |  | 678504 |
| Nabors Industries Ltd.\*  | 770 |  | 32117 |
| NACCO Industries, Inc. - Class A  | 1450 |  | 48908 |
| Natural Gas Services Group, Inc.\*  | 2280 |  | 50092 |
| Noble Corp. PLC  | 3722 |  | 88211 |
| Northern Oil & Gas, Inc.  | 2900 |  | 87667 |
| NOV, Inc.  | 5925 |  | 90178 |
| NPK International, Inc.\*  | 14965 |  | 86947 |
| Oceaneering International, Inc.\*  | 3552 |  | 77469 |
| Oil States International, Inc.\*  | 4896 |  | 25214 |
| ONEOK, Inc.  | 1943 |  | 192784 |
| Par Pacific Holdings, Inc.\*  | 3260 |  | 46488 |
| Patterson-UTI Energy, Inc.  | 27373 |  | 225006 |
| PBF Energy, Inc. - Class A  | 17807 |  | 339936 |
| Peabody Energy Corp.  | 18303 |  | 248006 |
| Permian Resources Corp.  | 21814 |  | 302124 |
| ProPetro Holding Corp.\*  | 17700 |  | 130095 |
| Ramaco Resources, Inc. - Class A  | 1900 |  | 15637 |
| Range Resources Corp.  | 3919 |  | 156486 |
| Ranger Energy Services, Inc. - Class A  | 4983 |  | 70709 |
| REX American Resources Corp.\*  | 3450 |  | 129616 |
| RPC, Inc.  | 3960 |  | 21780 |
| SandRidge Energy, Inc.  | 2136 |  | **24393** |
| Seadrill Ltd.\*  | 2200 |  | 55000 |
| Select Water Solutions, Inc.  | 10780 |  | 113190 |
| SM Energy Co.  | 13794 |  | 413130 |
| Smart Sand, Inc.  | 12337 |  | 31953 |
| SunCoke Energy, Inc.  | 19260 |  | 177192 |
| Talos Energy, Inc.\*  | 19408 |  | 188646 |
| Targa Resources Corp.  | 3000 |  | 601410 |
| TechnipFMC PLC  | 20670 |  | 655032 |
| Transocean Ltd.\*  | 53643 |  | 170048 |
| VAALCO Energy, Inc.  | 13370 |  | 50271 |
| Vital Energy, Inc.\*  | 4750 |  | 100795 |
| Warrior Met Coal, Inc.  | 4265 |  | 203526 |
|  |  |  | **14492109** |
| **FINANCIAL — 33.8%** | **FINANCIAL — 33.8%** | **FINANCIAL — 33.8%** | **FINANCIAL — 33.8%** |
| 1st Source Corp.  | 5572 |  | 333261 |
| ACNB Corp.  | 1380 |  | 56801 |
| Air Lease Corp.  | 18324 |  | 885232 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Alerus Financial Corp.  | 1550 | $28613 |
| Amalgamated Financial Corp.  | 2230 | 64113 |
| Ambac Financial Group, Inc.\*  | 3810 | 33338 |
| Amerant Bancorp, Inc.  | 840 | 17338 |
| Ameris Bancorp  | 8312 | 478522 |
| AMERISAFE, Inc.  | 860 | 45193 |
| Anywhere Real Estate, Inc.\*  | 15310 | 50982 |
| Associated Banc-Corp  | 29250 | 659002 |
| Assured Guaranty Ltd.  | 12228 | 1077287 |
| Atlantic Union Bankshares Corp.  | 16309 | 507862 |
| Axis Capital Holdings Ltd.  | 8645 | 866575 |
| Axos Financial, Inc.\*  | 4575 | 295179 |
| Banc of California, Inc.  | 6870 | 97485 |
| BancFirst Corp.  | 484 | 53177 |
| Bancorp, Inc.\*  | 2427 | 128243 |
| Bank of Hawaii Corp.  | 1801 | 124215 |
| Bank of Marin Bancorp  | 1900 | 41933 |
| Bank of NT Butterfield & Son Ltd.  | 1990 | 77451 |
| Bank OZK  | 17559 | 762939 |
| Bank7 Corp.  | 770 | 29830 |
| BankFinancial Corp.  | 1530 | 19339 |
| BankUnited, Inc.  | 13934 | 479887 |
| Banner Corp.  | 6730 | 429172 |
| Bar Harbor Bankshares  | 1790 | 52805 |
| BCB Bancorp, Inc.  | 1600 | 15776 |
| Berkshire Hills Bancorp, Inc.  | 7906 | 206268 |
| BGC Group, Inc. - Class A  | 3420 | 31361 |
| Bread Financial Holdings, Inc.  | 8280 | 414662 |
| Bridgewater Bancshares, Inc.\*  | 2910 | 40420 |
| Brighthouse Financial, Inc.\*  | 8822 | 511588 |
| Brookfield Asset Management Ltd. - Class A  | 2003 | 97045 |
| Brookline Bancorp, Inc.  | 15285 | 166606 |
| Burke & Herbert Financial Services Corp.  | 1397 | 78386 |
| Business First Bancshares, Inc.  | 4560 | 111036 |
| Byline Bancorp, Inc.  | 6100 | 159576 |
| C&F Financial Corp.  | 710 | 47847 |
| Cadence Bank  | 16541 | 502185 |
| Camden National Corp.  | 2431 | 98383 |
| Capital City Bank Group, Inc.  | 1190 | 42792 |
| Carter Bankshares, Inc.\*  | 3660 | 59219 |
| Cathay General Bancorp  | 10950 | 471178 |
| Central Pacific Financial Corp.  | 2620 | 70845 |
| Chemung Financial Corp.  | 680 | 32348 |
| ChoiceOne Financial Services, Inc.  | 500 | 14385 |
| City Holding Co.  | 1759 | 206630 |
| CNB Financial Corp.  | 2560 | 56960 |
| CNO Financial Group, Inc.  | 23799 | 991228 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Coastal Financial Corp.\*  | 700 | $63287 |
| Columbia Banking System, Inc.  | 15741 | 392581 |
| Comerica, Inc.  | 2650 | 156509 |
| Community Financial System, Inc.  | 2012 | 114402 |
| Community Trust Bancorp, Inc.  | 1470 | 74029 |
| Community West Bancshares  | 1800 | 33264 |
| Compass, Inc.\*  | 3450 | 30119 |
| ConnectOne Bancorp, Inc.  | 8940 | 217331 |
| Consumer Portfolio Services, Inc.\*  | 3576 | 31004 |
| Cushman & Wakefield PLC\*  | 13310 | 136028 |
| Customers Bancorp, Inc.\*  | 5605 | 281371 |
| CVB Financial Corp.  | 5390 | 99499 |
| Dime Community Bancshares, Inc.  | 6639 | 185095 |
| Donegal Group, Inc. - Class A  | 3511 | 68921 |
| Eagle Bancorp, Inc.  | 4147 | 87087 |
| Employers Holdings, Inc.  | 5219 | 264290 |
| Enact Holdings, Inc.  | 2253 | 78292 |
| Encore Capital Group, Inc.\*  | 3130 | 107296 |
| Enova International, Inc.\*  | 2775 | 267954 |
| Enstar Group Ltd.\*  | 1260 | 418799 |
| Enterprise Bancorp, Inc.  | 860 | 33480 |
| Enterprise Financial Services Corp.  | 4315 | 231888 |
| Esquire Financial Holdings, Inc.  | 1169 | 88119 |
| ESSA Bancorp, Inc.  | 960 | 18096 |
| Essent Group Ltd.  | 7957 | 459278 |
| Evercore, Inc. - Class A  | 400 | 79888 |
| EZCORP, Inc. - Class A\*  | 11690 | 172077 |
| FB Financial Corp.  | 1720 | 79739 |
| Federal Agricultural Mortgage Corp. - Class C  | 1398 | 262139 |
| Finance Of America Cos., Inc. - Class A\*  | 550 | 11693 |
| Financial Institutions, Inc.  | 2980 | 74381 |
| First BanCorp/Puerto Rico  | 47760 | 915559 |
| First Bancorp/Southern Pines NC  | 2038 | 81805 |
| First Bancshares, Inc.  | 3916 | 132400 |
| First Bank/Hamilton NJ  | 1170 | 17328 |
| First Busey Corp.  | 9885 | 213516 |
| First Business Financial Services, Inc.  | 1420 | 66953 |
| First Commonwealth Financial Corp.  | 21140 | 328516 |
| First Community Bankshares, Inc.  | 1750 | 65958 |
| First Financial Bancorp  | 19319 | 482589 |
| First Financial Corp.  | 1821 | 89193 |
| First Financial Northwest, Inc.  | 1360 | 30818 |
| First Hawaiian, Inc.  | 1640 | 40082 |
| First Horizon Corp.  | 15102 | 293281 |
| First Internet Bancorp  | 1700 | 45526 |
| First Interstate BancSystem, Inc. - Class A  | 6166 | 176656 |
| First Merchants Corp.  | 6962 | 281543 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| First Mid Bancshares, Inc.  | 2812 | $98139 |
| Flushing Financial Corp.  | 2970 | 37719 |
| FNB Corp.  | 38057 | 511867 |
| FRP Holdings, Inc.\*  | 2140 | 61140 |
| FS Bancorp, Inc.  | 620 | 23566 |
| FTAI Infrastructure, Inc.  | 6450 | 29219 |
| Fulton Financial Corp.  | 40311 | 729226 |
| Genworth Financial, Inc.\*  | 72028 | 510679 |
| German American Bancorp, Inc.  | 1000 | 37500 |
| Glacier Bancorp, Inc.  | 1630 | 72079 |
| Globe Life, Inc.  | 130 | 17124 |
| Great Southern Bancorp, Inc.  | 1845 | 102158 |
| Guild Holdings Co.  | 1300 | 19890 |
| Hancock Whitney Corp.  | 18373 | 963664 |
| Hanmi Financial Corp.  | 9080 | 205753 |
| Hanover Insurance Group, Inc.  | 240 | 41748 |
| HarborOne Bancorp, Inc.  | 3260 | 33806 |
| Heritage Commerce Corp.  | 6040 | 57501 |
| Heritage Financial Corp.  | 3008 | 73185 |
| Heritage Insurance Holdings, Inc.\*  | 2821 | 40679 |
| Hilltop Holdings, Inc.  | 12462 | 379468 |
| Home Bancorp, Inc.  | 940 | 42112 |
| HomeTrust Bancshares, Inc.  | 1000 | 34280 |
| Hope Bancorp, Inc.  | 19307 | 202144 |
| Horace Mann Educators Corp.  | 5961 | 254714 |
| Horizon Bancorp, Inc.  | 3741 | 56414 |
| Howard Hughes Holdings, Inc.\*  | 4829 | 357732 |
| Independent Bank Corp.  | 3950 | 121620 |
| Independent Bank Corp.  | 3145 | 197034 |
| International Bancshares Corp.  | 13355 | 842166 |
| Invesco Ltd.  | 15170 | 230129 |
| Investar Holding Corp.  | 1000 | 17610 |
| Jackson Financial, Inc. - Class A  | 12163 | 1019016 |
| Janus Henderson Group PLC  | 10032 | 362657 |
| Jones Lang LaSalle, Inc.\*  | 660 | 163621 |
| Kearny Financial Corp.  | 4182 | 26179 |
| Kemper Corp.  | 2100 | 140385 |
| Kennedy-Wilson Holdings, Inc.  | 4065 | 35284 |
| LendingClub Corp.\*  | 15200 | 156864 |
| LendingTree, Inc.\*  | 490 | 24632 |
| MARA Holdings, Inc.\*1  | 1260 | 14490 |
| Marcus & Millichap, Inc.  | 1460 | 50297 |
| McGrath RentCorp  | 1125 | 125325 |
| Medallion Financial Corp.  | 1513 | 13178 |
| Mercantile Bank Corp.  | 3170 | 137705 |
| Merchants Bancorp  | 560 | 20720 |
| Mercury General Corp.  | 540 | 30186 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued)

AS OF MARCH 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Meridian Corp.  | 2290 | $32976 |
| Metrocity Bankshares, Inc.  | 1000 | 27570 |
| Metropolitan Bank Holding Corp.\*  | 560 | 31354 |
| MGIC Investment Corp.  | 37540 | 930241 |
| Midland States Bancorp, Inc.  | 3660 | 62659 |
| MidWestOne Financial Group, Inc.  | 1400 | 41454 |
| Mr Cooper Group, Inc.\*  | 13172 | 1575371 |
| Navient Corp.  | 24264 | 306454 |
| NBT Bancorp, Inc.  | 3290 | 141141 |
| Nelnet, Inc. - Class A  | 5510 | 611224 |
| Newmark Group, Inc. - Class A  | 14520 | 176708 |
| NMI Holdings, Inc.\*  | 11887 | 428526 |
| Northeast Bank  | 1190 | 108933 |
| Northfield Bancorp, Inc.  | 6184 | 67467 |
| Northrim BanCorp, Inc.  | 1860 | 136189 |
| Northwest Bancshares, Inc.  | 21481 | 258202 |
| Oak Valley Bancorp  | 1610 | 40186 |
| OceanFirst Financial Corp.  | 9881 | 168076 |
| OFG Bancorp  | 14850 | 594297 |
| Old National Bancorp  | 40696 | 862348 |
| Old Second Bancorp, Inc.  | 2780 | 46259 |
| OneMain Holdings, Inc.  | 2940 | 143707 |
| Oppenheimer Holdings, Inc. - Class A  | 2070 | 123434 |
| Orrstown Financial Services, Inc.  | 2317 | 69533 |
| Pacific Premier Bancorp, Inc.  | 18260 | 389303 |
| Palomar Holdings, Inc.\*  | 440 | 60315 |
| Park National Corp.  | 185 | 28009 |
| Pathward Financial, Inc.  | 2945 | 214838 |
| PCB Bancorp  | 3540 | 66233 |
| Peapack-Gladstone Financial Corp.  | 3435 | 97554 |
| PennyMac Financial Services, Inc.  | 4727 | 473220 |
| Peoples Bancorp, Inc.  | 6923 | 205336 |
| Peoples Financial Services Corp.  | 1290 | 57366 |
| Pinnacle Financial Partners, Inc.  | 3207 | 340070 |
| Piper Sandler Cos.  | 1213 | 300412 |
| PJT Partners, Inc. - Class A  | 440 | 60667 |
| Popular, Inc.  | 8590 | 793458 |
| PRA Group, Inc.\*  | 1650 | 34023 |
| Preferred Bank/Los Angeles CA  | 3270 | 273568 |
| Primerica, Inc.  | 440 | 125193 |
| Primis Financial Corp.  | 2444 | 23878 |
| ProAssurance Corp.\*  | 5465 | 127608 |
| Provident Financial Holdings, Inc.  | 1180 | 17216 |
| Provident Financial Services, Inc.  | 24304 | 417300 |
| QCR Holdings, Inc.  | 1667 | 118890 |
| Radian Group, Inc.  | 17552 | 580445 |
| RE/MAX Holdings, Inc. - Class A\*  | 2829 | 23679 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Regional Management Corp.  | 1950 | $58715 |
| Renasant Corp.  | 10463 | 355010 |
| Republic Bancorp, Inc. - Class A  | 2280 | 145510 |
| S&T Bancorp, Inc.  | 4703 | 174246 |
| Safety Insurance Group, Inc.  | 990 | 78091 |
| Sandy Spring Bancorp, Inc.  | 7741 | 216361 |
| Seacoast Banking Corp. of Florida  | 3015 | 77576 |
| Selective Insurance Group, Inc.  | 851 | 77901 |
| ServisFirst Bancshares, Inc.  | 790 | 65254 |
| Sierra Bancorp  | 2330 | 64960 |
| Simmons First National Corp. - Class A  | 16097 | 330471 |
| SiriusPoint Ltd.\*  | 17520 | 302921 |
| Skyward Specialty Insurance Group, Inc.\*  | 790 | 41807 |
| SLM Corp.  | 5020 | 147437 |
| SmartFinancial, Inc.  | 3150 | 97902 |
| SoFi Technologies, Inc.\*  | 20660 | 240276 |
| Southside Bancshares, Inc.  | 1366 | 39559 |
| SouthState Corp.  | 7948 | 737733 |
| Stellar Bancorp, Inc.  | 2529 | 69952 |
| Stewart Information Services Corp.  | 2860 | 204061 |
| Stifel Financial Corp.  | 1250 | 117825 |
| Stock Yards Bancorp, Inc.  | 840 | 58010 |
| StoneX Group, Inc.\*  | 3969 | 303152 |
| Synovus Financial Corp.  | 1640 | 76654 |
| Texas Capital Bancshares, Inc.\*  | 9042 | 675437 |
| Third Coast Bancshares, Inc.\*  | 1020 | 34037 |
| Timberland Bancorp, Inc.  | 1578 | 47577 |
| Tiptree, Inc.  | 8150 | 196333 |
| Tompkins Financial Corp.  | 899 | 56619 |
| Towne Bank/Portsmouth VA  | 2010 | 68722 |
| TriCo Bancshares  | 3083 | 123228 |
| TrustCo Bank Corp. NY  | 3330 | 101498 |
| Trustmark Corp.  | 9097 | 313756 |
| UMB Financial Corp.  | 2772 | 280249 |
| United Bankshares, Inc.  | 11352 | 393574 |
| United Community Banks, Inc.  | 7632 | 214688 |
| United Fire Group, Inc.  | 2240 | 65990 |
| Unity Bancorp, Inc.  | 400 | 16280 |
| Universal Insurance Holdings, Inc.  | 2120 | 50244 |
| Univest Financial Corp.  | 5460 | 154846 |
| Unum Group  | 10316 | 840341 |
| Valley National Bancorp  | 46703 | 415190 |
| Veritex Holdings, Inc.  | 2990 | 74660 |
| Virtu Financial, Inc. - Class A  | 4720 | 179926 |
| Virtus Investment Partners, Inc.  | 298 | 51363 |
| WaFd, Inc.  | 15220 | 434988 |
| Walker & Dunlop, Inc.  | 1314 | 112163 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued) AS OF MARCH 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** | **FINANCIAL (Continued)** |
| Washington Trust Bancorp, Inc.  | 1970 | $| 60794 |
| Waterstone Financial, Inc.  | 4134 |  | 55602 |
| Webster Financial Corp.  | 7689 |  | 396368 |
| WesBanco, Inc.  | 17254 |  | 534184 |
| Westamerica BanCorp  | 1630 |  | 82527 |
| Western Alliance Bancorp  | 2876 |  | 220963 |
| Western New England Bancorp, Inc.  | 4604 |  | 42817 |
| White Mountains Insurance Group Ltd.  | 295 |  | 568114 |
| Wintrust Financial Corp.  | 5134 |  | 577370 |
| World Acceptance Corp.\*  | 310 |  | 39231 |
| WSFS Financial Corp.  | 8221 |  | 426423 |
| Zions Bancorp N.A.  | 4010 |  | 199939 |
|  |  |  | **52725076** |
| **INDUSTRIAL — 15.7%** | **INDUSTRIAL — 15.7%** | **INDUSTRIAL — 15.7%** | **INDUSTRIAL — 15.7%** |
| A O Smith Corp.  | 460 |  | 30066 |
| AAR Corp.\*  | 6300 |  | 352737 |
| Acuity, Inc.  | 140 |  | 36869 |
| Advanced Energy Industries, Inc.  | 410 |  | 39077 |
| AerSale Corp.\*  | 1830 |  | 13707 |
| Air Transport Services Group, Inc.\*  | 8750 |  | 196350 |
| American Woodmark Corp.\*  | 2263 |  | 133132 |
| Apogee Enterprises, Inc.  | 1370 |  | 63472 |
| Applied Industrial Technologies, Inc.  | 350 |  | 78869 |
| ArcBest Corp.  | 3460 |  | 244207 |
| Arcosa, Inc.  | 6049 |  | 466499 |
| Ardmore Shipping Corp.  | 7570 |  | 74110 |
| Argan, Inc.  | 270 |  | 35416 |
| Arrow Electronics, Inc.\*  | 940 |  | 97600 |
| Astec Industries, Inc.  | 3947 |  | 135974 |
| Astronics Corp.\*  | 1840 |  | 44473 |
| Avnet, Inc.  | 14426 |  | 693746 |
| AZEK Co., Inc.\*  | 740 |  | 36179 |
| AZZ, Inc.  | 1450 |  | 121234 |
| Bel Fuse, Inc. - Class B  | 1910 |  | 142983 |
| Belden, Inc.  | 890 |  | 89223 |
| Benchmark Electronics, Inc.  | 8280 |  | 314888 |
| Boise Cascade Co.  | 4874 |  | 478091 |
| Brady Corp. - Class A  | 1575 |  | 111258 |
| C.H. Robinson Worldwide, Inc.  | 330 |  | 33792 |
| Chart Industries, Inc.\*  | 460 |  | 66406 |
| Clearwater Paper Corp.\*  | 2595 |  | 65835 |
| Coherent Corp.\*  | 3543 |  | 230082 |
| Columbus McKinnon Corp.  | 5020 |  | 84989 |
| Comfort Systems USA, Inc.  | 169 |  | 54474 |
| Concrete Pumping Holdings, Inc.  | 4330 |  | 23642 |
| Core Molding Technologies, Inc.\*  | 2340 |  | 35568 |
| Costamare, Inc.  | 22907 |  | 225405 |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| Covenant Logistics Group, Inc.  | 3924 | $87113 |
| DHT Holdings, Inc.  | 32510 | 341355 |
| Dorian LPG Ltd.  | 9363 | 209169 |
| Ducommun, Inc.\*  | 2697 | 156507 |
| DXP Enterprises, Inc.\*  | 1980 | 162875 |
| Eastman Kodak Co.\*  | 4720 | 29830 |
| EMCOR Group, Inc.  | 488 | 180379 |
| Enerpac Tool Group Corp.  | 390 | 17495 |
| EnerSys  | 990 | 90664 |
| Enpro, Inc.  | 2735 | 442496 |
| Enviri Corp.\*  | 12720 | 84588 |
| Esab Corp.  | 4443 | 517609 |
| ESCO Technologies, Inc.  | 2323 | 369636 |
| Everus Construction Group, Inc.\*  | 507 | 18805 |
| FARO Technologies, Inc.\*  | 770 | 21021 |
| Federal Signal Corp.  | 1698 | 124888 |
| Flowserve Corp.  | 1160 | 56654 |
| Frontdoor, Inc.\*  | 5070 | 194789 |
| GATX Corp.  | 7475 | 1160643 |
| Genco Shipping & Trading Ltd.  | 7925 | 105878 |
| Gibraltar Industries, Inc.\*  | 2219 | 130167 |
| Granite Construction, Inc.  | 4643 | 350082 |
| Great Lakes Dredge & Dock Corp.\*  | 9760 | 84912 |
| Greenbrier Cos., Inc.  | 7275 | 372625 |
| Greif, Inc. - Class A  | 5540 | 304645 |
| Griffon Corp.  | 3180 | 227370 |
| Hayward Holdings, Inc.\*  | 1506 | 20964 |
| Heartland Express, Inc.  | 2240 | 20653 |
| Hillenbrand, Inc.  | 1097 | 26482 |
| Hillman Solutions Corp.\*  | 4490 | 39467 |
| Hub Group, Inc. - Class A  | 13240 | 492131 |
| Hurco Cos., Inc.  | 900 | 13959 |
| Ichor Holdings Ltd.\*  | 1648 | 37261 |
| International Seaways, Inc.  | 8384 | 278349 |
| Itron, Inc.\*  | 1130 | 118379 |
| Janus International Group, Inc.\*  | 11020 | 79344 |
| JELD-WEN Holding, Inc.\*  | 12140 | 72476 |
| Kennametal, Inc.  | 7425 | 158152 |
| Kimball Electronics, Inc.\*  | 8010 | 131764 |
| Kirby Corp.\*  | 5871 | 593030 |
| Knowles Corp.\*  | 15245 | 231724 |
| Kratos Defense & Security Solutions, Inc.\*  | 2222 | 65971 |
| L B Foster Co. - Class A\*  | 2230 | 43886 |
| Latham Group, Inc.\*  | 8000 | 51440 |
| Limbach Holdings, Inc.\*  | 480 | 35746 |
| Louisiana-Pacific Corp.  | 1670 | 153607 |
| LSI Industries, Inc.  | 1560 | 26520 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued)

AS OF MARCH 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| Manitowoc Co., Inc.\*  | 2050 | $17610 |
| Marten Transport Ltd.  | 17425 | 239071 |
| Masterbrand, Inc.\*  | 4380 | 57203 |
| Materion Corp.  | 1884 | 153734 |
| Matson, Inc.  | 6081 | 779402 |
| Mercury Systems, Inc.\*  | 1280 | 55155 |
| Metallus, Inc.\*  | 7032 | 93948 |
| Mirion Technologies, Inc.\*  | 9970 | 144565 |
| Mistras Group, Inc.\*  | 3760 | 39781 |
| Modine Manufacturing Co.\*  | 6802 | 522053 |
| Mohawk Industries, Inc.\*  | 4058 | 463342 |
| Moog, Inc. - Class A  | 695 | 120478 |
| Mueller Industries, Inc.  | 4700 | 357858 |
| Myers Industries, Inc.  | 2540 | 30302 |
| National Presto Industries, Inc.  | 460 | 40439 |
| NL Industries, Inc.  | 5450 | 43055 |
| Nordic American Tankers Ltd.  | 20620 | 50725 |
| Northwest Pipe Co.\*  | 1917 | 79172 |
| NV5 Global, Inc.\*  | 1490 | 28712 |
| nVent Electric PLC  | 2255 | 118207 |
| O-I Glass, Inc.\*  | 11355 | 130242 |
| Olympic Steel, Inc.  | 3159 | 99572 |
| Orion Group Holdings, Inc.\*  | 5610 | 29340 |
| Pactiv Evergreen, Inc.  | 8470 | 152545 |
| PAMT Corp.\*  | 554 | 6726 |
| Park-Ohio Holdings Corp.  | 1410 | 30456 |
| Plexus Corp.\*  | 2640 | 338263 |
| Powell Industries, Inc.  | 530 | 90275 |
| Primoris Services Corp.  | 5510 | 316329 |
| Proto Labs, Inc.\*  | 3080 | 107923 |
| Radiant Logistics, Inc.\*  | 4805 | 29551 |
| RXO, Inc.\*  | 2230 | 42593 |
| Ryder System, Inc.  | 2573 | 370023 |
| Ryerson Holding Corp.  | 6299 | 144625 |
| Safe Bulkers, Inc.  | 8860 | 32693 |
| Sanmina Corp.\*  | 12201 | 929472 |
| Schneider National, Inc. - Class B  | 8360 | 191026 |
| Scorpio Tankers, Inc.  | 8486 | 318904 |
| Sensata Technologies Holding PLC  | 3480 | 84460 |
| SFL Corp. Ltd.  | 15460 | 126772 |
| Smith & Wesson Brands, Inc.  | 5110 | 47625 |
| SPX Technologies, Inc.\*  | 1905 | 245326 |
| Standex International Corp.  | 260 | 41961 |
| Sterling Infrastructure, Inc.\*  | 1020 | 115474 |
| TD SYNNEX Corp.  | 1180 | 122673 |
| Teekay Corp. Ltd.  | 16632 | 109272 |
| Teekay Tankers Ltd. - Class A  | 5503 | 210600 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** | **INDUSTRIAL (Continued)** |
| Terex Corp.  | 1885 | $| 71215 |
| Thermon Group Holdings, Inc.\*  | 1980 |  | 55143 |
| Timken Co.  | 1005 |  | 72229 |
| TriMas Corp.  | 6130 |  | 143626 |
| Trinity Industries, Inc.  | 13345 |  | 374461 |
| Triumph Group, Inc.\*  | 2470 |  | 62590 |
| TTM Technologies, Inc.\*  | 26644 |  | 546468 |
| Tutor Perini Corp.\*  | 3760 |  | 87157 |
| UFP Industries, Inc.  | 1070 |  | 114533 |
| Vishay Intertechnology, Inc.  | 22369 |  | 355667 |
| Watts Water Technologies, Inc. - Class A  | 260 |  | 53019 |
| Werner Enterprises, Inc.  | 9190 |  | 269267 |
| Willis Lease Finance Corp.  | 2400 |  | 379128 |
| World Kinect Corp.  | 11110 |  | 315080 |
| Worthington Enterprises, Inc.  | 2520 |  | 126227 |
| Worthington Steel, Inc.  | 3300 |  | 83589 |
|  |  |  | **24392785** |
| **TECHNOLOGY — 2.2%** | **TECHNOLOGY — 2.2%** | **TECHNOLOGY — 2.2%** | **TECHNOLOGY — 2.2%** |
| ACI Worldwide, Inc.\*  | 1500 |  | 82065 |
| ACM Research, Inc. - Class A\*  | 710 |  | 16571 |
| Adeia, Inc.  | 20137 |  | 266211 |
| Allegro MicroSystems, Inc.\*  | 1270 |  | 31915 |
| Alpha & Omega Semiconductor Ltd.\*  | 4505 |  | 111994 |
| Amkor Technology, Inc.  | 39836 |  | 719438 |
| ASGN, Inc.\*  | 550 |  | 34661 |
| Bandwidth, Inc. - Class A\*  | 870 |  | 11397 |
| Box, Inc.\*  | 1190 |  | 36723 |
| Claritev Corp.\*  | 1720 |  | 35484 |
| Clear Secure, Inc. - Class A  | 1940 |  | 50265 |
| Climb Global Solutions, Inc.  | 330 |  | 36551 |
| Cohu, Inc.\*  | 4972 |  | 73138 |
| Conduent, Inc.\*  | 20400 |  | 55080 |
| CoreCard Corp.\*  | 4510 |  | 84382 |
| Corsair Gaming, Inc.\*  | 4020 |  | 35617 |
| CSP, Inc.  | 866 |  | 13284 |
| Digi International, Inc.\*  | 5825 |  | 162110 |
| Diodes, Inc.\*  | 2387 |  | 103047 |
| Domo, Inc.\*  | 2760 |  | 21418 |
| DXC Technology Co.\*  | 4260 |  | 72633 |
| Grid Dynamics Holdings, Inc.\*  | 3790 |  | 59314 |
| Insight Enterprises, Inc.\*  | 2015 |  | 302230 |
| IPG Photonics Corp.\*  | 530 |  | 33464 |
| Kulicke & Soffa Industries, Inc.  | 1618 |  | 53362 |
| Kyndryl Holdings, Inc.\*  | 2740 |  | 86036 |
| NetScout Systems, Inc.\*  | 9560 |  | 200856 |
| Photronics, Inc.\*  | 12573 |  | 261016 |
| Playstudios, Inc.\*  | 16798 |  | 21333 |

---

*See accompanying Notes to Financial Statements.*

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

SCHEDULE OF INVESTMENTS (Continued)

AS OF MARCH 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
| **TECHNOLOGY (Continued)** | **TECHNOLOGY (Continued)** | **TECHNOLOGY (Continued)** | **TECHNOLOGY (Continued)** |
| Science Applications International Corp.  | 280 | $| 31436 |
| SolarWinds Corp.  | 5490 |  | 101181 |
| Synchronoss Technologies, Inc.\*  | 4160 |  | 45302 |
| Ultra Clean Holdings, Inc.\*  | 2350 |  | 50314 |
| Vishay Precision Group, Inc.\*  | 1260 |  | 30353 |
| WM Technology, Inc.\*  | 18730 |  | 21165 |
|  |  |  | **3351346** |
| **UTILITIES — 1.3%** | **UTILITIES — 1.3%** | **UTILITIES — 1.3%** | **UTILITIES — 1.3%** |
| Altus Power, Inc.\*  | 9100 |  | 45045 |
| Ameresco, Inc. - Class A\*  | 2460 |  | 29717 |
| Black Hills Corp.  | 640 |  | 38816 |
| Brookfield Infrastructure Corp. - Class A  | 5383 |  | 194811 |
| California Water Service Group  | 1020 |  | 49429 |
| Clearway Energy, Inc. - Class C  | 4500 |  | 136215 |
| Essential Utilities, Inc.  | 900 |  | 35577 |
| MDU Resources Group, Inc.  | 10030 |  | 169607 |
| MGE Energy, Inc.  | 1644 |  | 152826 |
| Middlesex Water Co.  | 510 |  | 32691 |
| New Jersey Resources Corp.  | 6126 |  | 300542 |
| Northwest Natural Holding Co.  | 950 |  | 40584 |
| Northwestern Energy Group, Inc.  | 570 |  | 32986 |
| NRG Energy, Inc.  | 3892 |  | 371530 |
| ONE Gas, Inc.  | 1380 |  | 104314 |
| Otter Tail Corp.  | 1011 |  | 81254 |
| Portland General Electric Co.  | 2760 |  | 123096 |
| UGI Corp.  | 1580 |  | 52251 |
| Unitil Corp.  | 1290 |  | 74420 |
|  |  |  | **2065711** |
| **TOTAL COMMON STOCKS** (Cost $103,263,716)  |  |  | **147729593** |
| **EXCHANGE-TRADED FUNDS — 1.6%**  |  |  |  |
| Direxion Daily Small Cap Bull 3X Shares ETF  | 15054 |  | 440480 |
| iShares Russell 2000 Value ETF  | 6035 |  | 911164 |
| iShares S&P Small-Cap 600 Value ETF  | 2010 |  | 195935 |
| SPDR S&P Regional Banking ETF<sup>1</sup>  | 16373 |  | 930805 |
| VanEck Oil Services ETF  | 140 |  | 36697 |
| **TOTAL EXCHANGE-TRADED FUNDS** (Cost $1,918,689)  | **TOTAL EXCHANGE-TRADED FUNDS** (Cost $1,918,689)  |  | **2515081** |
| **PREFERRED STOCKS — 0.1%**  |  |  |  |
| **CONSUMER, CYCLICAL — 0.1%**  |  |  |  |
| QVC Group, Inc. 8.00%, 3/15/2031<sup>3</sup>  | 274 |  | 7072 |
| WESCO International, Inc. 10.63%<sup>3,4,5</sup>  | 5008 |  | 126502 |
|  |  |  | **133574** |

---

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
| **INDUSTRIAL — 0.0%**  |  |  |
| Steel Partners Holdings LP 6.00%, 2/7/2026<sup>3</sup>  | 1855 | $**44983** |
| **TOTAL PREFERRED STOCKS**  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $188,489)  |  | **178557** |
| **WARRANTS — 0.0%**  |  |  |
| **BASIC MATERIALS — 0.0%**  |  |  |
| Resolute Forest Products, Inc., Expiration Date: December 31, 2025\*<sup>2</sup>  | 12820 | **—** |
| **CONSUMER, NON-CYCLICAL — 0.0%**  |  |  |
| Jounce Therapeutics, Expiration Date: December 31, 2025\*<sup>2</sup>  | 18810 |  |
| **TOTAL WARRANTS**  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $0)  |  | **—** |
| **MONEY MARKET INVESTMENTS — 3.7%**  | **MONEY MARKET INVESTMENTS — 3.7%**  |  |
| Federated Treasury Obligations Fund - Class Institutional, 4.13%<sup>4,6</sup>  | 500000 | 500000 |
| Fidelity Institutional Government, 4.16%<sup>4</sup>  | 4055132 | 4055132 |
| Invesco Government & Agency Portfolio, 4.37%<sup>4,7</sup>  | 1191430 | 1191430 |
| **TOTAL MONEY MARKET INVESTMENTS**  | **TOTAL MONEY MARKET INVESTMENTS**  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,746,562)  |  | **5746562** |
| **TOTAL INVESTMENTS — 100.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $111,117,456)  |  | **156169793** |
| Liabilities less other assets — (0.2)%  |  | **(281158)** |
| **TOTAL NET ASSETS — 100.0%**  |  | $**155888635** |

---

LP – Limited Partnership

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 $1,119,941 at March 31, 2025. 

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

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp;Callable.

<sup>4</sup> &nbsp;&nbsp;&nbsp;&nbsp;Variable rate security; the rate shown represents the rate at March 31, 2025.

<sup>5</sup> &nbsp;&nbsp;&nbsp;&nbsp;Perpetual security; maturity date is not applicable.

<sup>6</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of this security is segregated as collateral for options contracts. The total value of these securities is $500,000 at March 31, 2025. The Fund had option contracts transactions during the period ended March 31, 2025, however, due to the timing of these transactions, there were no open options contracts as of March 31, 2025. 

<sup>7</sup> &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased with cash proceeds from securities lending. Total collateral had a fair value of $1,191,430 at March 31, 2025. 

*See accompanying Notes to Financial Statements.*

**Vericimetry Funds** 

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

Statement of Assets and Liabilities

AS OF MARCH 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at value (cost $111,117,456)  | $156169793<sup>(1)</sup> |
| Cash held at broker  | 834323 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Securities sold  | 48693 |
| &nbsp;&nbsp;&nbsp;Dividends and interest  | 142496 |
| &nbsp;&nbsp;&nbsp;Securities lending income  | 767 |
| Prepaid expenses and other assets  | 12758 |
| &nbsp;&nbsp;&nbsp;Total assets  | 157208830 |
| **LIABILITIES:** |  |
| Collateral due to broker for securities loaned  | 1191429 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed  | 35481 |
| &nbsp;&nbsp;&nbsp;Due to Trustees  | 4303 |
| &nbsp;&nbsp;&nbsp;Due to Adviser  | 60053 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees and expenses  | 12687 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees  | 6159 |
| &nbsp;&nbsp;&nbsp;Custody fees  | 7272 |
| Accrued other expenses  | 2811 |
| &nbsp;&nbsp;&nbsp;Total liabilities  | 1320195 |
| Commitments and contingencies (Note 3) |  |
| **NET ASSETS**  | $155888635 |
| **COMPONENTS OF NET ASSETS:** |  |
| Paid-in capital  | $103361912 |
| Total distributable earnings  | 52526723 |
| **NET ASSETS**  | $155888635 |
| **Shares outstanding, no par value (unlimited shares authorized)**  | 8290673 |
| **Net asset value, offering and redemption price per share**  | $18.80 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Includes securities on loan of $1,119,941 (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, 2025 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $1,252)  | $1553273 |
| &nbsp;&nbsp;&nbsp;Securities lending income  | 3975 |
| &nbsp;&nbsp;&nbsp;Interest  | 107302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment Income  | 1664550 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees  | 438346 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees and expenses  | 41672 |
| &nbsp;&nbsp;&nbsp;Registration fees  | 22506 |
| &nbsp;&nbsp;&nbsp;Professional fees  | 19256 |
| &nbsp;&nbsp;&nbsp;Custody fees  | 17978 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees  | 12338 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses  | 4303 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees  | 4113 |
| &nbsp;&nbsp;&nbsp;Insurance fees  | 3252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 563764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived by the Adviser  | (37749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses  | 526015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income**  | 1138535 |
| **Net Realized and Unrealized Loss on Investments and Options Contracts** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 8899399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options contracts  | 46392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain  | 8945791 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments  | (23542423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments and options contracts  | (14596632) |
| **Net Decrease in Net Assets from Operations**  | $(13458097) |

---

*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, 2025 <br> (Unaudited)**  | **For the Year Ended <br> September 30, 2024**  |
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $1138535 | $2239745 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, purchased options contracts and written options contracts  | 8945791 | 14116351 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments  | (23542423) | 24489734 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (13458097) | 40845830 |
| **Distributions to Shareholders**  | $(15138539) | $(5030033) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued  | 20128 | 425921 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions  | 15124615 | 5024733 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed  | (10612095) | (25608658) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) resulting from capital transactions**  | 4532648 | (20158004) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets**  | (24063988) | 15657793 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 179952623 | 164294830 |
| &nbsp;&nbsp;&nbsp;End of period  | $155888635 | $179952623 |
| **Capital Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued  | 958 | 23329 |
| &nbsp;&nbsp;&nbsp;Shares reinvested  | 693811 | 261356 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (500930) | (1257116) |
| **Net increase (decrease) in capital shares**  | 193839 | (972431) |

---

*See accompanying Notes to Financial Statements.*

**Vericimetry Funds** 

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

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *For a capital share outstanding throughout each 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> 2025 <br> (Unaudited)**  | **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**  | **For the <br> Year Ended <br> September 30, <br> 2020**  |
| **Net asset value, beginning of period**  | $22.23 | $18.12 | $17.30 | $23.11 | $13.69 | $16.56 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | 0.14 | 0.26 | 0.27 | 0.23 | 0.18 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | (1.67) | 4.42 | 2.00 | (2.14) | 9.44 | (2.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations  | (1.53) | 4.68 | 2.27 | (1.91) | 9.62 | (2.45) |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income  | (0.14) | (0.26) | (0.28) | (0.20) | (0.20) | (0.19) |
| &nbsp;&nbsp;&nbsp;From net realized gain  | (1.76) | (0.31) | (1.17) | (3.70) |  | (0.23) |
| &nbsp;&nbsp;&nbsp;Total distributions  | (1.90) | (0.57) | (1.45) | (3.90) | (0.20) | (0.42) |
| **Net asset value, end of period**  | $18.80 | $22.23 | $18.12 | $17.30 | $23.11 | $13.69 |
| **Total return**  | (8.05)%<sup>1</sup> | 26.35% | 12.85% | (10.34)% | 70.44% | (15.24)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)  | $155889 | $179953 | $164295 | $155592 | $160188 | $110095 |
| Ratio of expenses to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees reimbursed by the Adviser  | 0.64%<sup>2</sup> | 0.65% | 0.66% | 0.66% | 0.67% | 0.76%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After fees reimbursed by the Adviser  | 0.60%<sup>2</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.63%<sup>3</sup> |
| Ratio of net investment income to average net assets (including interest expense) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees reimbursed by the Adviser  | 1.26%<sup>2</sup> | 1.23% | 1.42% | 1.07% | 0.77% | 0.93% |
| &nbsp;&nbsp;&nbsp;After fees reimbursed by the Adviser  | 1.30%<sup>2</sup> | 1.28% | 1.48% | 1.13% | 0.84% | 1.06% |
| Portfolio turnover rate  | 18%<sup>1</sup> | 23% | 46% | 72% | 72% | 69% |

---

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

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

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp;If litigation expenses had been excluded, the expense ratios would have been lowered by 0.03% for the year ended September 30, 2020. 

*See accompanying Notes to Financial Statements.*

**Vericimetry Funds** 

Notes to Financial Statements

As of MARCH 31, 2025 (Unaudited)

**1. Organization** 

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

**2. Significant Accounting Policies** 

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB"), Accounting Standards Codification Topic 946, Financial Services – Investment Companies including Accounting Standards Update 2013-08.

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles ("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 Vericimetry Advisors LLC (the "Adviser") under procedures established by and under the general supervision and responsibility of the Trust's Board of Trustees (the "Board").

Under GAAP, various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad levels and described below:

---

| | |
|:---|:---|
| **Level 1** –  | quoted prices in active markets for identical securities that the Fund has the ability to access. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.  |

---

---

| | |
|:---|:---|
| **Level 2** –  | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement to a Level 3 measurement.  |

---

---

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

---

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of MARCH 31, 2025 (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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials  | $7374654 | $— | $— | $7374654 |
| &nbsp;&nbsp;&nbsp;Communications  | 3260310 |  |  | 3260310 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical  | 23643269 |  |  | 23643269 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-Cyclical  | 16424333 |  | — \* | 16424333 |
| &nbsp;&nbsp;&nbsp;Energy  | 14492109 |  |  | 14492109 |
| &nbsp;&nbsp;&nbsp;Financial  | 52725076 |  |  | 52725076 |
| &nbsp;&nbsp;&nbsp;Industrial  | 24392785 |  |  | 24392785 |
| &nbsp;&nbsp;&nbsp;Technology  | 3351346 |  |  | 3351346 |
| &nbsp;&nbsp;&nbsp;Utilities  | 2065711 |  |  | 2065711 |
| Exchange-Traded Funds  | 2515081 |  |  | 2515081 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical  | 133574 |  |  | 133574 |
| &nbsp;&nbsp;&nbsp;Industrial  | 44983 |  |  | 44983 |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials  |  |  | — \* |  |
| &nbsp;&nbsp;&nbsp;Consumer, Non-Cyclical  |  |  | — \* |  |
| Money Market Investments  | 5746562 |  |  | 5746562 |
| **Total Investments in Securities**  | $156169793 | $— | $— | $156169793 |

---

\* The Adviser valued these holdings at $0 as of March 31, 2025. 

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

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

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

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of MARCH 31, 2025 (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 2021-2024), as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the six months ended March 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. <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, 2025, the value of securities loaned by the Fund was $1,119,941 and the Fund received cash collateral of $1,191,430. 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, 2025 (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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Asset Coverage for Options Positions – The Fund deposits and maintains margin with respect to its futures and options positions. Such margin deposits will vary depending on the nature of the underlying instrument (and the related initial margin requirements), the current market value of the instrument and other positions held by the Fund. The Fund will hold liquid assets or enter into transactions to cover the underlying obligation or set aside in a segregated account at the Fund's custodian liquid assets, such as cash, U.S. Government securities or other high grade liquid debt obligations equal in value to the amount due on the underlying obligation. Such segregated assets will be marked-to-market daily, and additional assets will be placed in the segregated account whenever the total value of the segregated account falls below the amount due on the underlying obligation. The amount of such collateral as of March 31, 2025 is denoted in the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(h) GAAP requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows. As of March 31, 2025, the Fund had no open derivative instruments and therefore there was no impact to the Statement of Assets and Liabilities. The limited use of derivatives by the Fund during the six months ended March 31, 2025, was related to purchased and written equity and index options which resulted in a net realized gain of $46,392 which is reflected on the Statement of Operations. The Fund had option contracts transactions during the six months ended March 31, 2025, 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, 2025, the Fund's purchases and sales of purchased option contracts were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $144621 | $191013 |

---

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

**3. Investment Advisory and Other Agreements** 

The Fund has entered into an Investment Advisory Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Adviser receives a fee from the Fund, accrued daily and paid monthly, at an annual rate equal to 0.50% of the Fund's average daily net assets. However, the Adviser has contractually agreed through an Expense Limitation Agreement to waive its management fee or reimburse the Fund so that its total annual operating expenses (excluding non-operating costs, which includes but is not limited to taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, and brokerage and other transaction expenses relating to the purchase or sale of portfolio investments) do not exceed 0.60% of the Fund's average daily net assets through January 31, 2026. For the six months ended March 31, 2025, the Fund accrued $438,346 in advisory fees under the Investment Advisory Agreement. Over the same time period, the Adviser waived fees and reimbursed expenses in the amount of $37,749.

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 the time of waiver or reimbursement. The Fund is not obligated

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of MARCH 31, 2025 (Unaudited)

to reimburse the Adviser for fees previously waived or expenses previously assumed by the Adviser more than three years before the date of such reimbursement. All such reimbursements are contingent upon Board review and approval. As of March 31, 2025, reimbursements that may potentially be made by the Fund to the Adviser total $324,184, which expire as follows:

---

| | |
|:---|:---|
| September 30, 2025  | $102282 |
| September 30, 2026  | $102223 |
| September 30, 2027  | $81930 |
| September 30, 2028  | $37749 |

---

UMB Fund Services, Inc. ("UMBFS") serves as the Fund's fund accountant, transfer agent and administrator; UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund's custodian. Amounts paid to UMBFS and its affiliates by the Fund are reflected on the Statement of Operations.

Certain officers and a Trustee of the Trust are also officers of the Adviser and/or an employee of UMBFS. Such persons are not compensated by the Fund for the services they provide to the Fund.

**4. Federal Income Tax Information** 

At September 30, 2024, gross unrealized appreciation and depreciation on investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Cost of Investments  | $113392519 |
| Gross Unrealized Appreciation  | $72246329 |
| Gross Unrealized Depreciation  | (5117846) |
| Net Unrealized Appreciation  | $67128483 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

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

---

| | |
|:---|:---|
| Undistributed Ordinary Income  | $226568 |
| Undistributed Long-term Gains  | 13770798 |
| Other Accumulated Losses  | (2490) |
| Unrealized Appreciation on Investments  | 67128483 |
| Total Distributable Earnings  | $81123359 |

---

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

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2024** | **September 30, <br> 2023** |
| Distributions Paid From: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income  | $2233216 | $2583061 |
| &nbsp;&nbsp;&nbsp;Long-term Capital Gains  | 2796817 | 10493739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions  | $5030033 | $13076800 |

---

**Vericimetry Funds** 

NOTES TO FINANCIAL STATEMENTS (Continued) As of MARCH 31, 2025 (Unaudited)

**5. Investment Transactions** 

For the six months ended March 31, 2025, the Fund's purchases and sales of investments, excluding short-term investments, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $31327760 | $41139925 |

---

**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, 2025, Charles Schwab & Co., Inc., holding shares for the benefit of others in nominee name, held approximately 95.3% of the voting securities of the Fund.

**7. Indemnifications** 

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

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

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

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

www.vericimetryfunds.com

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

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

Not applicable.

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

Not applicable.

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

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

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

At a meeting held on October 4, 2024 (the "Meeting"), the Board of Trustees, including a majority of the independent trustees, met to consider, among other matters, the renewal of the investment management agreement (the "Investment Management Agreement") between the Adviser and the Fund.

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

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

The Board reviewed the background information of the Adviser's key investment personnel, taking into consideration they collectively averaged over 30 years of financial industry experience. The Board discussed the Adviser's investment process and expressed its satisfaction with the Adviser's processes for risk management, broker selection, business continuity and monitoring compliance with the Fund's investment limitations. The Board noted that the Fund 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 lower than the Morningstar category average of 0.83%. 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 1.10%. The Board also noted the expense limitation agreement in effect for the Fund. The Board, upon reviewing the Adviser's explanation for the fee structure in place, agreed that the fees selected were appropriate and reasonable in relation to the services to be provided. After further discussion, the Board concluded that the Fund's advisory fee was not unreasonable.

The Board reviewed the reported level of profitability realized by the Adviser from its relationship to the Fund, noting that the Adviser reported a pre-tax profit of approximately 26.93%. After discussion, the Board concluded that the level of profit reported was not excessive.

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

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

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable.

**Item 16. Controls and Procedures.**

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

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

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

Not applicable.

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

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

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

**Item 19. Exhibits.**

(a)(1) 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.](fp0093277-2_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.](fp0093277-2_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 |
|  | President |
| Date: | June 9, 2025 |

---

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

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| | |
|:---|:---|
| Vericimetry Funds | Vericimetry Funds |
| By: | /s/ Dr. Mendel Fygenson |
|  | Dr. Mendel Fygenson |
|  | President |
| Date: | June 9, 2025 |
| By: | /s/ Michael Thill |
|  | Michael Thill |
|  | Treasurer |
| Date: | June 9, 2025 |

---

## 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 registrant's
most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

| |
|:---|
| Date: June 9, 2025 |
| /s/ Dr. Mendel Fygenson |
| Dr. Mendel Fygenson |
| President |

---

**<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 registrant's
most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: June 9, 2025

---

| |
|:---|
| /s/ Michael Thill |
| Michael Thill |
| Treasurer |

---

## 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 9, 2025

---

| |
|:---|
| /s/ Dr. Mendel Fygenson |
| Dr. Mendel Fygenson |
| President |

---

**<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 9, 2025

---

| |
|:---|
| /s/ Michael Thill |
| Michael Thill |
| Treasurer |

---