# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-002506
**Filing Date:** 2025-10
**Character Count:** 27515
**Document Hash:** 296fb92a3f3936c605a0e501838f5487
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002506.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002506

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251426474

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### ADLER VALUE FUND (Series ID: S000062564)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000202991 | Institutional Class | ADLVX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ADLER VALUE FUND** | **ADLER VALUE FUND** | **ADLER VALUE FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 83.9%** | **Shares** | **Value** |
| **Communications - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Cable & Satellite - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;9000 | &nbsp;&nbsp;$21060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;600 | &nbsp;&nbsp;20382 |
|  |  | &nbsp;&nbsp;41442 |
| **Consumer Discretionary - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 9.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - ADR | &nbsp;&nbsp;1500 | &nbsp;&nbsp;202500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc. <sup>(a)</sup> | &nbsp;&nbsp;7500 | &nbsp;&nbsp;214350 |
|  |  | &nbsp;&nbsp;416850 |
| **Energy - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp;2900 | &nbsp;&nbsp;106836 |
| **Financials - 42.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 7.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;3200 | &nbsp;&nbsp;309024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;500 | &nbsp;&nbsp;26140 |
|  |  | &nbsp;&nbsp;335164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Broker-Dealers - 9.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;2700 | &nbsp;&nbsp;258768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc. - Class A | &nbsp;&nbsp;7315 | &nbsp;&nbsp;132694 |
|  |  | &nbsp;&nbsp;391462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 25.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;267150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;4800 | &nbsp;&nbsp;255648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc. - Class A | &nbsp;&nbsp;5500 | &nbsp;&nbsp;543400 |
|  |  | &nbsp;&nbsp;1066198 |
| **Health Care - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 7.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG - ADR | &nbsp;&nbsp;5250 | &nbsp;&nbsp;43155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | &nbsp;&nbsp;2200 | &nbsp;&nbsp;124212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;12435 | &nbsp;&nbsp;131189 |
|  |  | &nbsp;&nbsp;298556 |

---

---

| | | |
|:---|:---|:---|
| **ADLER VALUE FUND** | **ADLER VALUE FUND** | **ADLER VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 83.9% (Continued)** | **Shares** | **Value** |
| **Health Care - 15.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;400 | &nbsp;&nbsp;$120348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;600 | &nbsp;&nbsp;115788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;1300 | &nbsp;&nbsp;120653 |
|  |  | &nbsp;&nbsp;236441 |
| **Materials - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor plc | &nbsp;&nbsp;5050 | &nbsp;&nbsp;43581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O-I Glass, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6900 | &nbsp;&nbsp;89631 |
|  |  | &nbsp;&nbsp;133212 |
| **Technology - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;450 | &nbsp;&nbsp;115313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology & Electronics - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;1800 | &nbsp;&nbsp;120654 |
| **Utilities - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation | &nbsp;&nbsp;10000 | &nbsp;&nbsp;152800 |
| **Total Common Stocks** (Cost $2,398,181) | **Total Common Stocks** (Cost $2,398,181) | &nbsp;&nbsp;$3535276 |
| **RIGHT - 0.2%** | **Shares** | **Value** |
| **Financials - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sycamore Partners, LLC <sup>(a)</sup> (Cost $0) | &nbsp;&nbsp;13000 | &nbsp;&nbsp;$6890 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ADLER VALUE FUND** | **ADLER VALUE FUND** | **ADLER VALUE FUND** | **ADLER VALUE FUND** | **ADLER VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **PURCHASED OPTION CONTRACTS - 1.8%** | **Strike Price** | **Contracts\*** | **Notional Value** | **Value** |
| **Call Option Contracts - 1.8%** | **Call Option Contracts - 1.8%** | **Call Option Contracts - 1.8%** | **Call Option Contracts - 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor plc, 12/19/25 | $9 .00 | 30 | &nbsp;&nbsp;$25890 | &nbsp;&nbsp;$900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor plc, 12/19/25 | 10 .00 | 26 | &nbsp;&nbsp;22438 | &nbsp;&nbsp;312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 09/19/25 | 65 .00 | 15 | &nbsp;&nbsp;144855 | &nbsp;&nbsp;47663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A, 09/19/25 | 35 .00 | 10 | &nbsp;&nbsp;33970 | &nbsp;&nbsp;310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc., 06/18/26 | 30 .00 | 5 | &nbsp;&nbsp;14290 | &nbsp;&nbsp;1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera Corporation, 09/19/25 | 17 .50 | 5 | &nbsp;&nbsp;6200 | &nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, 09/19/25 | 70 .00 | 10 | &nbsp;&nbsp;56460 | &nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation, 09/19/25 | 17 .00 | 10 | &nbsp;&nbsp;15280 | &nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation, 09/19/25 | 20 .00 | 30 | &nbsp;&nbsp;45840 | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation, 01/16/26 | 17 .00 | 25 | &nbsp;&nbsp;38200 | &nbsp;&nbsp;2425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation, 03/20/26 | 15 .00 | 10 | &nbsp;&nbsp;15280 | &nbsp;&nbsp;2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation, 06/18/26 | 15 .00 | 25 | &nbsp;&nbsp;38200 | &nbsp;&nbsp;6250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd., 09/19/25 | 40 .00 | 5 | &nbsp;&nbsp;18420 | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd., 01/16/26 | 35 .00 | 5 | &nbsp;&nbsp;18420 | &nbsp;&nbsp;1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc., 01/15/27 | 10 .00 | 13 | &nbsp;&nbsp;13715 | &nbsp;&nbsp;2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc. - Class A, 01/16/26 | 15 .00 | 25 | &nbsp;&nbsp;45350 | &nbsp;&nbsp;10125 |
| **Total Purchased Option Contracts** (Cost $52,486) | **Total Purchased Option Contracts** (Cost $52,486) | **Total Purchased Option Contracts** (Cost $52,486) | $552808 | &nbsp;&nbsp;$76920 |

---

---

| | | |
|:---|:---|:---|
| **ADLER VALUE FUND** | **ADLER VALUE FUND** | **ADLER VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 13.7%** | **Shares** | **Value** |
| Federated Hermes Treasury Obligations Fund -<br> Service Shares, 3.91% <sup>(b)(c)</sup> (Cost $578,452) | &nbsp;&nbsp;578452 | &nbsp;&nbsp;$578452 |
| **Investments at Value - 99.6%** (Cost $3,029,119) | **Investments at Value - 99.6%** (Cost $3,029,119) | &nbsp;&nbsp;$4197538 |
| **Other Assets in Excess of Liabilities - 0.4%** | **Other Assets in Excess of Liabilities - 0.4%** | &nbsp;&nbsp;18346 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$4215884 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the 7-day effective yield as of August 31, 2025.

<sup>(c)</sup> A portion of this security is held as collateral in a segregated account. The total value of the securities held as collateral as of August 31, 2025 was $100,145.

\* Each option contract has a multiplier of 100 shares.

---

| | |
|:---|:---|
| A/S | - Aktieselskab |
| ADR | - American Depositary Receipt |
| AG | - Aktiengesellschaft |
| plc | - Public Limited Company |

---

The average monthly notional amount of purchased call options for the three months ended August 31, 2025 was $539,339.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** ADLER VALUE FUND

- **b. EDGAR series identifier (if any):** S000062564

- **c. LEI of Series:** 549300JNN26C473T9M10

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $4241587.39

**Total Liabilities:** $25703.68

**Net Assets:** $4215883.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202991 | 3.60%                | -1.89%               | 5.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $130955.92                                 |
| Month 2  | $0.00                    | $-73413.91                                 |
| Month 3  | $-40252.72               | $270519.29                                 |

### Schedule of Portfolio Investments

| Name                             | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| THE OPTIONS CLEARING CORPORATION | Coupang, Inc. 06/18/2026 30 Call                           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $1550.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $20, Expiring September 2025       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $150.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation              | Comcast Corporation Class A                                | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       600 | NS      | $20382.00     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.       | Alibaba Group Holding Ltd. ADR                             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      1500 | NS      | $202500.00    | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | SCHLUMBERGER LTD Call @ $35.00, Expiring September 2025    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $1975.00      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $15.00, Expiring March 2026        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |        10 | NS      | $2000.00      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company    | Becton, Dickinson and Company                              | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       600 | NS      | $115788.00    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | COMCAST CORP Call @ $35, Expiring September 2025           | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $310.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc     | Citizens Financial Group, Inc.                             | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |       500 | NS      | $26140.00     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | XP, Inc. Call @ $15.00, Expiring January 2026              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $10125.00     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Viatris Inc                      | Viatris, Inc.                                              | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     12435 | NS      | $131189.25    | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated             | Corning, Inc.                                              | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      1800 | NS      | $120654.00    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc.                     | Coupang Inc                                                | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      7500 | NS      | $214350.00    | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                   | Citigroup, Inc.                                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      3200 | NS      | $309024.00    | 7.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc            | Jackson Financial, Inc.                                    | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      5500 | NS      | $543400.00    | 12.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc           | Equitable Holdings, Inc.                                   | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      4800 | NS      | $255648.00    | 6.06%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | AMCOR PLC Call @ $9.00, Expiring December 2025             | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        30 | NS      | $900.00       | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                  | Cigna Group (The)                                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       400 | NS      | $120348.00    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | MAGNERA CORPORATION Call @ $17.50, Expiring September 2025 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $75.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aflac Incorporated               | Aflac, Inc.                                                | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      2500 | NS      | $267150.00    | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | AMCOR PLC Call @ $10.00, Expiring December 2025            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        26 | NS      | $312.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                    | O-I Glass, Inc.                                            | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6900 | NS      | $89631.00     | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited             | Schlumberger Ltd.                                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      2900 | NS      | $106836.00    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                 | PG&E Corporation                                           | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     10000 | NS      | $152800.00    | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice USA Inc.                  | Altice USA, Inc.                                           | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |      9000 | NS      | $21060.00     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                        | Amcor plc                                                  | CUSIP: G0250X107<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | US        |      5050 | NS      | $43581.50     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Citigroup, Inc. Call @ $65.00, Expiring September 2025     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $47662.50     | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc.                  | Salesforce, Inc.                                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       450 | NS      | $115312.50    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation   | Charles Schwab Corporation (The)                           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      2700 | NS      | $258768.00    | 6.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Viatris, Inc. Call @ $10.00, Expiring January 2027         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        13 | NS      | $2600.00      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Market Obligations Trust   | FEDERATED HERMES TREASURY OBL SS                           | CUSIP: 60934N872<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |    578452 | PA      | $578452.48    | 13.72%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | NOVO NORDISK A/S Call @ $70.00, Expiring September 2025    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $120.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                         | Bayer AG ADR                                               | CUSIP: 072730302<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      5250 | NS      | $43155.00     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                    | Medtronic plc                                              | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |      1300 | NS      | $120653.00    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $17.00, Expiring September 2025    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $410.00       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation 06/18/2026 15 Call                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $6250.00      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | SCHLUMBERGER LTD Call @ $40.00, Expiring September 2025    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $55.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SYCAMORE - RIGHT                 | SYCAMORE - RIGHT                                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |     13000 | NS      | $6890.00      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc.                          | XP, Inc.                                                   | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | US        |      7315 | NS      | $132694.10    | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $17.00, Expiring January 2026      | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $2425.00      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                 | Novo Nordisk A/S ADR                                       | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      2200 | NS      | $124212.00    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-31

**Name of Applicant:** Adler Value Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Treasurer