# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-005714
**Filing Date:** 2026-4
**Character Count:** 28436
**Document Hash:** 5ab2eb65f9f242d590aa3a80020093e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005714.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000910472-26-005714

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**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:** 26896760

**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** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **COMMON STOCKS - 85.6%** | **Shares** | **Value** |
| **Communications - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Cable & Satellite - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;600 | &nbsp;&nbsp;$18576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optimum Communications, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;4000 | &nbsp;&nbsp;5760 |
|  |  | &nbsp;&nbsp;24336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 0.0% <sup>(b)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group, Inc. <sup>(a)</sup> | &nbsp;&nbsp;24 | &nbsp;&nbsp;800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1250 | &nbsp;&nbsp;120300 |
| **Consumer Discretionary - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 7.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - ADR | &nbsp;&nbsp;1500 | &nbsp;&nbsp;216165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc. <sup>(a)</sup> | &nbsp;&nbsp;5100 | &nbsp;&nbsp;97308 |
|  |  | &nbsp;&nbsp;313473 |
| **Energy - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;3400 | &nbsp;&nbsp;174556 |
| **Financials - 42.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 9.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;3700 | &nbsp;&nbsp;407703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;500 | &nbsp;&nbsp;30095 |
|  |  | &nbsp;&nbsp;437798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Broker-Dealers - 9.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The) | &nbsp;&nbsp;2700 | &nbsp;&nbsp;257040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc. - Class A | &nbsp;&nbsp;8415 | &nbsp;&nbsp;181175 |
|  |  | &nbsp;&nbsp;438215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 22.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;282325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;4800 | &nbsp;&nbsp;193056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc. | &nbsp;&nbsp;5000 | &nbsp;&nbsp;547400 |
|  |  | &nbsp;&nbsp;1022781 |

---

---

| | | |
|:---|:---|:---|
| **ADLER VALUE FUND** | **ADLER VALUE FUND** | **ADLER VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 85.6% (Continued)** | **Shares** | **Value** |
| **Health Care - 15.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 7.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayer AG - ADR | &nbsp;&nbsp;5250 | &nbsp;&nbsp;$64575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | &nbsp;&nbsp;2300 | &nbsp;&nbsp;86135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;12435 | &nbsp;&nbsp;185654 |
|  |  | &nbsp;&nbsp;336364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;400 | &nbsp;&nbsp;115928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Company | &nbsp;&nbsp;600 | &nbsp;&nbsp;105888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;1300 | &nbsp;&nbsp;126958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corporation <sup>(a)</sup> | &nbsp;&nbsp;81 | &nbsp;&nbsp;25870 |
|  |  | &nbsp;&nbsp;258716 |
| **Materials - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O-I Glass, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6900 | &nbsp;&nbsp;92460 |
| **Technology - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;550 | &nbsp;&nbsp;107134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology & Electronics - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;1400 | &nbsp;&nbsp;210532 |
| **Utilities - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Utilities - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation | &nbsp;&nbsp;10000 | &nbsp;&nbsp;190000 |
| **Total Common Stocks** (Cost $2,455,980) | **Total Common Stocks** (Cost $2,455,980) | &nbsp;&nbsp;$3843393 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| **RIGHT - 0.1%** | **RIGHT - 0.1%** | **RIGHT - 0.1%** | **Shares** | **Value** |
| **Financials - 0.1%** | **Financials - 0.1%** | **Financials - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Asset Management - 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sycamore Partners, LLC <sup>(a)(c)</sup> (Cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sycamore Partners, LLC <sup>(a)(c)</sup> (Cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sycamore Partners, LLC <sup>(a)(c)</sup> (Cost $0) | &nbsp;&nbsp;13000 | &nbsp;&nbsp;$6890 |
| **PURCHASED OPTION CONTRACTS - 2.3%** | **Strike Price** | **Contracts\*** | **Notional Value** | **Value** |
| **Call Option Contracts - 2.3%** | **Call Option Contracts - 2.3%** | **Call Option Contracts - 2.3%** | **Call Option Contracts - 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The), 06/18/26 | $95 .00 | 15 | &nbsp;&nbsp;$142800 | &nbsp;&nbsp;$10237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation, 01/15/27 | 30 .00 | 5 | &nbsp;&nbsp;15480 | &nbsp;&nbsp;2925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation, 01/15/27 | 30 .00 | 40 | &nbsp;&nbsp;123840 | &nbsp;&nbsp;18600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc., 06/18/26 | 23 .00 | 25 | &nbsp;&nbsp;47700 | &nbsp;&nbsp;2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc., 06/18/26 | 30 .00 | 10 | &nbsp;&nbsp;19080 | &nbsp;&nbsp;210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc., 09/18/26 | 42 .50 | 15 | &nbsp;&nbsp;60330 | &nbsp;&nbsp;4950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc., 06/18/26 | 76 .00 | 5 | &nbsp;&nbsp;48120 | &nbsp;&nbsp;11435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc., 06/18/26 | 80 .00 | 5 | &nbsp;&nbsp;48120 | &nbsp;&nbsp;9750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, 09/18/26 | 40 .00 | 5 | &nbsp;&nbsp;18725 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O-I Glass, Inc., 12/18/26 | 15 .00 | 5 | &nbsp;&nbsp;6700 | &nbsp;&nbsp;875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation, 03/20/26 | 15 .00 | 10 | &nbsp;&nbsp;19000 | &nbsp;&nbsp;4010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation, 06/18/26 | 15 .00 | 30 | &nbsp;&nbsp;57000 | &nbsp;&nbsp;12600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd., 03/20/26 | 32 .50 | 5 | &nbsp;&nbsp;25670 | &nbsp;&nbsp;9713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc., 01/15/27 | 10 .00 | 13 | &nbsp;&nbsp;19409 | &nbsp;&nbsp;7020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc., 01/15/27 | 20 .00 | 15 | &nbsp;&nbsp;32295 | &nbsp;&nbsp;7650 |
| **Total Purchased Option Contracts** (Cost $63,670) | **Total Purchased Option Contracts** (Cost $63,670) |  | $684269 | &nbsp;&nbsp;$104100 |

---

---

| | | |
|:---|:---|:---|
| **ADLER VALUE FUND** | **ADLER VALUE FUND** | **ADLER VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS - 11.4%** | **Shares** | **Value** |
| Federated Hermes Treasury Obligations Fund - <br> Service Shares, 3.34% <sup>(d)(e)</sup> (Cost $510,250) | &nbsp;&nbsp;510250 | &nbsp;&nbsp;$510250 |
| **Investments at Value - 99.4%** (Cost $3,029,900) | **Investments at Value - 99.4%** (Cost $3,029,900) | &nbsp;&nbsp;$4464633 |
| **Other Assets in Excess of Liabilities - 0.6%** | **Other Assets in Excess of Liabilities - 0.6%** | &nbsp;&nbsp;25674 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$4490307 |

---

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

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Level 3 security in accordance with fair value hierarchy.

<sup>(d)</sup> The rate shown is the 7-day effective yield as of February 28, 2026.

<sup>(e)</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 February 28, 2026 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 nine months ended February 28, 2026 was $405,140.

## 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:** 2026-02-28

**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:** $4508675.84

**Total Liabilities:** $18368.66

**Net Assets:** $4490307.18

**Cash Not Reported:** $236.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202991 | 2.21%                | 4.04%                | -0.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-50653.52               | $145048.45                                 |
| Month 2  | $42657.12                | $138046.98                                 |
| Month 3  | $42713.06                | $-87731.54                                 |

### 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        |        10 | NS      | $210.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation              | Comcast Corporation Class A                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       600 | NS      | $18576.00     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | PG&E Corporation Call @ $15.00, Expiring March 2026 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        10 | NS      | $4010.00      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.       | Alibaba Group Holding Ltd. ADR                      | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |      1500 | NS      | $216165.00    | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Netflix, Inc. 06/18/2026 80 Call                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $9750.00      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton, Dickinson and Company    | Becton Dickinson & Company                          | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       600 | NS      | $105888.00    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Netflix, Inc. 06/18/2026 76 Call                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $11435.00     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc     | Citizens Financial Group, Inc.                      | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |       500 | NS      | $30095.00     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                      | Viatris, Inc.                                       | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     12435 | NS      | $185654.55    | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated             | Corning, Inc.                                       | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      1400 | NS      | $210532.00    | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc.                     | Coupang Inc                                         | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      5100 | NS      | $97308.00     | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                   | Citigroup, Inc.                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      3700 | NS      | $407703.00    | 9.08%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | O-I Glass, Inc. 12/18/2026 15 Call                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $875.00       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Equitable Holdings, Inc. 09/18/2026 42.5 Call       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $4950.00      | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Jackson Financial Inc            | Jackson Financial, Inc.                             | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      5000 | NS      | $547400.00    | 12.19%            |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Coupang, Inc. 06/18/2026 23 Call                    | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        25 | NS      | $2100.00      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc           | Equitable Holdings, Inc.                            | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      4800 | NS      | $193056.00    | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Comcast Corporation 01/15/2027 30 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $2925.00      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                  | Cigna Group (The)                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       400 | NS      | $115928.00    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Incorporated               | Aflac, Inc.                                         | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      2500 | NS      | $282325.00    | 6.29%             |  |  |  | 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      | $92460.00     | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Versant Media Group Inc.         | Versant Media Group, Inc.                           | CUSIP: 925283103<br>LEI: 254900D2Q5F5F229PU30 | Long             | EC               | CORP              | US        |        24 | NS      | $799.68       | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                         | SLB Ltd.                                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      3400 | NS      | $174556.00    | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corporation                 | PG&E Corporation                                    | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     10000 | NS      | $190000.00    | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Optimum Communications Inc.      | Altice USA, Inc.                                    | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |      4000 | NS      | $5760.00      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Comcast Corporation 01/15/2027 30 Call              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        40 | NS      | $18600.00     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc.                  | Salesforce, Inc.                                    | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       550 | NS      | $107134.50    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation   | Charles Schwab Corporation (The)                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      2700 | NS      | $257040.00    | 5.72%             |  |  |  | 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      | $7020.00      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                    | Netflix, Inc.                                       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1250 | NS      | $120300.00    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Money Market Obligations Trust   | FEDERATED HERMES TREASURY OBL SS                    | CUSIP: 60934N872<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |    510250 | PA      | $510249.96    | 11.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                         | Bayer A.G. ADR                                      | CUSIP: 072730302<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      5250 | NS      | $64575.00     | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                    | Medtronic plc                                       | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      1300 | NS      | $126958.00    | 2.83%             |  |  |  | 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        |        30 | NS      | $12600.00     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Waters Corporation               | Waters Corporation                                  | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |        81 | NS      | $25869.78     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Novo Nordisk A/S 09/18/2026 40 Call                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $2025.00      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SYCARGHTS                        | SYCARGHTS                                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |     13000 | NS      | $6890.00      | 0.15%             |  |  |  | No            |                  3 | On Loan: No      |
| XP Inc.                          | XP, Inc.                                            | CUSIP: G98239109<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | BR        |      8415 | NS      | $181174.95    | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | Charles Schwab Corporation (The) 06/18/2026 95 Call | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $10237.50     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | SLB Ltd. 03/20/2026 32.5 Call                       | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |         5 | NS      | $9712.50      | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                 | Novo Nordisk A/S ADR                                | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      2300 | NS      | $86135.00     | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION | XP, Inc. 01/15/2027 20 Call                         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |        15 | NS      | $7650.00      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-28

**Name of Applicant:** Adler Value Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer