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        <name>O-I Glass Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyLei>N/A</counterpartyLei>
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            <unrealizedAppr>-2150.66000000</unrealizedAppr>
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      <invstOrSec>
        <name>Magnera Corp.</name>
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          <isin value="US55939A1079"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PG&amp;E Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E Corporation </title>
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          <isin value="US69331C1080"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Altice USA Inc.</name>
        <lei>54930064K3612MGCER95</lei>
        <title>Altice USA, Inc. </title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>The Charles Schwab Corporation</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corporation (The) </title>
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          <isin value="US8085131055"/>
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        <balance>2700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>223452.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>FEDERATED HERMES TREASURY OBL SS</title>
        <cusip>60934N872</cusip>
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          <isin value="US60934N8728"/>
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        <balance>796762.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>796762.51000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Bayer AG</name>
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        <title>Bayer AG ADR</title>
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        <curCd>USD</curCd>
        <valUSD>26932.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Medtronic PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic plc </title>
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        <valUSD>103848.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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            <expDt>2025-01-17</expDt>
            <delta>XXXX</delta>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <name>Berry Global Group Inc</name>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <valUSD>200.00000000</valUSD>
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            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>6.00000000</exercisePrice>
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            <expDt>2025-03-21</expDt>
            <delta>XXXX</delta>
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      </invstOrSec>
      <invstOrSec>
        <name>XP Inc.</name>
        <lei>5493008KDA8NBZRJST80</lei>
        <title>XP, Inc. </title>
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          <isin value="KYG982391099"/>
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        <balance>7115.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96337.10000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-12-20</ncom:dateSigned>
      <ncom:nameOfApplicant>Adler Value Fund</ncom:nameOfApplicant>
      <ncom:signature>Daniel D. Bauer</ncom:signature>
      <ncom:signerName>Daniel D. Bauer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
