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        <title>Pfizer, Inc. </title>
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          <isin value="US7170811035"/>
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        <balance>29300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1118967.00000000</valUSD>
        <pctVal>1.841684961250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Applied Materials Inc.</name>
        <lei>41BNNE1AFPNAZELZ6K07</lei>
        <title>Applied Materials, Inc. </title>
        <cusip>038222105</cusip>
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          <isin value="US0382221051"/>
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        <balance>16760.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>941576.80000000</valUSD>
        <pctVal>1.549722049374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Walt Disney Company</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Company (The) </title>
        <cusip>254687106</cusip>
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          <isin value="US2546871060"/>
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        <balance>18200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2134860.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Hartford Financial Services Group, Inc.</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>Hartford Financial Services Group, Inc. (The) </title>
        <cusip>416515104</cusip>
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          <isin value="US4165151048"/>
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        <balance>29250.00000000</balance>
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        <valUSD>1119982.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nordstrom, Inc.</name>
        <lei>549300S3IZB5P35KNV16</lei>
        <title>Nordstrom, Inc. </title>
        <cusip>655664100</cusip>
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          <isin value="US6556641008"/>
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        <balance>46100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>743593.00000000</valUSD>
        <pctVal>1.223864551315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
        <lei>8E6NF1YAL0WT6CWXXV93</lei>
        <title>Cisco Systems, Inc. </title>
        <cusip>17275R102</cusip>
        <identifiers>
          <isin value="US17275R1023"/>
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        <balance>35600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1702392.00000000</valUSD>
        <pctVal>2.801932268381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Walgreens Boots Alliance, Inc.</name>
        <lei>549300RPTUOIXG4LIH86</lei>
        <title>Walgreen Boots Alliance, Inc. </title>
        <cusip>931427108</cusip>
        <identifiers>
          <isin value="US9314271084"/>
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        <balance>38950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1672513.00000000</valUSD>
        <pctVal>2.752755031735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup, Inc. </title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
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        <balance>50500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2419455.00000000</valUSD>
        <pctVal>3.982131633839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dupont De Nemours Inc</name>
        <lei>5493004JF0SDFLM8GD76</lei>
        <title>DuPont de Nemours, Inc. </title>
        <cusip>26614N102</cusip>
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        <balance>15700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>796461.00000000</valUSD>
        <pctVal>1.310878914143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Honda Motor Company, Ltd.</name>
        <lei>549300P7ZYCQJ36CCS16</lei>
        <title>Honda Motor Company Ltd. ADR</title>
        <cusip>438128308</cusip>
        <identifiers>
          <isin value="US4381283088"/>
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        <balance>82900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2159545.00000000</valUSD>
        <pctVal>3.554351066335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Truist Financial Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corporation </title>
        <cusip>89832Q109</cusip>
        <identifiers>
          <isin value="US89832Q1094"/>
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        <balance>15300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>562734.00000000</valUSD>
        <pctVal>0.926192412273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Mosaic Company</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>Mosaic Company (The) </title>
        <cusip>61945C103</cusip>
        <identifiers>
          <isin value="US61945C1036"/>
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        <balance>108150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1307533.50000000</valUSD>
        <pctVal>2.152042717329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valero Energy Corporation</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>Valero Energy Corporation </title>
        <cusip>91913Y100</cusip>
        <identifiers>
          <isin value="US91913Y1001"/>
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        <balance>20400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1359456.00000000</valUSD>
        <pctVal>2.237500900993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Johnson Controls International Plc</name>
        <lei>549300XQ6S1GYKGBL205</lei>
        <title>Johnson Controls International plc </title>
        <cusip>G51502105</cusip>
        <identifiers>
          <isin value="IE00BY7QL619"/>
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        <balance>52599.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1652134.59000000</valUSD>
        <pctVal>2.719214622384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dow Inc</name>
        <lei>5493003S21INSLK2IP73</lei>
        <title>Dow, Inc. </title>
        <cusip>260557103</cusip>
        <identifiers>
          <isin value="US2605571031"/>
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        <balance>28899.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1115501.40000000</valUSD>
        <pctVal>1.835981000900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merck &amp; Co., Inc</name>
        <lei>4YV9Y5M8S0BRK1RP0397</lei>
        <title>Merck &amp; Company, Inc. </title>
        <cusip>58933Y105</cusip>
        <identifiers>
          <isin value="US58933Y1055"/>
        </identifiers>
        <balance>17430.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1406949.60000000</valUSD>
        <pctVal>2.315669648486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Royal Dutch Shell plc</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Royal Dutch Shell plc Class A</title>
        <cusip>780259206</cusip>
        <identifiers>
          <isin value="US7802592060"/>
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        <balance>39454.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1260555.30000000</valUSD>
        <pctVal>2.074722256183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corteva Inc</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva, Inc. </title>
        <cusip>22052L104</cusip>
        <identifiers>
          <isin value="US22052L1044"/>
        </identifiers>
        <balance>45349.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1238481.19000000</valUSD>
        <pctVal>2.038390928789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-06-11</ncom:dateSigned>
      <ncom:nameOfApplicant>Kempner Multi-Cap Deep Value Fund</ncom:nameOfApplicant>
      <ncom:signature>Daniel Bauer</ncom:signature>
      <ncom:signerName>Daniel Bauer</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
