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      <regStreet1>225 Pictoria Drive</regStreet1>
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      <regCity>Cincinnati</regCity>
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      <regZipOrPostalCode>45246</regZipOrPostalCode>
      <regPhone>513-587-3400</regPhone>
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      <repPdEnd>2025-05-31</repPdEnd>
      <repPdDate>2024-11-30</repPdDate>
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      <totLiabs>87098.00</totLiabs>
      <netAssets>98104390.53</netAssets>
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      <assetsInvested>0.00000000</assetsInvested>
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        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Schlumberger Limited</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>Schlumberger Ltd. </title>
        <cusip>806857108</cusip>
        <identifiers>
          <isin value="AN8068571086"/>
        </identifiers>
        <balance>51155.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2247750.70000000</valUSD>
        <pctVal>2.291182573844</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>FMC Corp.</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corporation </title>
        <cusip>302491303</cusip>
        <identifiers>
          <isin value="US3024913036"/>
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        <balance>28482.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1683001.38000000</valUSD>
        <pctVal>1.715520957734</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>AT&amp;T Inc</name>
        <lei>549300Z40J86GGSTL398</lei>
        <title>AT&amp;T, Inc. </title>
        <cusip>00206R102</cusip>
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          <isin value="US00206R1023"/>
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        <balance>36700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>849972.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Truist Financial Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corporation </title>
        <cusip>89832Q109</cusip>
        <identifiers>
          <isin value="US89832Q1094"/>
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        <balance>49400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2355392.00000000</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>
        </securityLending>
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      <invstOrSec>
        <name>L3 Harris Technologies Inc</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>L3Harris Technologies, Inc. </title>
        <cusip>502431109</cusip>
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          <isin value="US5024311095"/>
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        <balance>9652.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2376805.00000000</valUSD>
        <pctVal>2.422730508960</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>Realty Income Corporation</name>
        <lei>549300CUWDAUZSH43859</lei>
        <title>Realty Income Corporation REIT</title>
        <cusip>756109104</cusip>
        <identifiers>
          <isin value="US7561091049"/>
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        <balance>25500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1476195.00000000</valUSD>
        <pctVal>1.504718588051</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>41400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2934018.00000000</valUSD>
        <pctVal>2.990710185496</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>Bristol-Myers Squibb Company</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Company </title>
        <cusip>110122108</cusip>
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          <isin value="US1101221083"/>
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        <balance>50300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2978766.00000000</valUSD>
        <pctVal>3.036322822972</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>
        <name>GSK plc</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK plc ADR</title>
        <cusip>37733W204</cusip>
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          <isin value="US37733W2044"/>
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        <balance>54530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1861108.90000000</valUSD>
        <pctVal>1.897069937385</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>
        <name>Equitable Holdings Inc</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>Equitable Holdings, Inc. </title>
        <cusip>29452E101</cusip>
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          <isin value="US29452E1010"/>
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        <balance>62650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3021609.50000000</valUSD>
        <pctVal>3.079994160991</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>
        <name>Everest Group Ltd</name>
        <lei>549300N24XF2VV0B3570</lei>
        <title>Everest Group Ltd. </title>
        <cusip>G3223R108</cusip>
        <identifiers>
          <isin value="BMG3223R1088"/>
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        <balance>3100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1201436.00000000</valUSD>
        <pctVal>1.224650592607</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>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corporation </title>
        <cusip>534187109</cusip>
        <identifiers>
          <isin value="US5341871094"/>
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        <balance>74850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2660169.00000000</valUSD>
        <pctVal>2.711569773410</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>
        <name>Patterson Companies Inc.</name>
        <lei>YM48Q2087CUE26GWEK09</lei>
        <title>Patterson Companies, Inc. </title>
        <cusip>703395103</cusip>
        <identifiers>
          <isin value="US7033951036"/>
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        <balance>107500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2310175.00000000</valUSD>
        <pctVal>2.354813059353</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>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP plc ADR</title>
        <cusip>055622104</cusip>
        <identifiers>
          <isin value="US0556221044"/>
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        <balance>44120.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1293157.20000000</valUSD>
        <pctVal>1.318144063699</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>
        <name>BHP Group Ltd.</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Billiton Ltd. ADR</title>
        <cusip>088606108</cusip>
        <identifiers>
          <isin value="US0886061086"/>
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        <balance>6900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>363285.00000000</valUSD>
        <pctVal>0.370304527694</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>Eversource Energy </title>
        <cusip>30040W108</cusip>
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          <isin value="US30040W1080"/>
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        <balance>27300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1760577.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sensata Technologies Holding PLC</name>
        <lei>529900MS7KFYCY9MS037</lei>
        <title>Sensata Technologies Holding plc </title>
        <cusip>G8060N102</cusip>
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          <isin value="GB00BFMBMT84"/>
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        <balance>33220.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1067690.80000000</valUSD>
        <pctVal>1.088321118180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>International Flavors &amp; Fragrances Inc.</name>
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        <title>International Flavors &amp; Fragrances, Inc. </title>
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        <valUSD>2055600.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell plc </title>
        <cusip>780259305</cusip>
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          <isin value="US7802593050"/>
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        <balance>39454.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2554251.96000000</valUSD>
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        <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>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-12-20</ncom:dateSigned>
      <ncom:nameOfApplicant>Kempner Multi-Cap Deep 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>
