# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-002507
**Filing Date:** 2025-10
**Character Count:** 26264
**Document Hash:** 04fe57ccccc93a7c2d7a245ce3adf984
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002507.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002507

**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:** 251426475

**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

### Kempner Multi-Cap Deep Value Fund (Series ID: S000057335)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000182952 | Institutional Class | FIKDX           |
| C000182953 | Investor Class      | FAKDX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** | **KEMPNER MULTI-CAP DEEP VALUE FUND** | **KEMPNER MULTI-CAP DEEP 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 - 88.3%** | **Shares** | **Value** |
| **Communications - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment Content - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Company (The) | &nbsp;&nbsp;28700 | &nbsp;&nbsp;$3397506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet Media & Services - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | &nbsp;&nbsp;13800 | &nbsp;&nbsp;2946714 |
| **Consumer Staples - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | &nbsp;&nbsp;41200 | &nbsp;&nbsp;2339336 |
| **Energy - 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 9.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals, L.P. | &nbsp;&nbsp;169300 | &nbsp;&nbsp;2058688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP plc - ADR | &nbsp;&nbsp;22120 | &nbsp;&nbsp;779288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;4600 | &nbsp;&nbsp;684296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corporation | &nbsp;&nbsp;24221 | &nbsp;&nbsp;2768218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell plc - ADR | &nbsp;&nbsp;39454 | &nbsp;&nbsp;2914861 |
|  |  | &nbsp;&nbsp;9205351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | &nbsp;&nbsp;51155 | &nbsp;&nbsp;1884550 |
| **Financials - 20.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking - 12.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corporation | &nbsp;&nbsp;69420 | &nbsp;&nbsp;3522371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;37260 | &nbsp;&nbsp;3598198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;54950 | &nbsp;&nbsp;2872786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corporation | &nbsp;&nbsp;49400 | &nbsp;&nbsp;2312908 |
|  |  | &nbsp;&nbsp;12306263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance - 8.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;5500 | &nbsp;&nbsp;1512885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;43850 | &nbsp;&nbsp;2335451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;3100 | &nbsp;&nbsp;1059828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation | &nbsp;&nbsp;74850 | &nbsp;&nbsp;3213311 |
|  |  | &nbsp;&nbsp;8121475 |

---

---

| | | |
|:---|:---|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** | **KEMPNER MULTI-CAP DEEP VALUE FUND** | **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 88.3% (Continued)** | **Shares** | **Value** |
| **Health Care - 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotech & Pharma - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;2200 | &nbsp;&nbsp;$1611676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Company, Inc. | &nbsp;&nbsp;31500 | &nbsp;&nbsp;2649780 |
|  |  | &nbsp;&nbsp;4261456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;6835 | &nbsp;&nbsp;2117961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;56500 | &nbsp;&nbsp;1394985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONMED Corporation | &nbsp;&nbsp;43500 | &nbsp;&nbsp;2364660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;26850 | &nbsp;&nbsp;2848785 |
|  |  | &nbsp;&nbsp;6608430 |
| **Industrials - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Equipment - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | &nbsp;&nbsp;97120 | &nbsp;&nbsp;3160285 |
| **Materials - 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chemicals - 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMC Corporation | &nbsp;&nbsp;63582 | &nbsp;&nbsp;2486056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;22500 | &nbsp;&nbsp;1518975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. - Class A | &nbsp;&nbsp;22000 | &nbsp;&nbsp;1239700 |
|  |  | &nbsp;&nbsp;5244731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Company | &nbsp;&nbsp;20200 | &nbsp;&nbsp;954450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metals & Mining - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. - ADR | &nbsp;&nbsp;6900 | &nbsp;&nbsp;384813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto plc - ADR | &nbsp;&nbsp;15100 | &nbsp;&nbsp;947072 |
|  |  | &nbsp;&nbsp;1331885 |
| **Real Estate - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITs - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;89840 | &nbsp;&nbsp;2056438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corporation | &nbsp;&nbsp;25500 | &nbsp;&nbsp;1498380 |
|  |  | &nbsp;&nbsp;3554818 |
| **Technology - 20.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 14.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;43800 | &nbsp;&nbsp;5212638 |

---

---

| | | |
|:---|:---|:---|
| **KEMPNER MULTI-CAP DEEP VALUE FUND** | **KEMPNER MULTI-CAP DEEP VALUE FUND** | **KEMPNER MULTI-CAP DEEP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 88.3% (Continued)** | **Shares** | **Value** |
| **Technology - 20.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors - 14.3% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;27770 | &nbsp;&nbsp;$6411260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;21000 | &nbsp;&nbsp;2483040 |
|  |  | &nbsp;&nbsp;14106938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Hardware - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;35620 | &nbsp;&nbsp;2460986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Technology Services - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;35750 | &nbsp;&nbsp;3175315 |
| **Total Common Stocks** (Cost $73,125,878) | **Total Common Stocks** (Cost $73,125,878) | &nbsp;&nbsp;$87178450 |
| **MONEY MARKET FUNDS - 11.6%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 4.20% <sup>(a)</sup> (Cost $11,423,263) | &nbsp;&nbsp;11423263 | &nbsp;&nbsp;$11423263 |
| **Investments at Value - 99.9%** (Cost $84,549,141) | **Investments at Value - 99.9%** (Cost $84,549,141) | &nbsp;&nbsp;$98601713 |
| **Other Assets in Excess of Liabilities - 0.1%** | **Other Assets in Excess of Liabilities - 0.1%** | &nbsp;&nbsp;160473 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$98762186 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| N.V. | - Naamloze Vennootschap |
| plc | - Public Limited Company |

---

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

## 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:** KEMPNER MULTI-CAP DEEP VALUE FUND

- **b. EDGAR series identifier (if any):** S000057335

- **c. LEI of Series:** 549300G85QLXC2OKXF25

**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:** $98867861.00

**Total Liabilities:** $105674.60

**Net Assets:** $98762186.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000182952 | 5.89%                | -0.33%               | 5.17%                |
| Class ID C000182953 | 5.83%                | -0.33%               | 5.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $580668.16               | $4467367.67                                |
| Month 2  | $11865.25                | $-382571.43                                |
| Month 3  | $0.00                    | $4592973.40                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Walt Disney Company                          | Walt Disney Company (The)                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     28700 | NS      | $3397506.00   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc.                                | Teradyne, Inc.                                      | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     21000 | NS      | $2483040.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                          | Cisco Systems, Inc.                                 | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     35620 | NS      | $2460985.80   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                       | Micron Technology, Inc.                             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     43800 | NS      | $5212638.00   | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corporation                             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     24221 | NS      | $2768218.09   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                | Rio Tinto plc ADR                                   | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | US        |     15100 | NS      | $947072.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International, Inc.                   | Baxter International, Inc.                          | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     56500 | NS      | $1394985.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                       | Diamondback Energy, Inc.                            | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      4600 | NS      | $684296.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Company Ltd. ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     27770 | NS      | $6411259.90   | 6.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                 | Citizens Financial Group, Inc.                      | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     54950 | NS      | $2872786.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                             | Merck & Company, Inc.                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     31500 | NS      | $2649780.00   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                 | LyondellBasell Industries N.V. Class A              | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |     22000 | NS      | $1239700.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                   | Chubb Ltd.                                          | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |      5500 | NS      | $1512885.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP                      | BLACK STONE MINERALS, L.P.                          | CUSIP: 09225M101<br>LEI: 0C0OFK66613BCRQJ7F34 | Long             | EC               | CORP              | US        |    169300 | NS      | $2058688.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                    | First American Treasury Obligations Fund Class X    | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  11423263 | PA      | $11423263.01  | 11.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                   | Zimmer Biomet Holdings, Inc.                        | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     26850 | NS      | $2848785.00   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Conmed Corporation                           | CONMED Corporation                                  | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |     43500 | NS      | $2364660.00   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                            | Tyson Foods, Inc.                                   | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     41200 | NS      | $2339336.00   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc           | Easterly Government Properties, Inc.                | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     89840 | NS      | $2056437.60   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corporation                         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     69420 | NS      | $3522370.80   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                          | Global Payments, Inc.                               | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     35750 | NS      | $3175315.00   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                         | Schlumberger Ltd.                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     51155 | NS      | $1884550.20   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                    | FMC Corporation                                     | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     63582 | NS      | $2486056.20   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corporation                        | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     49400 | NS      | $2312908.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Company                      | Sonoco Products Company                             | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |     20200 | NS      | $954450.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                    | Realty Income Corporation REIT                      | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     25500 | NS      | $1498380.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | Citigroup, Inc.                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     37260 | NS      | $3598198.20   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Company                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2200 | NS      | $1611676.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                      | UnitedHealth Group, Inc.                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      6835 | NS      | $2117961.45   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                       | Equitable Holdings, Inc.                            | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     43850 | NS      | $2335451.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                            | Everest Group Ltd.                                  | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |      3100 | NS      | $1059828.00   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                       | Lincoln National Corporation                        | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     74850 | NS      | $3213310.50   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet, Inc. Class C                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13800 | NS      | $2946714.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                       | BP plc ADR                                          | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | US        |     22120 | NS      | $779287.60    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                               | BHP Billiton Ltd. ADR                               | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | US        |      6900 | NS      | $384813.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC             | Sensata Technologies Holding plc                    | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | US        |     97120 | NS      | $3160284.80   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.      | International Flavors & Fragrances, Inc.            | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     22500 | NS      | $1518975.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                    | Shell plc                                           | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | US        |     39454 | NS      | $2914861.52   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Kempner Multi-Cap Deep Value Fund

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer