Background

Founded in 1982, Kempner Capital Management, Inc. (KCM) is an independent registered investment advisor. Our firm utilizes a disciplined, deep-value approach to investing in equity portfolios with an emphasis on long-term total return. It can best be described as a bottom up process looking for companies that have been overlooked by other investors but have earnings or other factors such that they will likely become better regarded within a market cycle. We also manage several fixed income accounts.

Due to the fact that the average market cap of our holdings varies over time, depending on the general macro-economic environment, we classify ourselves as multi-cap managers. For equities, our primary objective is to generate a total pre-tax return, including capital growth and dividends, greater than the rate of inflation over a minimum of three to five years. For fixed income, our primary objective is to provide a reasonable level of current income and preservation of capital through investment in full faith and credit U.S. Government Obligations.

Before establishing the firm, Harris L. “Shrub” Kempner, Jr. managed equity and fixed income assets of the Trust Department of Frost Bank (formerly United States National Bank) in Galveston, Texas as Chief investment Officer from 1969-1982. Frost Bank of Galveston continues to be a non-discretionary client of Kempner Capital Management. KCM’s investment team includes two portfolio managers supported by an experienced operations and trading staff.

KCM has an asset minimum of$5 Million for separately managed accounts, however the Firm’s President has the discretion of accepting accounts of smaller size. In addition, KCM serves as advisor for the Kempner Multi-Cap Deep Value Equity Fund. To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing; this and other information may be found in the Fund’s Prospectus. You may obtain a hard copy of the prospectus by calling the Fund at 800.665.9778. Please read the prospectus carefully before investing.

Mutual fund investing involves risk including possible loss of principal. In addition to the normal risks associated with investing, investing in smaller companies typically exhibit higher volatility. There can be no assurance that the Fund will achieve its stated objectives. The mutual fund is distributed by Ultimus Fund Distributors, LLC which is not affiliated with the Advisor.

For additional information about KCM and our services, please feel free to contact us.