UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21606
Centaur Mutual Funds Trust
(Exact name of registrant as specified in charter)
470 Park Avenue South, 9th Floor
New York, NY 10016
(Address of principal executive offices) (Zip code)
Ultimus Fund Solutions, LLC
Attn: Zachary P. Richmond
225 Pictoria Drive, Suite 450
Cincinnati, OH 45246
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-513-587-3400
Date of fiscal year end: October 31
Date of reporting period: April 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) |
DCM/INNOVA HIGH EQUITY INCOME INNOVATION FUND |
LEBENTHAL ULTRA SHORT TAX-FREE INCOME FUND |
SEMI-ANNUAL REPORT |
April 30, 2022 |
DCM/INNOVA High Equity Income Innovation Fund |
Performance Update |
April 30, 2022 (Unaudited) |
Average Annual Total Returns for the years ended April 30, 2022*
One | Five | Ten | Since | |
Year | Year | Year | Inception(a) | |
DCM/INNOVA High Equity Income Innovation Fund | -8.75% | 6.83% | 7.58% | 8.19% |
S&P 500® Total Return Index(b) | 0.21% | 13.66% | 13.67% | 9.74% |
Dow Jones U.S. Select Dividend Total Return Index(c) | 8.01% | 10.42% | 12.29% | 8.62% |
Expense | ||||
Ratios(d) | ||||
Gross | 2.39% | |||
With Applicable Waivers | 1.54% | |||
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on the DCM/INNOVA High Equity Income Innovation Fund (“DCM/ INNOVA Fund”) distributions or the redemption of shares. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (888) 484-5766.
* | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The DCM/INNOVA Fund’s returns reflect any fee reductions during the applicable period. If such fee reductions had not occurred, the quoted performances would have been lower. |
(a) | The DCM/INNOVA Fund’s inception date – March 16, 2005 (Date of Initial Public Investment). |
(b) | S&P 500 Total Return Index is a widely recognized unmanaged index of equity securities and is representative of a broader domestic equity market and range of securities than is found in the DCM/ INNOVA Fund’s portfolio. |
(c) | The Dow Jones U.S. Select Dividend Total Return Index consists of 100 of the highest dividend-yielding securities (excluding Real Estate Investment Trusts (REITs)) in the Dow Jones U.S. Index, a broad-based index representative of the total market for the United States equity securities. Individuals cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
(d) | The expense ratios shown are from the DCM/INNOVA Fund’s prospectus dated February 28, 2022. Additional information pertaining to the expense ratios as of April 30, 2022 can be found in the financial highlights. |
An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The DCM/INNOVA Fund’s prospectus contains this and other important information. To obtain a copy of the Fund’s prospectus please visit our website at http://www.dcmmutualfunds.com or call (888) 484-5766 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest.
The DCM/INNOVA Fund is distributed by Ultimus Fund Distributors, LLC., Member FINRA/SIPC.
Semi-Annual Report | April 30, 2022 | 1 |
Lebenthal Ultra Short Tax-Free Income Fund |
Performance Update |
April 30, 2022 (Unaudited) |
Performance Returns for the period ended April 30, 2022*
Since | ||
One Year | Inception(a) | |
Lebenthal Ultra Short Tax-Free Income Fund - Class I Shares | -0.13% | 0.17% |
Lebenthal Ultra Short Tax-Free Income Fund - Class A Shares (Without Load) | -0.40% | -0.07% |
Lebenthal Ultra Short Tax-Free Income Fund - Class A Shares (With Load) | -0.90% | -0.28% |
Bloomberg 1 Year Municipal Bond Index(b) | -1.98% | 0.00% |
SIFMA Municipal Swap Index(c) | 633.33% | -42.63% |
Expense Ratios(c) | ||
Class A Shares | Class I Shares | |
Gross | 3.35% | 3.10% |
With Applicable Waivers | 0.74% | 0.49% |
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on the Lebenthal Ultra Short Tax-Free Income Fund (the “Lebenthal Fund”) distributions or the redemption of shares. Current performance may be lower or higher than the performance quoted. In the case of investments at or above $250,000, a contingent deferred sales charge (CDSC) of up to 0.25% may be charged on Class A shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid. Performance data current to the most recent month end may be obtained by calling (888) 484-5766.
* | Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Lebenthal Fund’s returns reflect any fee reductions during the applicable period. If such fee reductions had not occurred, the quoted performances would have been lower. |
(a) | The Lebenthal Fund’s inception date – December 30, 2019 (Date of Initial Public Investment). |
(b) | Bloomberg 1 Year Municipal Bond Index is an unmanaged index of municipal bonds with a remaining maturity of one to two years. Individuals cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index. |
(c) | The Securities Industry and Financial Markets Association Municipal Swap Index (“SIFMA Municipal Swap Index”) is a 7-day high-grade market index comprised of tax-exempt Variable Rate Demand Obligations (“VRDOs”) with certain characteristics. It is a short-term index which reflects activity in the VRDO market. |
(d) | The expense ratios shown are from the Lebenthal Fund’s prospectus dated February 28, 2022. Additional information pertaining to the expense ratios as of April 30, 2022 can be found in the financial highlights. |
2 | www.dcmmutualfunds.com |
Lebenthal Ultra Short Tax-Free Income Fund |
Performance Update |
April 30, 2022 (Unaudited) |
An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other important information. To obtain a copy of the Fund’s prospectus please visit our website at http://www.dcmmutualfunds.com or call (888) 484-5766 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest.
The Lebenthal Fund is distributed by Ultimus Fund Distributors, LLC., Member FINRA/SIPC.
Semi-Annual Report | April 30, 2022 | 3 |
DCM/INNOVA High Equity Income Innovation Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.24% | ||||||||
Communications — 6.81% | ||||||||
Alphabet, Inc., Class A(a) | 500 | $ | 1,141,095 | |||||
AT&T, Inc. | 4,000 | 75,440 | ||||||
Comcast Corp., Class A | 2,470 | 98,207 | ||||||
Expedia Group, Inc.(a) | 1,000 | 174,750 | ||||||
Fox Corp., Class A | 1,600 | 57,344 | ||||||
Meta Platforms, Inc., Class A(a) | 1,200 | 240,564 | ||||||
TEGNA, Inc. | 4,000 | 88,200 | ||||||
T-Mobile US, Inc.(a) | 1,000 | 123,140 | ||||||
Verizon Communications, Inc. | 2,500 | 115,750 | ||||||
Walt Disney Co. (The)(a) | 1,630 | 181,957 | ||||||
Warner Bros. Discovery, Inc.(a) | 967 | 17,551 | ||||||
2,313,998 | ||||||||
Consumer Discretionary — 10.42% | ||||||||
Amazon.com, Inc.(a) | 200 | 497,126 | ||||||
Daimler AG(a) | 3,700 | 261,833 | ||||||
Darden Restaurants, Inc. | 700 | 92,211 | ||||||
Ford Motor Co. | 9,000 | 127,440 | ||||||
Hilton Grand Vacations, Inc.(a) | 3,000 | 140,490 | ||||||
Home Depot, Inc. (The) | 500 | 150,200 | ||||||
Las Vegas Sands Corp.(a) | 5,000 | 177,150 | ||||||
Lear Corp. | 800 | 102,352 | ||||||
Live Nation Entertainment, Inc.(a) | 1,300 | 136,344 | ||||||
Lowe’s Cos., Inc. | 894 | 176,770 | ||||||
Marriott International, Inc., Class A(a) | 800 | 142,016 | ||||||
McDonald’s Corp. | 640 | 159,462 | ||||||
NIKE, Inc., Class B | 1,000 | 124,700 | ||||||
O’Reilly Automotive, Inc.(a) | 105 | 63,688 | ||||||
Ralph Lauren Corp. | 500 | 52,170 | ||||||
Tesla, Inc.(a) | 772 | 672,227 | ||||||
Tractor Supply Co. | 700 | 141,015 | ||||||
Ulta Beauty, Inc.(a) | 300 | 119,040 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,400 | 123,144 | ||||||
Yum! Brands, Inc. | 670 | 78,397 | ||||||
3,537,775 | ||||||||
Consumer Staples — 7.60% | ||||||||
Altria Group, Inc. | 3,500 | 194,495 | ||||||
Church & Dwight Co., Inc. | 1,000 | 97,560 | ||||||
Coca-Cola Co. (The) | 1,680 | 108,545 | ||||||
Conagra Brands, Inc. | 4,000 | 139,720 |
See Notes to Financial Statements
4 | www.dcmmutualfunds.com |
DCM/INNOVA High Equity Income Innovation Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.24% (CONTINUED) | ||||||||
Consumer Staples — 7.60% (Continued) | ||||||||
Costco Wholesale Corp. | 613 | $ | 325,945 | |||||
Coty, Inc., Class A(a) | 9,000 | 72,990 | ||||||
Danone SA | 4,300 | 261,391 | ||||||
General Mills, Inc. | 2,542 | 179,796 | ||||||
McCormick & Co., Inc. | 1,772 | 178,210 | ||||||
Mondelez International, Inc., Class A | 2,000 | 128,960 | ||||||
PepsiCo, Inc. | 1,287 | 220,991 | ||||||
Performance Food Group Co.(a) | 1,600 | 78,800 | ||||||
Philip Morris International, Inc. | 1,400 | 140,000 | ||||||
Procter & Gamble Co. (The) | 1,380 | 221,559 | ||||||
Sysco Corp. | 1,200 | 102,576 | ||||||
Wal-Mart Stores, Inc. | 860 | 131,571 | ||||||
2,583,109 | ||||||||
Energy — 4.62% | ||||||||
Chevron Corp. | 1,274 | 199,598 | ||||||
ConocoPhillips | 1,118 | 106,791 | ||||||
Diamondback Energy, Inc. | 270 | 34,082 | ||||||
Exxon Mobil Corp. | 5,019 | 427,870 | ||||||
Hess Corp. | 1,000 | 103,070 | ||||||
Marathon Petroleum Corp. | 1,600 | 139,616 | ||||||
Murphy USA, Inc. | 600 | 140,160 | ||||||
Phillips 66 | 1,400 | 121,464 | ||||||
Pioneer Natural Resources Co. | 396 | 92,058 | ||||||
Williams Cos., Inc. (The) | 6,000 | 205,740 | ||||||
1,570,449 | ||||||||
Financials — 12.96% | ||||||||
Alleghany Corp.(a) | 70 | 58,555 | ||||||
Allianz SE | 1,100 | 250,812 | ||||||
American Express Co. | 650 | 113,562 | ||||||
Ameriprise Financial, Inc. | 765 | 203,100 | ||||||
Ameris Bancorp | 930 | 38,781 | ||||||
Aon PLC, Class A | 200 | 57,598 | ||||||
Arthur J Gallagher & Co. | 645 | 108,676 | ||||||
Australia & New Zealand Banking Group Ltd. | 13,200 | 254,581 | ||||||
AXA S.A. | 9,300 | 249,713 | ||||||
Baloise Holding AG(a) | 1,400 | 244,839 | ||||||
Bank of America Corp. | 8,637 | 308,168 | ||||||
Bank OZK | 1,000 | 38,420 | ||||||
Berkshire Hathaway, Inc., Class B(a) | 1,673 | 540,095 | ||||||
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 5 |
DCM/INNOVA High Equity Income Innovation Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.24% (CONTINUED) | ||||||||
Financials — 12.96% (Continued) | ||||||||
Capital One Financial Corp. | 590 | $ | 73,526 | |||||
Charles Schwab Corp. (The) | 2,357 | 156,340 | ||||||
CME Group, Inc. | 360 | 78,962 | ||||||
Financial Institutions, Inc. | 1,764 | 49,110 | ||||||
First American Financial Corp. | 2,378 | 138,660 | ||||||
Fulton Financial Corp. | 880 | 13,350 | ||||||
Hartford Financial Services Group, Inc. (The) | 640 | 44,755 | ||||||
Helvetia Holding AG | 2,000 | 259,089 | ||||||
Intercontinental Exchange, Inc. | 790 | 91,490 | ||||||
JPMorgan Chase & Co. | 1,500 | 179,040 | ||||||
Marsh & McLennan Cos., Inc. | 360 | 58,212 | ||||||
MetLife, Inc. | 750 | 49,260 | ||||||
Morgan Stanley | 1,700 | 137,003 | ||||||
PNC Financial Services Group, Inc. (The) | 1,100 | 182,710 | ||||||
Principal Financial Group, Inc. | 1,828 | 124,560 | ||||||
Prudential Financial, Inc. | 1,438 | 156,037 | ||||||
Stewart Information Services Corp. | 1,185 | 61,146 | ||||||
Wells Fargo & Co. | 1,890 | 82,461 | ||||||
4,402,611 | ||||||||
Health Care — 13.79% | ||||||||
Abbott Laboratories | 1,310 | 148,685 | ||||||
AbbVie, Inc. | 1,500 | 220,320 | ||||||
AmerisourceBergen Corp. | 923 | 139,641 | ||||||
Amgen, Inc. | 570 | 132,918 | ||||||
Anthem, Inc. | 292 | 146,563 | ||||||
Baxter International, Inc. | 760 | 54,006 | ||||||
Bayer AG(a) | 3,800 | 252,078 | ||||||
Becton, Dickinson and Co. | 800 | 197,752 | ||||||
Boston Scientific Corp.(a) | 1,560 | 65,692 | ||||||
Bristol-Myers Squibb Co. | 1,810 | 136,239 | ||||||
Cardinal Health, Inc. | 1,040 | 60,372 | ||||||
Cigna Corp. | 400 | 98,712 | ||||||
Cooper Cos., Inc. (The) | 150 | 54,156 | ||||||
CVS Health Corp. | 590 | 56,717 | ||||||
Danaher Corp. | 500 | 125,565 | ||||||
Eli Lilly & Co. | 1,069 | 312,287 | ||||||
Embecta Corp.(a) | 160 | 4,869 | ||||||
HCA Healthcare, Inc. | 621 | 133,236 | ||||||
Hologic, Inc.(a) | 900 | 64,791 | ||||||
See Notes to Financial Statements
6 | www.dcmmutualfunds.com |
DCM/INNOVA High Equity Income Innovation Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.24% (CONTINUED) | ||||||||
Health Care — 13.79% (Continued) | ||||||||
Humana, Inc. | 120 | $ | 53,347 | |||||
Johnson & Johnson | 2,070 | 373,552 | ||||||
McKesson Corp. | 454 | 140,563 | ||||||
Medtronic PLC | 1,400 | 146,104 | ||||||
Merck & Co., Inc. | 2,400 | 212,856 | ||||||
Pfizer, Inc. | 4,000 | 196,280 | ||||||
Prestige Consumer Healthcare, Inc.(a) | 2,000 | 109,320 | ||||||
Sanofi - ADR | 4,600 | 240,350 | ||||||
Stryker Corp. | 340 | 82,028 | ||||||
Thermo Fisher Scientific, Inc. | 560 | 309,635 | ||||||
UnitedHealth Group, Inc. | 814 | 413,959 | ||||||
4,682,593 | ||||||||
Industrials — 9.30% | ||||||||
Arcosa, Inc. | 1,410 | 75,477 | ||||||
Atlas Air Worldwide Holdings, Inc.(a) | 981 | 67,630 | ||||||
Bouygues SA(a) | 7,300 | 252,906 | ||||||
CSX Corp. | 8,495 | 291,717 | ||||||
Deere & Co. | 740 | 279,387 | ||||||
General Dynamics Corp. | 500 | 118,265 | ||||||
Hillenbrand, Inc. | 1,700 | 69,394 | ||||||
Huntington Ingalls Industries, Inc. | 400 | 85,096 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,754 | 83,999 | ||||||
Kuehne + Nagel International AG | 900 | 254,555 | ||||||
L3 Harris Technologies, Inc. | 320 | 74,323 | ||||||
Lockheed Martin Corp. | 270 | 116,672 | ||||||
Middleby Corp. (The)(a) | 320 | 49,245 | ||||||
Mitsui Osk Lines Ltd. | 5,620 | 132,965 | ||||||
Northrop Grumman Corp. | 200 | 87,880 | ||||||
PACCAR, Inc. | 1,150 | 95,508 | ||||||
Parker-Hannifin Corp. | 700 | 189,574 | ||||||
Quanta Services, Inc. | 550 | 63,789 | ||||||
Raytheon Technologies Corp. | 1,200 | 113,892 | ||||||
Regal-Beloit Corp. | 400 | 50,896 | ||||||
Republic Services, Inc. | 500 | 67,135 | ||||||
Resources Connection, Inc. | 1,520 | 26,129 | ||||||
SITC International Holdings Co., Ltd. | 71,000 | 239,772 | ||||||
Union Pacific Corp. | 500 | 117,145 | ||||||
United Parcel Service, Inc., Class B | 500 | 89,990 | ||||||
Wabtec Corp. | 740 | 66,533 | ||||||
3,159,874 |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 7 |
DCM/INNOVA High Equity Income Innovation Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.24% (CONTINUED) | ||||||||
Materials — 4.11% | ||||||||
Alcoa Corp. | 747 | $ | 50,647 | |||||
Ball Corp. | 890 | 72,232 | ||||||
Carlisle Cos., Inc. | 700 | 181,552 | ||||||
Corteva, Inc. | 2,000 | 115,380 | ||||||
Dow, Inc. | 2,000 | 133,000 | ||||||
DuPont de Nemours, Inc. | 1,500 | 98,895 | ||||||
Eastman Chemical Co. | 540 | 55,442 | ||||||
Freeport-McMoRan, Inc. | 1,500 | 60,825 | ||||||
Hawkins, Inc. | 830 | 30,942 | ||||||
LyondellBasell Industries N.V., Class A | 730 | 77,402 | ||||||
Martin Marietta Materials, Inc. | 297 | 105,203 | ||||||
Packaging Corp. of America | 410 | 66,080 | ||||||
Siligan Holdgins, Inc. | 1,140 | 50,582 | ||||||
Ternium S.A. - ADR(a) | 5,900 | 253,110 | ||||||
Valvoline, Inc. | 1,490 | 45,043 | ||||||
1,396,335 | ||||||||
Real Estate — 3.01% | ||||||||
Equity Residential | 700 | 57,050 | ||||||
Hang Lung Properties Ltd. | 119,000 | 227,778 | ||||||
Kilroy Realty Corp. | 800 | 56,000 | ||||||
Marcus & Millichap, Inc. | 900 | 40,311 | ||||||
Public Storage | 587 | 218,071 | ||||||
Realty Income Corp. | 2,672 | 185,329 | ||||||
Simon Property Group, Inc. | 1,127 | 132,986 | ||||||
UDR, Inc. | 840 | 44,696 | ||||||
Welltower, Inc. | 660 | 59,935 | ||||||
1,022,156 | ||||||||
Technology — 23.23% | ||||||||
Accenture PLC, Class A | 320 | 96,115 | ||||||
Adobe, Inc.(a) | 410 | 162,340 | ||||||
Advanced Micro Devices, Inc.(a) | 2,093 | 178,993 | ||||||
Apple, Inc. | 14,747 | 2,324,865 | ||||||
Aspen Technology, Inc.(a) | 280 | 44,391 | ||||||
Broadcom, Inc. | 646 | 358,136 | ||||||
CACI International, Inc., Class A(a) | 230 | 61,019 | ||||||
Cisco Systems, Inc. | 6,307 | 308,917 | ||||||
Citrix Systems, Inc. | 620 | 62,062 | ||||||
Cognizant Technology Solutions Corp., Class A | 710 | 57,439 | ||||||
Euronet Worldwide, Inc.(a) | 350 | 42,578 | ||||||
See Notes to Financial Statements
8 | www.dcmmutualfunds.com |
DCM/INNOVA High Equity Income Innovation Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS — 98.24% (CONTINUED) | ||||||||
Technology — 23.23% (Continued) | ||||||||
FactSet Research Systems, Inc. | 250 | $ | 100,873 | |||||
Intel Corp. | 4,800 | 209,232 | ||||||
MasterCard, Inc., Class A | 720 | 261,633 | ||||||
Micron Technology, Inc. | 1,500 | 102,285 | ||||||
Microsoft Corp. | 7,300 | 2,025,896 | ||||||
Mimecast Ltd.(a) | 991 | 78,963 | ||||||
Monolithic Power Systems, Inc. | 130 | 50,991 | ||||||
NVIDIA Corp. | 1,972 | 365,747 | ||||||
Oracle Corp. | 1,220 | 89,548 | ||||||
Paychex, Inc. | 993 | 125,843 | ||||||
QUALCOMM, Inc. | 1,070 | 149,468 | ||||||
salesforce.com, Inc.(a) | 500 | 87,970 | ||||||
Science Applications International Corp. | 840 | 69,913 | ||||||
Synopsys, Inc.(a) | 210 | 60,226 | ||||||
Texas Instruments, Inc. | 790 | 134,498 | ||||||
Visa, Inc., Class A | 1,320 | 281,331 | ||||||
7,891,272 | ||||||||
Utilities — 2.39% | ||||||||
Ameren Corp. | 710 | 65,959 | ||||||
DTE Energy Co. | 500 | 65,520 | ||||||
Edison International | 1,200 | 82,548 | ||||||
Hawaiian Electric Industries, Inc. | 1,120 | 46,043 | ||||||
IDACORP, Inc. | 1,687 | 177,439 | ||||||
Sempra Energy | 540 | 87,134 | ||||||
Southern Co. (The) | 1,310 | 96,141 | ||||||
Vistra Energy Corp. | 3,495 | 87,445 | ||||||
Xcel Energy, Inc. | 1,400 | 102,564 | ||||||
810,793 | ||||||||
Total Common Stocks (Cost $34,214,672) | 33,370,965 |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 9 |
DCM/INNOVA High Equity Income Innovation Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Shares | Fair Value | |||||||
MONEY MARKET FUNDS — 0.97% | ||||||||
First American Treasury Obligations Fund, Class X, 0.29%(b) | 328,577 | $ | 328,577 | |||||
Total Money Market Funds (Cost $328,577) | 328,577 | |||||||
Total Investments — 99.21% (Cost $34,543,249) | 33,699,542 | |||||||
Other Assets in Excess of Liabilities — 0.79% | 267,739 | |||||||
NET ASSETS — 100.00% | $ | 33,967,281 |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of April 30, 2022. |
ADR - American Depositary Receipt.
See Notes to Financial Statements
10 | www.dcmmutualfunds.com |
DCM/INNOVA High Equity Income Innovation Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Summary of Investments | % of Net Assets | Fair Value | ||||
Common Stocks | ||||||
Communications | 6.81% | $ | 2,313,998 | |||
Consumer Discretionary | 10.42% | 3,537,775 | ||||
Consumer Staples | 7.60% | 2,583,109 | ||||
Energy | 4.62% | 1,570,449 | ||||
Financials | 12.96% | 4,402,611 | ||||
Health Care | 13.79% | 4,682,593 | ||||
Industrials | 9.30% | 3,159,874 | ||||
Materials | 4.11% | 1,396,335 | ||||
Real Estate | 3.01% | 1,022,156 | ||||
Technology | 23.23% | 7,891,272 | ||||
Utilities | 2.39% | 810,793 | ||||
Money Market Funds | 0.97% | 328,577 | ||||
Other Assets in Excess of Liabilities | 0.79% | 267,739 | ||||
Total | 100.00% | $ | 33,967,281 |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 11 |
Lebenthal Ultra Short Tax-Free Income Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Principal | ||||||||
Amount | Fair Value | |||||||
MUNICIPAL BONDS — 98.68% | ||||||||
Alabama — 1.05% | ||||||||
The University of Alabama General Revenue Bonds, Series 2014 B, 5.00%, 7/1/2022 | $ | 105,000 | $ | 105,628 | ||||
Arizona — 3.50% | ||||||||
City of Sedona AZ Excise Tax Revenue Bonds, Series, 4.50%, 7/1/2026 | 250,000 | 251,294 | ||||||
City of Tucson AZ Water System Revenue Refunding Bonds, Series 2013 A, 5.00%, 7/1/2022 | 65,000 | 65,398 | ||||||
Maricopa County AZ School District No. 11 School Improvement & Refunding Bonds, Series 2015, 5.00%, 7/1/2022 | 35,000 | 35,209 | ||||||
351,901 | ||||||||
California — 1.05% | ||||||||
Contra Cost County CA Public Financing Authority Lease Revenue Refunding Bonds, Series 2021 B, 4.00%, 6/1/2022 | 5,000 | 5,011 | ||||||
San Francisco CA City & County Public Utilities Commission Water Revenue Bonds, Series 2012 A, 4.00%, 11/1/2041 | 75,000 | 75,000 | ||||||
State of California Department of Water Resources Power Supply Revenue Bonds, Series, 4.00%, 5/1/2022 | 25,000 | 25,000 | ||||||
105,011 | ||||||||
Colorado – 0.05% | ||||||||
City & County of Denver CO Airport System Revenue Bonds, Series 2012 B, 5.00%, 11/15/2022 | 5,000 | 5,085 | ||||||
Connecticut — 0.60% | ||||||||
Town of Tolland CT General Obligation Notes, Series, 4.00%, 10/15/2022 | 55,000 | 55,626 | ||||||
University of Connecticut General Obligation Bonds, Series 2109 A, 5.00%, 11/1/2022 | 5,000 | 5,080 | ||||||
60,706 | ||||||||
District of Columbia — 5.47% | ||||||||
District of Columbia Carnegie Endowment for International Peace Revenue Bonds, Series 2006, 0.74%, 11/1/2045(a) | 300,000 | 300,000 | ||||||
See Notes to Financial Statements
12 | www.dcmmutualfunds.com |
Lebenthal Ultra Short Tax-Free Income Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Principal | ||||||||
Amount | Fair Value | |||||||
MUNICIPAL BONDS — 98.68% (CONTINUED) | ||||||||
District of Columbia — 5.47% (Continued) | ||||||||
District of Columbia Water & Sewer Authority Public Utilities Revenue Bonds, Series 2014 B-2, 0.77%, 10/1/2050(a) | $ | 250,000 | $ | 250,000 | ||||
550,000 | ||||||||
Florida — 6.30% | ||||||||
Broward County FL School District Certificates of Participation, Series, 5.00%, 7/1/2022 | 45,000 | 45,252 | ||||||
Hillsborough County FL School Board Certificates of Participation, Series 2015 A, 5.00%, 7/1/2022 | 10,000 | 10,060 | ||||||
Hillsborough County FL School Board Certificates of Participation, Series 2016 A, 5.00%, 7/1/2022 | 40,000 | 40,238 | ||||||
Hillsborough County FL School Board Certificates of Participation, Series 2017 C, 5.00%, 7/1/2022 | 25,000 | 25,149 | ||||||
Jacksonville FL Capital Improvement Revenue Refunding Bonds, Series 2012, 5.00%, 10/1/2022 | 110,000 | 111,519 | ||||||
JEA Electric System Revenue Bonds, Series 2013 3-A, 5.00%, 10/1/2022 | 35,000 | 35,504 | ||||||
JEA Water & Sewer System Revenue Bonds, Series 2008 B, 0.82%, 10/1/2041(a) | 300,000 | 300,000 | ||||||
Miami-Dade County FL School Board Certificates of Participation, Series 2105 A, 5.00%, 5/1/2022 | 10,000 | 10,000 | ||||||
Pasco County School Board Refunding Certificates of Participation, Series , 5.00%, 8/1/2022 | 25,000 | 25,222 | ||||||
Volusia County Educational Facilities Authority Revenue Bonds, Series, 3.00%, 10/15/2022 | 30,000 | 30,187 | ||||||
633,131 | ||||||||
Illinois — 9.11% | ||||||||
Chicago Midway International Airport Second Lien Revenue Bonds, Series 2004 D, 0.76%, 1/1/2035(a) | 300,000 | 300,000 | ||||||
Illinois Educational Facilities Authority Revenue Bonds, Series 2003 B, 0.75%, 7/1/2033(a) | 400,000 | 400,000 | ||||||
Illinois Finance Authority Revenue Bonds, Series 2012 B, 5.00%, 7/1/2022 | 50,000 | 50,298 | ||||||
Illinois State General Obligation Bonds, Series 2012, 5.00%, 6/1/2022 | 35,000 | 35,089 | ||||||
Illinois State General Obligation Refunding Bonds, Series 2012, 5.00%, 8/1/2022 | 80,000 | 80,609 | ||||||
Metropolitan Pier & Exposition Authority State Tax Revenue Bonds, Series 2002 B, 5.65%, 6/15/2022 | 50,000 | 50,251 | ||||||
916,247 |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 13 |
Lebenthal Ultra Short Tax-Free Income Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Principal | ||||||||
Amount | Fair Value | |||||||
MUNICIPAL BONDS — 98.68% (CONTINUED) | ||||||||
Indiana — 2.00% | ||||||||
Boone Township IN School Building Corp. Taxable & Valorem Property Tax First Mortgage Refunding Bonds, Series 2020 A, 2.00%, 7/15/2022 | $ | 75,000 | $ | 75,125 | ||||
Indianapolis Local Public Improvement Bond Bank Bonds, Series, 5.25%, 7/1/2022 | 25,000 | 25,153 | ||||||
Plainfield IN Redevelopment Authority Indiana Lease Rental Revenue Bonds, Series, 4.00%, 8/1/2022 | 100,000 | 100,593 | ||||||
200,871 | ||||||||
Iowa — 1.60% | ||||||||
City of Council Bluffs IA General Obligation Bonds, Series 2018 A, 5.00%, 6/1/2022 | 160,000 | 160,478 | ||||||
Kentucky — 2.84% | ||||||||
Breckinridge County School District Finance Corp. Revenue Bonds, Series, 5.00%, 5/1/2022 | 250,000 | 249,999 | ||||||
Kentucky State Property & Buildings Commission Revenue Bonds, Series 2018, 5.00%, 5/1/2022 | 35,000 | 35,000 | ||||||
284,999 | ||||||||
Louisiana — 4.30% | ||||||||
Louisiana State University & Agricultural & Mechanical College Auxiliary Revenue Refunding Bonds, Series, 5.00%, 7/1/2022 | 430,000 | 432,471 | ||||||
Maryland — 2.98% | ||||||||
Washington Suburban Sanitary District General Obligation Bonds, Series 2016 B-4, 0.77%, 6/1/2023(a) | 200,000 | 200,000 | ||||||
Washington Suburban Sanitary District General Obligation Bonds, Series 2015 B-3, 0.77%, 6/1/2023(a) | 100,000 | 100,000 | ||||||
300,000 | ||||||||
Massachusetts — 12.60% | ||||||||
Ayer Shirley Regional School District General Obligation Bonds, Series, 3.00%, 9/1/2022 | 100,000 | 100,461 | ||||||
Massachusetts State Development Finance Agency Revenue Bonds, Series 2020 U, 5.00%, 7/1/2022 | 55,000 | 55,337 | ||||||
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 2001 J-2, 0.71%, 7/1/2031(a) | 300,000 | 300,000 | ||||||
See Notes to Financial Statements
14 | www.dcmmutualfunds.com |
Lebenthal Ultra Short Tax-Free Income Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Principal | ||||||||
Amount | Fair Value | |||||||
MUNICIPAL BONDS — 98.68% (CONTINUED) | ||||||||
Massachusetts — 12.60% (Continued) | ||||||||
Massachusetts State Housing Finance Agency Housing Revenue Bonds, Series 200, 0.78%, 12/1/2048(a) | $ | 350,000 | $ | 350,000 | ||||
Massachusetts Water Resources Authority Revenue Bonds, Series 2008 E, 0.76%, 8/1/2037(a) | 400,000 | 400,000 | ||||||
Town of Middleborough MA General Obligation Bonds, Series, 5.00%, 10/1/2022 | 60,000 | 60,876 | ||||||
1,266,674 | ||||||||
Michigan — 0.60% | ||||||||
Great Lakes Water Authority Water Supply System Revenue Refunding Second Lien Bonds, Series 2018 A, 5.00%, 7/1/2022 | 60,000 | 60,348 | ||||||
Nevada — 0.81% | ||||||||
County of Washoe NV General Obligation Bonds, Series, 5.00%, 12/1/2022 | 80,000 | 81,553 | ||||||
New Jersey — 2.00% | ||||||||
New Jersey Building Authority State Building Revenue Refunding Bonds, Series, 5.00%, 6/15/2022 | 25,000 | 25,103 | ||||||
New Jersey State General Obligation Bonds, Series 2016, 5.00%, 6/1/2022 | 35,000 | 35,097 | ||||||
New Jersey State General Obligation Refunding Bonds, Series, 5.25%, 8/1/2022 | 75,000 | 75,668 | ||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series, 5.00%, 6/15/2022 | 65,000 | 65,244 | ||||||
201,112 | ||||||||
New York — 22.00% | ||||||||
Battery Park City Authority Junior Revenue Bonds, Series 2019 D-1, 0.78%, 11/1/2038(a) | 300,000 | 300,000 | ||||||
City of New York General Obligation Bonds, Series 2012 A-2, 0.83%, 10/1/2038(a) | 400,000 | 400,000 | ||||||
Erie County NY Fiscal Stability Authority Sales Tax State Aid Refunding Revenue Bonds, Series 2016 A, 5.00%, 5/15/2022 | 50,000 | 50,066 | ||||||
Kingston City School District New York School District Bonds, Series, 3.00%, 6/1/2022 | 25,000 | 25,037 | ||||||
New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Series 2019 BB, 0.75%, 6/15/2051(a) | 400,000 | 400,000 | ||||||
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 15 |
Lebenthal Ultra Short Tax-Free Income Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Principal | ||||||||
Amount | Fair Value | |||||||
MUNICIPAL BONDS — 98.68% (CONTINUED) | ||||||||
New York — 22.00% (Continued) | ||||||||
New York City Trust for Cultural Resources Revenue Bonds, Series 2009 A, 0.76%, 7/1/2032(a) | $ | 250,000 | $ | 250,000 | ||||
New York City Trust for Cultural Resources Revenue Bonds, Series 2006 A-2, 0.75%, 10/1/2036(a) | 200,000 | 200,000 | ||||||
New York State Dormitory Authority Revenue Bonds, Series 2012 A, 5.00%, 7/1/2022 | 35,000 | 35,215 | ||||||
New York State Energy Research & Development Authority Facilities Revenue Bonds, Series 2005 A-3, 0.70%, 5/1/2039(a) | 300,000 | 300,000 | ||||||
New York State Housing Finance Agency 29 Flatbush Avenue Housing Revenue Bonds, Series 2015-A, 0.73%, 11/1/2044(a) | 200,000 | 200,000 | ||||||
Niagara County NY General Obligation Water Improvement Bonds, Series 2016 C, 5.00%, 8/1/2022 | 50,000 | 50,457 | ||||||
2,210,775 | ||||||||
Ohio — 5.22% | ||||||||
Ohio State General Obligation Infrastructure Improvement Bonds, Series 2004 A, 0.72%, 2/1/2023(a) | 225,000 | 225,000 | ||||||
Ohio State University (The) Revenue Bonds, Series 2014 B-2, 0.72%, 12/1/2039(a) | 300,000 | 300,000 | ||||||
525,000 | ||||||||
Pennsylvania — 0.50% | ||||||||
Commonwealth Financing Authority Revenue Refunding Bonds, Series, 5.00%, 6/1/2022 | 50,000 | 50,146 | ||||||
Rhode Island — 0.50% | ||||||||
Rhode Island Health & Educational Building Corp. Higher Educational Facility Revenue Refunding Bonds, Series 2012 B, 5.00%, 8/15/2022 | 50,000 | 50,516 | ||||||
Texas — 4.08% | ||||||||
Galveston TX Waterworks & Sewer System Revenue Refunding Bonds, Series, 5.00%, 5/1/2022 | 65,000 | 65,000 | ||||||
Lower Colorado River Tax Authority Transmission Contract Revenue Refunding | ||||||||
Bonds, Series, 5.00%, 5/15/2022 | 345,000 | 345,423 | ||||||
410,423 | ||||||||
Virginia — 6.47% | ||||||||
Fairfax County VA Economic Development Authority Revenue Bonds, Series 2003 A, 0.72%, 12/1/2033(a) | 300,000 | 300,000 | ||||||
See Notes to Financial Statements
16 | www.dcmmutualfunds.com |
Lebenthal Ultra Short Tax-Free Income Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Principal | ||||||||
Amount/ | ||||||||
Shares | Fair Value | |||||||
MUNICIPAL BONDS — 98.68% (CONTINUED) | ||||||||
Virginia — 6.47% (Continued) | ||||||||
Fairfax County VA Economic Development Authority Revenue Bonds, Series 2007, 0.85%, 6/1/2037(a) | $ | 350,000 | $ | 350,000 | ||||
650,000 | ||||||||
Washington — 3.05% | ||||||||
Washington State General Obligation Bonds, Series 2013 R-C, 5.00%, 7/1/2022 | 250,000 | 251,478 | ||||||
Washington State General Obligation Bonds, Series 2016 B, 5.00%, 7/1/2022 | 55,000 | 55,325 | ||||||
306,803 | ||||||||
Total Municipal Bonds (Cost $9,927,578) | 9,919,878 | |||||||
MONEY MARKET FUNDS — 0.32% | ||||||||
Federated Hermes Institutional Tax-Free Cash Trust, Institutional Shares, 0.31%(b) | 32,443 | 32,443 | ||||||
Total Money Market Funds (Cost $32,443) | 32,443 | |||||||
Total Investments — 99.00% (Cost $9,960,021) | 9,952,321 | |||||||
Other Assets in Excess of Liabilities — 1.00% | 100,940 | |||||||
NET ASSETS — 100.00% | $ | 10,053,261 |
(a) | Certain variable rate securities are not based on a published reference rate spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
(b) | Rate disclosed is the seven day effective yield as of April 30, 2022. |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 17 |
Lebenthal Ultra Short Tax-Free Income Fund |
Schedule of Investments |
April 30, 2022 (Unaudited) |
Summary of Investments | % of Net Assets | Value | ||||
Municipal Bonds | ||||||
Alabama | 1.05% | $ | 105,628 | |||
Arizona | 3.50% | 351,901 | ||||
California | 1.05% | 105,011 | ||||
Colorado | 0.05% | 5,085 | ||||
Connecticut | 0.60% | 60,706 | ||||
District of Columbia | 5.47% | 550,000 | ||||
Florida | 6.30% | 633,131 | ||||
Illinois | 9.11% | 916,247 | ||||
Indiana | 2.00% | 200,871 | ||||
Iowa | 1.60% | 160,478 | ||||
Kentucky | 2.84% | 284,999 | ||||
Louisiana | 4.30% | 432,471 | ||||
Maryland | 2.98% | 300,000 | ||||
Massachusetts | 12.60% | 1,266,674 | ||||
Michigan | 0.60% | 60,348 | ||||
Nevada | 0.81% | 81,553 | ||||
New Jersey | 2.00% | 201,112 | ||||
New York | 22.00% | 2,210,775 | ||||
Ohio | 5.22% | 525,000 | ||||
Pennsylvania | 0.50% | 50,146 | ||||
Rhode Island | 0.50% | 50,516 | ||||
Texas | 4.08% | 410,423 | ||||
Virginia | 6.47% | 650,000 | ||||
Washington | 3.05% | 306,803 | ||||
Money Market | 0.32% | 32,443 | ||||
Other Assets in Excess of Liabilities | 1.00% | 100,940 | ||||
Total | 100.00% | $ | 10,053,261 |
See Notes to Financial Statements
18 | www.dcmmutualfunds.com |
Centaur Mutual Funds Trust |
Statements of Assets and Liabilities |
April 30, 2022 (Unaudited) |
DCM/INNOVA | Lebenthal | |||||||
High Equity | Ultra Short | |||||||
Income Innovation | Tax-Free Income | |||||||
Fund | Fund | |||||||
Assets | ||||||||
Investments in securities, at fair value (cost $34,543,249 and $9,960,021) | $ | 33,699,542 | $ | 9,952,321 | ||||
Foreign currencies, at value (cost $13,866 and $—) | 13,885 | — | ||||||
Receivable for fund shares sold | 150 | — | ||||||
Receivable for investments sold | 3,006,146 | — | ||||||
Dividends and interest receivable | 219,080 | 64,703 | ||||||
Tax reclaims receivable | 81,037 | — | ||||||
Receivable from Advisor | — | 41,117 | ||||||
Prepaid expenses | 39,386 | 26,791 | ||||||
Total Assets | 37,059,226 | 10,084,932 | ||||||
Liabilities | ||||||||
Payable for fund shares redeemed | 384 | — | ||||||
Payable for investments purchased | 3,051,226 | — | ||||||
Payable for distributions to shareholders | 1,735 | 17 | ||||||
Payable to Advisor | 22,222 | — | ||||||
Accrued 12b-1 fees – Class A | — | 86 | ||||||
Payable to Administrator | 14,901 | 15,291 | ||||||
Other accrued expenses | 1,477 | 16,277 | ||||||
Total Liabilities | 3,091,945 | 31,671 | ||||||
Net Assets | $ | 33,967,281 | $ | 10,053,261 | ||||
Net Assets consist of: | ||||||||
Paid-in capital | 37,483,140 | 10,061,164 | ||||||
Accumulated deficit | (3,515,859 | ) | (7,903 | ) | ||||
Net Assets | $ | 33,967,281 | $ | 10,053,261 |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 19 |
Centaur Mutual Funds Trust |
Statements of Assets and Liabilities |
April 30, 2022 (Unaudited) |
DCM/INNOVA | Lebenthal | |||||||
High Equity | Ultra Short | |||||||
Income Innovation | Tax-Free Income | |||||||
Fund | Fund | |||||||
Class I Shares: | ||||||||
Net Assets | $ | 9,633,629 | ||||||
Shares outstanding (unlimited number of shares authorized, no par value) | 964,104 | |||||||
Net asset value, offering and redemption price per share | $ | 9.99 | ||||||
Class A Shares: | ||||||||
Net Assets | $ | 419,632 | ||||||
Shares outstanding (unlimited number of shares authorized, no par value) | 42,125 | |||||||
Net asset value, offering and redemption price per share(a) | $ | 9.96 | ||||||
Offering price per share (100%/(100%-0.50% (maximum sales charge)) of net asset value adjusted to the nearest cent) | $ | 10.01 | ||||||
Net Assets | $ | 33,967,281 | ||||||
Shares outstanding (unlimited number of shares authorized, no par value) | 2,836,427 | |||||||
Net asset value, offering and redemption price per share | $ | 11.98 |
(a) | In the case of investments at or above $250,000, a contingent deferred sales charge (“CDSC”) of up to 0.25% may be charged on shares redeemed within 12 months of purchase if no sales charge on the original purchase and a finder’s fee was paid. |
See Notes to Financial Statements
20 | www.dcmmutualfunds.com |
Centaur Mutual Funds Trust |
Statements of Operations |
For the six months ended April 30, 2022 (Unaudited) |
DCM/INNOVA | Lebenthal | |||||||
High Equity | Ultra Short | |||||||
Income Innovation | Tax-Free Income | |||||||
Fund | Fund | |||||||
Investment Income | ||||||||
Dividend income (net of foreign taxes withheld of $169,826 and $—) | $ | 1,578,279 | $ | 73 | ||||
Interest income | — | 14,292 | ||||||
Total investment income | 1,578,279 | 14,365 | ||||||
Expenses | ||||||||
Advisor | 137,322 | 20,524 | ||||||
Administration | 23,267 | 20,579 | ||||||
Fund accounting | 16,603 | 18,093 | ||||||
Registration | 14,577 | 20,475 | ||||||
Legal | 12,351 | 14,491 | ||||||
Audit and tax | 8,032 | 8,823 | ||||||
Transfer agent | 7,438 | 5,951 | ||||||
Insurance | 6,912 | 6,040 | ||||||
Report printing | 4,150 | 4,427 | ||||||
Trustee | 2,976 | 2,976 | ||||||
Custodian | 2,421 | 2,480 | ||||||
Pricing | 1,237 | 12,095 | ||||||
12b-1 fees – Class A | — | 271 | ||||||
Miscellaneous | 12,953 | 10,958 | ||||||
Total expenses | 250,239 | 148,183 | ||||||
Fees contractually waived and expenses reimbursed by Advisor | — | (123,967 | ) | |||||
Fees voluntarily waived and expenses reimbursed by Advisor | — | (13,098 | ) | |||||
Net operating expenses | 250,239 | 11,118 | ||||||
Net investment income | 1,328,040 | 3,247 | ||||||
Net Realized and Change in Unrealized Gain (Loss) on Investments | ||||||||
Net realized gain (loss) on: | ||||||||
Investment securities | (2,659,401 | ) | — | |||||
Foreign currency translations | (104,620 | ) | — | |||||
Change in unrealized depreciation on: | ||||||||
Investment securities | (3,114,808 | ) | (10,314 | ) | ||||
Foreign currency translations | (10,323 | ) | — | |||||
Net realized and unrealized gain (loss) on investment securities and foreign currency translations | (5,889,152 | ) | (10,314 | ) | ||||
Net decrease in net assets resulting from operations | $ | (4,561,112 | ) | $ | (7,067 | ) |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 21 |
DCM/INNOVA High Equity Income Innovation Fund |
Statements of Changes in Net Assets |
For the | ||||||||
Six Months Ended | For the | |||||||
April 30, 2022 | Year Ended | |||||||
(Unaudited) | October 31, 2021 | |||||||
Increase (Decrease) in Net Assets due to: | ||||||||
Operations | ||||||||
Net investment income | $ | 1,328,040 | $ | 947,865 | ||||
Net realized gain (loss) on investment securities and foreign currency translations | (2,764,021 | ) | 1,431,403 | |||||
Change in unrealized appreciation (depreciation) on investment securities and foreign currency translations | (3,125,131 | ) | 992,044 | |||||
Net increase (decrease) in net assets resulting from operations | (4,561,112 | ) | 3,371,312 | |||||
Distributions to Shareholders From | ||||||||
Earnings | (1,386,005 | ) | (880,056 | ) | ||||
Total Distributions | (1,386,005 | ) | (880,056 | ) | ||||
Capital Transactions | ||||||||
Proceeds from shares sold | 2,208,394 | 27,351,195 | ||||||
Reinvestment of distributions | 1,373,489 | 857,235 | ||||||
Amount paid for shares redeemed | (1,264,167 | ) | (1,317,102 | ) | ||||
Net increase in net assets resulting from capital transactions | 2,317,716 | 26,891,328 | ||||||
Total Increase (Decrease) in Net Assets | (3,629,401 | ) | 29,382,584 | |||||
Net Assets | ||||||||
Beginning of period | 37,596,682 | 8,214,098 | ||||||
End of period | $ | 33,967,281 | $ | 37,596,682 | ||||
Share Transactions | ||||||||
Shares sold | 170,110 | 1,972,797 | ||||||
Shares issued in reinvestment of distributions | 102,251 | 62,641 | ||||||
Shares redeemed | (93,345 | ) | (97,853 | ) | ||||
Net increase in shares outstanding | 179,016 | 1,937,585 |
See Notes to Financial Statements
22 | www.dcmmutualfunds.com |
Lebenthal Ultra Short Tax-Free Income Fund |
Statements of Changes in Net Assets |
For the | ||||||||
Six Months Ended | For the | |||||||
April 30, 2022 | Year Ended | |||||||
(Unaudited) | October 31, 2021 | |||||||
Increase (Decrease) in Net Assets due to: | ||||||||
Operations | ||||||||
Net investment income | $ | 3,247 | $ | 7,528 | ||||
Change in unrealized appreciation (depreciation) on investment securities | (10,314 | ) | (9,410 | ) | ||||
Net increase (decrease) in net assets resulting from operations | (7,067 | ) | (1,882 | ) | ||||
Distributions to Shareholders From | ||||||||
Earnings | ||||||||
Class I Shares | (3,445 | ) | (7,558 | ) | ||||
Class A Shares | — | — | ||||||
Total Distributions | (3,445 | ) | (7,558 | ) | ||||
Capital Transactions – Class I Shares | ||||||||
Proceeds from shares sold | — | 272,511 | ||||||
Reinvestment of distributions | 3,409 | 7,477 | ||||||
Amount paid for shares redeemed | — | (10 | ) | |||||
Total Class I Shares | 3,409 | 279,978 | ||||||
Capital Transactions – Class A Shares | ||||||||
Proceeds from shares sold | 400,000 | 5,200 | ||||||
Reinvestment of distributions | — | — | ||||||
Amount paid for shares redeemed | — | (30,165 | ) | |||||
Total Class A Shares | 400,000 | (24,965 | ) | |||||
Net increase in net assets resulting from capital transactions | 403,409 | 255,013 | ||||||
Total Increase (Decrease) in Net Assets | 392,897 | 245,573 | ||||||
Net Assets | ||||||||
Beginning of period | 9,660,364 | 9,414,791 | ||||||
End of period | $ | 10,053,261 | $ | 9,660,364 |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 23 |
Lebenthal Ultra Short Tax-Free Income Fund |
Statements of Changes in Net Assets |
For the | ||||||||
Six Months Ended | For the | |||||||
April 30, 2022 | Year Ended | |||||||
(Unaudited) | October 31, 2021 | |||||||
Share Transactions – Class I Shares | ||||||||
Shares sold | — | 27,251 | ||||||
Shares issued in reinvestment of distributions | 341 | 747 | ||||||
Shares redeemed | — | (1 | ) | |||||
Total Class I | 341 | 27,997 | ||||||
Share Transactions – Class A Shares | ||||||||
Shares sold | 40,121 | 519 | ||||||
Shares redeemed | — | (3,017 | ) | |||||
Total Class A | 40,121 | (2,498 | ) |
See Notes to Financial Statements
24 | www.dcmmutualfunds.com |
DCM/INNOVA High Equity Income Innovation Fund |
Financial Highlights |
For a share outstanding during each period. |
For the | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | For the | For the | For the | For the | For the | |||||||||||||||||||
April 30, | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
2022 | October 31, | October 31, | October 31, | October 31, | October 31, | |||||||||||||||||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
Selected Per Share Data: | ||||||||||||||||||||||||
Net asset value,beginning of period | $ | 14.15 | $ | 11.41 | $ | 11.69 | $ | 13.01 | $ | 14.25 | $ | 12.81 | ||||||||||||
Investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.48 | 0.86 | 0.82 | 0.17 | (0.11 | ) | (0.17 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.14 | ) | 2.71 | (0.23 | ) | 0.16 | 0.35 | 2.24 | ||||||||||||||||
Total from investment operations | (1.66 | ) | 3.57 | 0.59 | 0.33 | 0.24 | 2.07 | |||||||||||||||||
Less distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.43 | ) | (0.83 | ) | (0.84 | ) | — | — | — | |||||||||||||||
Net realized gains | (0.08 | ) | — | — | (1.65 | ) | (1.48 | ) | (0.63 | ) | ||||||||||||||
Return of capital | — | — | (0.03 | ) | — | — | — | |||||||||||||||||
Total distributions | (0.51 | ) | (0.83 | ) | (0.87 | ) | (1.65 | ) | (1.48 | ) | (0.63 | ) | ||||||||||||
Net asset value, end of period | $ | 11.98 | $ | 14.15 | $ | 11.41 | $ | 11.69 | $ | 13.01 | $ | 14.25 | ||||||||||||
Total Return(a) | (12.09 | )% (b) | 31.81 | % | 5.29 | % | 3.21 | % | 1.80 | % | 16.73 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000 omitted) | $ | 33,967 | $ | 37,597 | $ | 8,214 | $ | 10,062 | $ | 25,251 | $ | 25,692 | ||||||||||||
Ratio of gross expenses to average net assets | 1.37 | % (c) | 2.35 | % | 3.36 | % | 3.15 | % | 2.56 | % | 2.55 | % | ||||||||||||
Ratio of net expenses to average net assets | 1.37 | % (c) | 1.50 | % | 1.50 | % | 1.70 | % | 1.95 | % | 1.95 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | 7.26 | % (c) | 6.06 | % | 6.81 | % | 1.13 | % | (0.84 | )% | (1.19 | )% | ||||||||||||
Portfolio turnover rate | 297 | % (b) | 496 | % | 435 | % | 338 | % | 142 | % | 126 | % |
(a) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(b) | Not annualized. |
(c) | Annualized. |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 25 |
Lebenthal Ultra Short Tax-Free Income Fund - Class I Shares |
Financial Highlights |
For a share outstanding during each period. |
For the | ||||||||||||
Six Months | For the | |||||||||||
Ended | For the | Period | ||||||||||
April 30, | Year Ended | Ended | ||||||||||
2022 | October 31, | October 31, | ||||||||||
(Unaudited) | 2021 | 2020(a) | ||||||||||
Selected Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 10.00 | $ | 10.01 | $ | 10.00 | ||||||
Investment operations: | ||||||||||||
Net investment income | — | (b) | 0.01 | 0.04 | ||||||||
Net realized and unrealized loss on investments | (0.01 | ) | (0.01 | ) | 0.01 | |||||||
Total from investment operations | (0.01 | ) | — | 0.05 | ||||||||
Less distributions to shareholders from: | ||||||||||||
Net investment income | — | (b) | (0.01 | ) | (0.04 | ) | ||||||
Total distributions | — | (b) | (0.01 | ) | (0.04 | ) | ||||||
Net asset value, end of period | $ | 9.99 | $ | 10.00 | $ | 10.01 | ||||||
Total Return(c) | ||||||||||||
(0.06 | )% (d) | (0.02 | )% | 0.48 | % (d) | |||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (000 omitted) | $ | 9,634 | $ | 9,640 | $ | 9,370 | ||||||
Ratio of gross expenses to average net assets | 3.03 | % (e) | 3.10 | % | 2.87 | % (e) | ||||||
Ratio of net expenses to average net assets | 0.22 | % (e) | 0.36 | % | 0.43 | % (e) | ||||||
Ratio of net investment income to average net assets | 0.07 | % (e) | 0.08 | % | 0.41 | % (e) | ||||||
Portfolio turnover rate | 40 | % (d) | 9 | % | 88 | % (d) |
(a) | For the period December 30, 2019 (commencement of operations) to October 31, 2020. |
(b) | Rounds to less than $0.005 per share. |
(c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(d) | Not annualized. |
(e) | Annualized. |
See Notes to Financial Statements
26 | www.dcmmutualfunds.com |
Lebenthal Ultra Short Tax-Free Income Fund - Class A Shares |
Financial Highlights |
For a share outstanding during each period. |
For the | ||||||||||||
Six Months | For the | |||||||||||
Ended | For the | Period | ||||||||||
April 30, | Year Ended | Ended | ||||||||||
2022 | October 31, | October 31, | ||||||||||
(Unaudited) | 2021 | 2020(a) | ||||||||||
Selected Per Share Data: | ||||||||||||
Net asset value, beginning of period | $ | 9.98 | $ | 10.01 | $ | 10.00 | ||||||
Investment operations: | ||||||||||||
Net investment income (loss) | — | (b) | (0.03 | ) | 0.02 | |||||||
Net realized and unrealized loss on investments | (0.02 | ) | — | (b) | 0.01 | |||||||
Total from investment operations | (0.02 | ) | (0.03 | ) | 0.03 | |||||||
Less distributions to shareholders from: | ||||||||||||
Net investment income | — | — | (0.02 | ) | ||||||||
Total distributions | — | — | (0.02 | ) | ||||||||
Net asset value, end of period | $ | 9.96 | $ | 9.98 | $ | 10.01 | ||||||
Total Return(c) | (0.20 | )% (d) | (0.30 | )% | 0.35 | % (d) | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (000 omitted) | $ | 420 | $ | 20 | $ | 45 | ||||||
Ratio of gross expenses to average net assets | 3.28 | % (e) | 3.35 | % | 3.12 | % (e) | ||||||
Ratio of net expenses to average net assets | 0.47 | % (e) | 0.61 | % | 0.68 | % (e) | ||||||
Ratio of net investment income (loss) to average net assets | (0.13 | )% (e) | (0.16 | )% | 0.12 | % (e) | ||||||
Portfolio turnover rate | 40 | % (d) | 9 | % | 88 | % (d) |
(a) | For the period December 30, 2019 (commencement of operations) to October 31, 2020. |
(b) | Rounds to less than $0.005 per share. |
(c) | Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(d) | Not annualized. |
(e) | Annualized. |
See Notes to Financial Statements
Semi-Annual Report | April 30, 2022 | 27 |
Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
1. | ORGANIZATION |
The DCM/INNOVA High Equity Income Innovation Fund (formerly known as the DCM/ INNOVA High Dividend Income Innovation Fund) (the “DCM/INNOVA Fund”) and the Lebenthal Ultra Short Tax-Free Income Fund (the “Lebenthal Fund”) (each a “Fund” and, collectively the “Funds”), are each organized as diversified series of the Centaur Mutual Funds Trust (the “Trust”). The DCM/INNOVA Fund commenced operations on March 16, 2005 and was formally known as the Centaur Total Return Fund. The Lebenthal Fund commenced operations on December 30, 2019. The Trust is an open ended-management investment company and is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended.
The investment objective of the DCM/INNOVA Fund is to seek maximum total return through a combination of capital appreciation and current income. The investment objective of the Lebenthal Fund is to seek a high level of current income exempt from federal income tax consistent with relative stability of principal. The Lebenthal Fund invests primarily in municipal securities, the income from which is exempt from federal income tax.
The Lebenthal Fund currently offers two classes of shares; Class A Shares and Class I Shares. Each class of shares represents an interest in the Lebenthal Fund, has the same rights and is identical in all material respects, except that the classes bear different (or no) levels of sales loads and different expenses, certain class specific expenses will be borne solely by the class to which such expenses are attributable, and each class has exclusive voting rights with respect to matters relating to its own distribution arrangements. Class A Shares are subject to a front-end sales charge of 0.50% which is waived for purchases of $250,000 or greater. Unless you are otherwise eligible to purchase Class A shares without a sales charge, a CDSC of up to 0.25% will be charged on Class A shares redeemed within 12 months of purchase if you paid no sales charge on the original purchase and a finder’s fee was paid.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are considered investment companies for financial reporting purposes under GAAP.
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Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reported period. Actual results could differ from those estimates.
Investment Valuation
The Funds’ investments in securities are carried at fair value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price.
Fixed income securities will ordinarily be traded on the over-the-counter market. When market quotations are readily available, fixed income securities will be valued based on prices provided by independent third-party pricing services. The prices provided by independent third-party pricing services are generally determined with consideration given to institutional bid and last sale prices and take into account securities prices, yields, maturities, call features, ratings, institutional trading in similar groups of securities, and developments related to specific securities. Such fixed income securities may also be priced based upon a matrix system of pricing similar bonds and other fixed income securities.
Securities and assets for which representative market quotations are not readily available or which cannot be accurately valued using the Funds normal pricing procedures are valued at fair value as determined under policies approved by the Board of Trustees (the “Board”). Fair value pricing may be used, for example, in situations where (i) a portfolio security is so thinly traded that there have been no transactions for that security over an extended period of time; (ii) the exchange on which the portfolio security is principally traded closes early; or (iii) trading of the portfolio security is halted during the day and does not resume prior to the Funds’ net asset value calculation. A portfolio security’s “fair value” price may differ from the price next available for that portfolio security using the Trust’s normal pricing procedures.
Semi-Annual Report | April 30, 2022 | 29 |
Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
Fair Value Measurement
GAAP establishes a framework for measuring fair value and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 – | Unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date |
Level 2 – | Other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
Level 3 – | Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments based on the best information available) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement.
The valuation techniques used by the Funds to measure fair value during the six months ended April 30, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.
30 | www.dcmmutualfunds.com |
Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Funds’ assets and liabilities as of April 30, 2022.
DCM/INNOVA Fund | ||||||||||||||||
Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 33,370,965 | $ | — | $ | — | $ | 33,370,965 | ||||||||
Money Market Funds | 328,577 | — | — | 328,577 | ||||||||||||
Total | $ | 33,699,542 | $ | — | $ | — | $ | 33,699,542 | ||||||||
Lebenthal Fund | ||||||||||||||||
Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Municipal Bonds | $ | — | $ | 9,919,878 | $ | — | $ | 9,919,878 | ||||||||
Money Market Funds | 32,443 | — | — | 32,443 | ||||||||||||
Total | $ | 32,443 | $ | 9,919,878 | $ | — | $ | 9,952,321 |
The Funds did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
Municipal Securities Risk
The Lebenthal Fund invests primarily in municipal securities. The risk of municipal securities generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. Municipal obligations can be significantly affected by political and economic changes, including inflation, as well as uncertainties in the municipal market related to taxation, legislative changes, or the rights of municipal security holders. Municipal bonds have varying levels of sensitivity to changes in interest rates. Interest rate risk is generally lower for shorter-term municipal bonds and higher for long term municipal bonds.
Sector Focus Risk
While the DCM/INNOVA Fund does not focus its investments on a particular sector, the DCM/INNOVA Fund may, at times, be more heavily invested in certain sectors, which may cause the value of its shares to be especially sensitive to factors and economic risks that specifically affect those sectors and may cause the DCM/INNOVA Fund’s share price to fluctuate more widely than the shares of a mutual fund that invests in a broader range of industries.
Semi-Annual Report | April 30, 2022 | 31 |
Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
Foreign Currency Translation
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The DCM/INNOVA Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments.
Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.
Investment Transactions and Investment Income
Investment transactions are accounted for as of the date purchased or sold (trade date) for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recorded on the accrual basis and includes amortization of discounts and premiums. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes.
Expenses
Expenses that are directly related to one of the Funds are charged to that Fund. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds in relation to net assets of each Fund or another reasonable allocation method. Expenses specifically attributable to any class are borne by that class. Income, realized gains and losses, unrealized appreciation and depreciation, and fund-wide expenses not allocated to a particular class shall be allocated to each class based on the net assets of that class in relation to the net assets of the entire Fund.
32 | www.dcmmutualfunds.com |
Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
Dividend Distributions
Dividends from net investment income are generally declared and paid monthly for the DCM/INNOVA Fund. Dividends from net investment income are generally declared daily and paid monthly for the Lebenthal Fund. Distributions from capital gains (if any) are generally declared and distributed annually. Dividends and distributions to shareholders are recorded on ex-date.
Federal Income Taxes
As of and during the six months ended April 30, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
The Funds’ policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all their taxable income to their shareholders. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.
3. | FEES AND OTHER TRANSACTIONS WITH AFFILIATES |
Advisor
DCM Advisors, LLC (the “Advisor”) is the investment advisor for the Funds. The Advisor serves in the capacity of investment advisor to each Fund pursuant to an investment advisory agreement with the Trust on behalf of the respective Fund. The Advisor receives monthly compensation based on each Fund’s average daily net assets at the annual rate of 0.75% for the DCM/INNOVA Fund and 0.42% for the Lebenthal Fund. For the six months ended April 30, 2022, the Advisor earned fees of $137,322 and $20,524 from the DCM/INNOVA Fund and the Lebenthal Fund, respectively. At April 30, 2022, the DCM/INNOVA Fund owed the Advisor $22,222 and the Advisor owed $41,117 to the Lebenthal Fund, pursuant to the expense limitation agreement described below.
The Advisor has entered into Expense Limitation Agreements with the DCM/INNOVA Fund and the Lebenthal Fund under which the Advisor has contractually agreed to reduce the amount of the investment advisory fees to be paid to the Advisor by the Funds and to assume other expenses of the Funds, if necessary, in an amount that
Semi-Annual Report | April 30, 2022 | 33 |
Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
limits the Funds’ annual operating expenses (exclusive of interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Funds’ business, dividend expense on securities sold short, “acquired fund fees and expenses,” and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) to not more than 1.50% of the average daily net assets of the DCM/INNOVA Fund and not more than 0.49% of the average daily net assets of the Lebenthal Fund through December 31, 2022. For the six months ended April 30, 2022, the Advisor waived fees and reimbursed expenses of $123,967 for the Lebenthal Fund. The Expense Limitation Agreement may not be terminated prior to that date without the approval of the Board.
In addition to the expense limitations previously noted, effective June 25, 2020, the Advisor has agreed to a voluntarily waiver of ten basis points (0.10%) of the Lebenthal Fund’s average daily net assets. Effective July 7, 2021 the Advisor has agreed to voluntarily waive an additional ten basis point (0.10%) of the Lebenthal Fund’s average daily net assets. Effective January 12, 2022 the Advisor has agreed to voluntarily waive an additional 3 basis point (0.03%) of the Lebenthal Fund’s average daily net assets. The Advisor is not entitled to the reimbursement of any fees voluntarily waived or expenses reimbursed. During the six months ended April 30, 2022, the Advisor voluntarily waived fees of $13,098 for the Lebenthal Fund.
Administrator
Ultimus Fund Solutions, LLC (the ��Administrator”) provides administration, fund accounting, compliance and transfer agency services to the Funds. The Funds pay the Administrator fees in accordance with the Master Services Agreement for such services. In addition, the Funds pay out-of-pocket expenses including but not limited to postage, supplies and costs of pricing its portfolio securities.
Distributor
Ultimus Fund Distributors, LLC (the “Distributor”) serves as the Trust’s Distributor. The Distributor acts as an agent for the Trust and the distributor of its shares. The Distributor is compensated by the Advisor for its services provided to the Trust. The Distributor operates as a wholly-owned subsidiary of the Administrator.
Certain officers of the Trust are employees of the Administrator and the Distributor.
34 | www.dcmmutualfunds.com |
Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
4. | DISTRIBUTION PLAN AND FEES |
The Trust, with respect to the Lebenthal Fund, has adopted a Distribution Plan (the “Plan”) for its Class A Shares in accordance with Rule 12b-1 under the 1940 Act. The Plan allows the Fund to pay for certain expenses related to the distribution of its shares (“12b-1 fees”), including, but not limited to, payments to securities dealers and other persons (including the Distributor and its affiliates) who are engaged in the sale of shares of the Lebenthal Fund and who may be advising investors regarding the purchase, sale or retention of the Lebenthal Fund shares; expenses of maintaining personnel who engage in or support distribution of shares or who render shareholder support services not otherwise provided by the Transfer Agent or the Trust; expenses of formulating and implementing marketing and promotional activities, including direct mail promotions and mass media advertising; expenses of preparing, printing and distributing sales literature and prospectuses and statements of additional information and reports for recipients other than existing shareholders; expenses of obtaining such information, analysis and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable; and any other expenses related to the distribution of the Lebenthal Fund shares. The annual limitation for payment of expenses pursuant to the Plan is 0.25% per annum of the Lebenthal Fund’s average daily net assets allocable to the Class A Shares. For the six months ended April 30, 2022, the Class A Shares incurred 12b-1 fees of $271. As of April 30, 2022 the Lebenthal Fund owed the Distributor $86.
5. | PURCHASES AND SALES OF INVESTMENT SECURITIES |
For the six months ended April 30, 2022, purchases and sales of investment securities other than short-term investments were as follows:
DCM/INNOVA | Lebenthal | |||||||
Fund | Fund | |||||||
Purchases | $ | 109,839,110 | $ | 3,681,888 | ||||
Sales | $ | 107,837,338 | $ | 1,965,000 |
There were no purchases or sales of long-term U.S. government obligations during the six months ended April 30, 2022.
Semi-Annual Report | April 30, 2022 | 35 |
Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
6. | FEDERAL INCOME TAXES |
Distributions are determined in accordance with Federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.
Management has reviewed the Funds’ tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has determined that the Funds do not have a liability for uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.
As of April 30, 2022, the aggregate cost of investments, gross unrealized appreciation (depreciation) and net unrealized appreciation for Federal tax purposes was as follows:
DCM/INNOVA | Lebenthal | |||||||
Fund | Fund | |||||||
Gross Unrealized Appreciation | $ | 1,160,752 | $ | — | ||||
Gross Unrealized Depreciation | (2,046,440 | ) | (7,700 | ) | ||||
Net Unrealized Depreciation | $ | (885,688 | ) | $ | (7,700 | ) | ||
Cost of Investments for Income Tax Purposes | $ | 34,585,230 | $ | 9,960,021 |
Distributions paid during the fiscal year ended October 31, 2021, the Funds’ most recent fiscal year end, were characterized for tax purposes as follows:
DCM/INNOVA | Lebenthal | |||||||
Fund | Fund | |||||||
Distributions paid from: | ||||||||
Ordinary Income | $ | 859,659 | $ | 18 | ||||
Tax Exempt Income | — | 7,540 | ||||||
Long-Term Capital Gains | 20,397 | — | ||||||
Total distributions paid | $ | 880,056 | $ | 7,558 |
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Centaur Mutual Funds Trust |
Notes to Financial Statements |
April 30, 2022 (Unaudited) |
As of October 31, 2021, the components of distributable earnings on a tax basis were as follows:
DCM/INNOVA | Lebenthal | |||||||
Fund | Fund | |||||||
Undistributed Long-Term Capital Gains | $ | 202,577 | $ | — | ||||
Accumulated Capital Losses | — | (5 | ) | |||||
Net Unrealized Appreciation | 2,228,681 | 2,614 | ||||||
Total Distributable Earnings | $ | 2,431,258 | $ | 2,609 |
As of October 31, 2021, the Lebenthal Fund had short-term capital loss carryforwards available to offset future gains and not subject to expiration in the amount of $5.
7. | COMMITMENTS AND CONTINGENCIES |
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Funds, and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. The Funds expects the risk of loss to be remote.
8. | TRUSTEE COMPENSATION |
As of April 30, 2022, there were three Trustees, two of whom are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”). Each Independent Trustee receives a fee of $2,000 each year plus $500 per series of the Trust per meeting. The officers of the Trust will not receive compensation from the Trust for performing the duties of their offices. All Trustees and officers are reimbursed for any out-of-pocket expenses incurred in connection with attendance at meetings.
9. | SUBSEQUENT EVENTS |
Management of the Funds has evaluated the need for disclosure and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, management has determined that there are no other items requiring adjustment of the financial statements.
Semi-Annual Report | April 30, 2022 | 37 |
Centaur Mutual Funds Trust |
Summary of Fund Expenses |
April 30, 2022 (Unaudited) |
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses – The first line of the table below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes – The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
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Centaur Mutual Funds Trust |
Summary of Fund Expenses |
April 30, 2022 (Unaudited) |
Beginning | Ending | Expenses | Annualized | |||||
Account Value, | Account Value, | Paid During | Expense | |||||
November 1, 2021 | April 30, 2022 | Period(a) | Ratio | |||||
DCM/INNOVA Fund | ||||||||
Actual | $1,000.00 | $879.10 | $6.37 | 1.37% | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.01 | $6.84 | 1.37% | ||||
Lebenthal Fund - Class A Shares | ||||||||
Actual | $1,000.00 | $998.00 | $2.28 | 0.47% | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.51 | $2.31 | 0.47% | ||||
Lebenthal Fund - Class I Shares | ||||||||
Actual | $1,000.00 | $999.40 | $1.04 | 0.22% | ||||
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.75 | $1.05 | 0.22% |
(a) | Expenses are equal to the Funds’ annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181), divided by 365. |
Semi-Annual Report | April 30, 2022 | 39 |
Centaur Mutual Funds Trust |
Additional Information |
April 30, 2022 (Unaudited) |
PROXY VOTING POLICIES AND VOTING RECORD
Both (i) a description of the Trust’s Proxy Voting and Disclosure Policy and the Advisor’s Proxy Voting and Disclosure Policy are included as Appendix B to the Funds’ Statement of Additional Information and (ii) information regarding how the Trust voted proxies relating to the Funds’ portfolio securities during the most recent 12-month period ended June 30th are available, without charge, upon request, by calling the Trust at (888) 484-5766, or on the Securities and Exchange Commissions (“SEC”) website at https://www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Trust files each Fund’s complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. The Funds’ portfolio holdings are available on the SEC’s website at https://www.sec.gov and on the Fund’s website at http://www.dcmmutualfunds.com.
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Centaur Mutual Funds Trust |
Investment Advisory Agreement Approval |
April 30, 2022 (Unaudited) |
In determining whether to approve renewal of the Investment Advisory Agreements, the Trustees recalled their review of the materials related to the Funds and the Advisor throughout the preceding twelve months with respect to the DCM/INNOVA High Equity Income Innovation Fund (the “DCM/INNOVA Fund”) and preceding twenty-four months with respect to the Lebenthal Ultra Short Tax Free Income Fund (the “Lebenthal Fund”) and their various discussions with management of the Trust and the Advisor regarding the operations and performance of the Funds during that time period. In addition, the Trustees stated that, in deciding whether to approve the continuance of the Investment Advisory Agreements, they considered the best interests of each Fund and its shareholders. The Board indicated that it considered, among other things: (1) the nature, extent and quality of the services to be provided by the Advisor; (2) the performance of each Fund and the Advisor; (3) the costs of the services to be provided and profits to be realized by the Advisor from its relationship with the Funds; (4) the extent to which economies of scale may be realized as each Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the Funds investors; (5) the Advisor’s practices regarding brokerage and portfolio transactions; (6) possible conflicts of interest; and (7) other topics or issues as follows:
(i) | The nature, extent, and quality of the services to be provided by the Advisor. In this regard, the Board reviewed the services being provided by the Advisor to each Fund including, without limitation, it providing a continuous investment program for the Funds, adhering to each Fund’s investment restrictions, complying with the Trust’s policies and procedures and voting proxies on behalf of the Funds. The Board considered the qualifications and experience of the portfolio managers who are responsible for the day-to-day management of each Fund’s portfolios. The Board concluded that the quality, extent, and nature of the services provided by the Advisor are satisfactory for the Funds. |
(ii) | The Performance of the Funds. The Board compared each Fund’s performance to the performance of its respective Morningstar Category, custom peer group, and benchmark index. After evaluating the performance of the Advisor in such capacities, the Board concluded that the performance of the Funds was satisfactory. |
(iii) | Cost of Services and Profits Realized by the Advisor with respect to the Funds. In this regard, the Board considered each Fund’s management fee and expense ratio, as compared to the Fund’s respective peer group and Morningstar category. The Board considered the revenue earned from the Funds and the current and anticipated profitability of the Funds to the |
Semi-Annual Report | April 30, 2022 | 41 |
Centaur Mutual Funds Trust |
Investment Advisory Agreement Approval |
April 30, 2022 (Unaudited) (Continued) |
Advisor, if any. The Board also considered the Advisor’s past fee reductions and expense reimbursements for the Funds and the indirect benefits that the Advisor received from its management of the Funds. The Board concluded that the advisory fee to be paid to the Advisor by each Fund is reasonable in light of the nature and quality of services provided by the Advisor.
(iv) | The extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect these economies of scale for the benefit of Fund investors. In this regard, the Board considered that the fee arrangement of the Funds with the Advisor involves both an advisory fee and an expense limitation agreement (an “ELA”). The Board noted that the advisory fee rate under the Investment Advisory Agreements remains the same at all asset levels, and that the Funds were not likely to experience the benefit of economies of scale absent substantial growth in the Fund’s assets. Additionally, the Board noted that each Fund had benefited from the expense cap under an ELA and will continue to experience benefits from the ELA until each Fund’s assets grow to a level where its expenses otherwise fall below the expense cap limit. In addition, the Board noted that the Funds could benefit from economies of scale under its agreements with service providers other than the Advisor if the Funds were to gather additional assets. Following further discussion of the asset level of the Funds and expectations for growth and levels of fees, the Board determined that the advisory fee for each Fund was reasonable in light of the information that was provided to the Trustees by the Advisor with respect to economies of scale. |
(v) | The Advisor’s practices regarding brokerage and portfolio transactions. In this regard, the Board considered the historical and anticipated portfolio turnover rates for each Fund. The Board also considered the Advisor’s policies and procedures, to seek best execution for the Funds’ portfolio transactions. The Board considered the process by which evaluations are made of the overall reasonableness of commissions paid; the Advisor’s method and basis for selecting and evaluating broker-dealers used; any anticipated allocation of portfolio business to persons affiliated with the Advisor; and the extent to which the Advisor anticipates allocating portfolio business to broker-dealers who provide research, statistical or other services (“soft dollars”). After further review and discussion, the Board determined that the Advisor’s practices regarding brokerage and portfolio transactions are satisfactory. |
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Centaur Mutual Funds Trust |
Investment Advisory Agreement Approval |
April 30, 2022 (Unaudited) (Continued) |
(vi) | Possible conflicts of interest. In evaluating the possibility for conflicts of interest, the Board considered such matters as the experience and abilities of the Advisor’s personnel assigned to the Funds; and the substance and administration of the Advisor’s code of ethics, specifically as it relates to possible conflicts of interest. Following further consideration, the Board concluded that the Advisor’s standards and practices relating to the identification and mitigation of potential conflicts of interests to be satisfactory. |
(vii) | Other topics or issues. In this regard, the Board considered the Advisor’s compliance policies and procedures. The Board also considered the Advisor’s insurance coverage, risk management program and regulatory history. After further review and discussion, the Board indicated its satisfaction with the Advisor’s operations as they related to the Funds. |
Following its consideration of all of the foregoing and taking into account the totality of all factors discussed at the meeting and previous meetings, the Board, including a majority of the Independent Trustees voting separately, unanimously approved the continuance of each of the Investment Advisory Agreements. It was noted that in the Trustees’ deliberations with respect to the approval of the Investment Advisory Agreements, no single factor was considered in isolation or to be determinative to the decision of the Trustees to approve the continuance of the Investment Advisory Agreements and each Trustee may have attributed different weights to the various factors noted above. Rather, the Trustees concluded, in light of their weighing and balancing all factors, that approval of the continuance of the Investment Advisory Agreement for each Fund was in the best interests of that Fund and its shareholders.
Semi-Annual Report | April 30, 2022 | 43 |
Revised September 2020
FACTS | WHAT DOES THE CENTAUR MUTUAL FUNDS TRUST DO WITH YOUR PERSONAL INFORMATION? | ||
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | ||
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
● Social Security number and assets
● Account balances and transaction history
● Checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. | ||
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Centaur Mutual Funds Trust chooses to share; and whether you can limit this sharing. | ||
REASONS WE CAN SHARE YOUR PERSONAL INFORMATION | Does the Centaur Mutual Funds Trust share? | Can you limit this sharing? | |
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | |
For our marketing purposes —to offer our products and services to you | No | We do not share. | |
For joint marketing with other financial companies | No | We do not share. | |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We do not share. | |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We do not share. | |
For nonaffiliates to market to you | No | We do not share. | |
QUESTIONS? | Call 1-888-484-5766 |
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CENTAUR PRIVACY POLICY | Page 2 |
WHO WE ARE | |
Who is providing this notice? | The Centaur Mutual Funds Trust DCM/INNOVA High Equity Income Innovation Fund Lebenthal Ultra Short Tax-Free Income Fund |
WHAT WE DO | |
How does the Centaur Mutual Funds Trust protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
We require any companies that help provide our services to you to protect the confidentiality of the personal information they receive. |
How does the Centaur Mutual Funds Trust collect my personal information? | We collect your personal information, for example, when you
● open an account or give us your account information
● make deposits or withdrawals from our account
● pay us by check or make a wire transfer
We also collect your personal information from other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
● sharing for affiliates’ everyday business purposes – information about your creditworthiness
● affiliates from using your information to market to you
● sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
DEFINITIONS | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
● DCM Advisors, LLC, an affiliate of Dinosaur Group Holdings, LLC, is the investment advisor to the Funds and is an affiliate of the Centaur Mutual Funds Trust. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
● The Centaur Mutual Funds Trust does not share information with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
● The Centaur Mutual Funds Trust does not jointly market. |
Semi-Annual Report | April 30, 2022 | 45 |
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Centaur-SAR-22
The Centaur Mutual Funds Trust is distributed by Ultimus Fund Distributors, LLC.
(b) | Not applicable. |
Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report
Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report
Item 4. Principle Accountant Fees and Services. NOT APPLICABLE- disclosed with annual report
Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only
Item 6. Schedule of Investments. Schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only
Item 8. Portfolio Managers of Closed-End Investment Companies. NOT APPLICABLE – applies to closed-end funds only
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only
Item 10. Submission of Matters to a Vote of Security Holders.
NOT APPLICABLE
Item 11. Controls and Procedures.
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.
Not Applicable.
Item 13. Exhibits.
(a)(1) Not Applicable – filed with annual report
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Centaur Mutual Funds Trust
By (Signature and Title)* __/s/ David R. Carson____________________________________
David R. Carson, Principal Executive Officer
Date | 7/05/2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* __/s/ David R. Carson____________________________________
David R. Carson, Principal Executive Officer
Date | 7/05/2022 |
By (Signature and Title)* _/s/ Zachary P. Richmond____________________________________
Zachary P. Richmond, Treasurer
Date | 7/05/2022 |