# EDGAR Filing Document

**Accession Number:** 0001295908
**File Stem:** 0001580642-26-000123
**Filing Date:** 2026-1
**Character Count:** 78221
**Document Hash:** 55b8437e62f05b5e00fdb625159d7aab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000123.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001580642-26-000123

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CENTAUR MUTUAL FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001295908

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21606
- **FILM NUMBER:** 26516557

**BUSINESS ADDRESS:**
- **STREET 1:** 475 PARK AVENUE SOUTH
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 917-386-6260

**MAIL ADDRESS:**
- **STREET 1:** 475 PARK AVENUE SOUTH
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TILSON INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20040630

## Series and Classes Contracts Data

### Copley Fund (Series ID: S000075609)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234830 | Copley Fund  |  |

?xml version='1.0' encoding='ASCII'?

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, 9<sup>th</sup> 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: <u>1-513-587-3400</u> <br>

Date of fiscal year end: <u>October 31</u> <br>

Date of reporting period: <u>October 31, 2025</u> <br>

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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Tailored
 Shareholder Report for the Copley Fund

#### Copley Fund
(COPLX)

#### Annual Shareholder Report - October 31, 2025
![Image](i3d65ecc29c9e1900934e6ee1.jpg)

# Fund Overview
This annual shareholder report contains important information about Copley Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.dcmadvisors.com/fund-reports-holdings. You can also request this information by contacting us at 1-888-484-5766.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Copley Fund | $125 | 1.15% |

---

# How did the Fund perform during the reporting period?
In the fiscal year ended October 31, 2025, the markets had a strong year with the S&P 500<sup>®</sup> Index achieving a 21.45% total return. Growth beat Value during the fiscal year as the U.S. equity markets were boosted by enthusiasm in the burgeoning AI industry and the Federal Reserve moving into a more dovish stance. Markets recovered sharply from the early part of 2025 when negative volatility occurred amid tariff uncertainties.

Due to the strong Fund returns, NAV performance lagged due to the tax reserve despite underlying Fund investment performance that beat the S&P 500<sup>®</sup> Index during the period. As a reminder, this tax reserve provides downside protection when the markets decline.

Underlying Fund investment outperformance was led by strong stock selection in the Financials sector. The Fund's holdings in the bulge bracket banks and investment banks led to the outperformance, partially offset by the holdings in the insurance industry.

We are value managers and that discipline will tend to keep us out of the frothy parts of the market and that is reflected in the Fund's underweight in the Technology sector which resulted in a negative allocation effect. Also partially offsetting the Fund's underlying investment outperformance was the holding in RH Corp., which declined by over 45% during the investment period. We remain constructive in the position as the issues they face are cyclical versus structural.

There are sections of the market that appear to be overvalued and some in the portfolio. We have made some moves after the fiscal year end that has begun to address these concerns. During the investment period, the Fund exited its position in Netflix and initiated a position in Dell. Our goal is to find at least one good investment opportunity a year.

We believe the portfolio is well-positioned for future returns despite our view that with market valuations a bit out of step with reality that we could be entering a low-return period for US equities.

The Fund performed well against its peers in the Morningstar Category universe. Morningstar lists the Fund in the Large Value category due to a holdings-based analysis. Fiscal year performance for the Fund resulted in a top 5% ranking in the peer group.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia5ed7ce0965235fc6cdfd185.jpg)

---

| | | |
|:---|:---|:---|
| | **Copley Fund** | **S&P 500<sup>®</sup> Index** |
| **Oct-2015** | $10000 | $10000 |
| **Oct-2016** | $11098 | $10451 |
| **Oct-2017** | $12648 | $12921 |
| **Oct-2018** | $14906 | $13870 |
| **Oct-2019** | $17794 | $15857 |
| **Oct-2020** | $17274 | $17397 |
| **Oct-2021** | $21431 | $24862 |
| **Oct-2022** | $19051 | $21230 |
| **Oct-2023** | $19839 | $23383 |
| **Oct-2024** | $25224 | $32272 |
| **Oct-2025** | $29993 | $39196 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Copley Fund | 18.91% | 11.67% | 11.61% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

***The performance results shown in the line chart and average annual total returns for periods prior to December 1, 2022 represents the performance of Copley Fund, Inc. (the "Predecessor Fund"), which converted into the Fund and is attributable to the Fund moving forward. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund.***

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i494f00cb06af244a35488b53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -9.4% |
| Money Market Funds | 1.6% |
| Consumer Staples | 3.5% |
| Consumer Discretionary | 3.8% |
| Energy | 5.5% |
| Health Care | 6.0% |
| Industrials | 6.7% |
| Communications | 21.1% |
| Technology | 23.9% |
| Financials | 37.3% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$111379002 |
| &nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;33 |
| &nbsp;&nbsp;Advisory Fee | &nbsp;&nbsp;$669223 |
| &nbsp;&nbsp;Portfolio Turnover | &nbsp;&nbsp;3% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i3d65ecc29c9e1900934e6ee1.jpg)

#### Copley Fund (COPLX)

#### Annual Shareholder Report - October 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.dcmadvisors.com/fund-reports-holdings**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-COPLX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial expert is James H. Speed, Jr., who is "independent" for purposes of this Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees billed to the registrant by its principal accountants for the most recent fiscal year:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Copley Fund: | &nbsp;&nbsp;FY 2025 | &nbsp;&nbsp;$68250 |
|  | &nbsp;&nbsp;FY 2024 | &nbsp;&nbsp;$65000 |

---

(b) Audit-Related Fees billed to the registrant by its principal accountants for the most recent fiscal year:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Copley Fund: | &nbsp;&nbsp;FY 2025 | &nbsp;&nbsp;$3150 |
|  | &nbsp;&nbsp;FY 2024 | &nbsp;&nbsp;$3000 |

---

c) Tax Fees billed to the registrant by its principal accountants for the most recent fiscal year:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Copley Fund: | &nbsp;&nbsp;FY 2025 | &nbsp;&nbsp;$16800 |
|  | &nbsp;&nbsp;FY 2024 | &nbsp;&nbsp;$18650 |

---

Nature of the fees: Preparation of Form 1120

(d) All other fees billed to the registrant by its principal accountants for the most recent fiscal year:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Copley Fund: | &nbsp;&nbsp;FY 2025 | &nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;FY 2024 | &nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| (e)(1) | **<u>Audit Committee's Pre-Approval Policies</u>** |

---

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors' specific representations as to their independence;

(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Registrant | &nbsp;&nbsp;Adviser |
| &nbsp;&nbsp;FY 2025 | &nbsp;&nbsp;$16800 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;FY 2024 | &nbsp;&nbsp;$18650 | &nbsp;&nbsp;$0 |

---

(h) Not applicable. The auditor performed no services for the registrant's investment advisers or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable – applies to listed companies only

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| ![(LOGO)](ce001_v1.jpg) |
| **COPLEY FUND** |
| **ANNUAL FINANCIAL STATEMENTS AND<br> ADDITIONAL INFORMATION** |
| **October 31, 2025** |

---

---

| |
|:---|
| **Copley Fund** |
| **Schedule of Investments** |
| *October 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 107.83%** | **Shares** | **Fair Value** |
| **Communications — 21.12%** |  |  |
| Alphabet, Inc., Class A | 20756 | $5836380 |
| Booking Holdings, Inc. | 358 | 1817831 |
| Comcast Corp., Class A | 83793 | 2332378 |
| Meta Platforms, Inc., Class A | 9874 | 6401808 |
| Verizon Communications, Inc. | 45160 | 1794658 |
| Walt Disney Co. (The) | 47400 | 5338188 |
|  |  | 23521243 |
| **Consumer Discretionary — 3.81%** |  |  |
| McDonald's Corp. | 6018 | 1795952 |
| RH<sup>(a)</sup> | 14219 | 2452635 |
|  |  | 4248587 |
| **Consumer Staples — 3.52%** |  |  |
| PepsiCo, Inc. | 7020 | 1025552 |
| Philip Morris International, Inc. | 14773 | 2132187 |
| Procter & Gamble Co. (The) | 5053 | 759820 |
|  |  | 3917559 |
| **Energy — 5.51%** |  |  |
| ConocoPhillips | 9747 | 866118 |
| Marathon Petroleum Corp. | 19486 | 3798017 |
| Phillips 66 | 10794 | 1469495 |
|  |  | 6133630 |
| **Financials — 37.30%** |  |  |
| American Express Co. | 15739 | 5677529 |
| American International Group, Inc. | 56607 | 4469689 |
| Bank of America Corp. | 99174 | 5300850 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 7834 | 3741048 |
| Goldman Sachs Group, Inc. (The) | 7173 | 5662151 |
| JPMorgan Chase & Co. | 14827 | 4612976 |
| Morgan Stanley | 35010 | 5741640 |
| U.S. Bancorp | 24342 | 1136285 |
| Wells Fargo & Co. | 59871 | 5206981 |
|  |  | 41549149 |
| **Health Care — 5.98%** |  |  |
| AbbVie, Inc. | 15202 | 3314644 |
| CVS Health Corp. | 42870 | 3350291 |
|  |  | 6664935 |
| **Industrials — 6.65%** |  |  |
| Boeing Co. (The)<sup>(a)</sup> | 7105 | 1428247 |
| CSX Corp. | 58324 | 2100830 |
| RTX Corp. | 21740 | 3880591 |
|  |  | 7409668 |
| **Technology — 23.94%** |  |  |
| Apple, Inc. | 29672 | 8022418 |
| Dell Technologies, Inc., Class C | 29458 | 4772491 |
| Microsoft Corp. | 16410 | 8497262 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Copley Fund** |
| **Schedule of Investments (continued)** |
| *October 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 107.83% - continued** | **Shares** | **Fair Value** |
| **Technology — 23.94% - continued** |  |  |
| Oracle Corp. | 20453 | $5371162 |
|  |  | 26663333 |
| **Total Common Stocks (Cost $71,756,769)** |  | 120108104 |
| **MONEY MARKET FUNDS - 1.61%** |  |  |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 3.86%<sup>(b)</sup> | 1790421 | 1790421 |
| **Total Money Market Funds (Cost $1,790,421)** |  | 1790421 |
| **Total Investments — 109.44% (Cost $73,547,190)** |  | 121898525 |
| **Liabilities in Excess of Other Assets — (9.44)%** |  | (10519523) |
| **NET ASSETS — 100.00%** |  | $111379002 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day
 effective yield as of October 31, 2025

*See accompanying notes which are an integral part of these financial statements*

---

| |
|:---|
| **Copley Fund** |
| **Statement of Assets and Liabilities** |
| *October 31, 2025* |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $73,547,190) | $121898525 |
| Dividends and interest receivable | 144744 |
| Prepaid expenses | 19340 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 122062609 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 1000 |
| Payable to Advisor | 60590 |
| Payable to affiliates | 10637 |
| Deferred income taxes, net | 10153780 |
| Other accrued expenses | 457600 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 10683607 |
| **Net Assets** | $111379002 |
| **Net Assets consist of:** |  |
| Paid-in capital | 533943 |
| Accumulated earnings | 110845059 |
| **Net Assets** | $111379002 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 533943 |
| Net asset value per share | $208.60 |

---

*See accompanying notes which are an integral part of these financial statements*

---

| |
|:---|
| **Copley Fund** |
| **Statement of Operations** |
| *For the Year Ended October 31, 2025* |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income | $1945450 |
| **Total investment income** | 1945450 |
| **Expenses** |  |
| Advisor | 669223 |
| Audit and tax | 87216 |
| Administration fees | 77929 |
| Legal | 60466 |
| Fund accounting | 47309 |
| Trustee | 47065 |
| Insurance | 33101 |
| Transfer agent | 26678 |
| Registration | 22685 |
| Professional fees | 17577 |
| Report printing | 13452 |
| Custodian | 11482 |
| Miscellaneous | 66105 |
| **Total expenses** | 1180288 |
| **Total operating expenses** | 1180288 |
| **Net investment income before net tax benefit** | 765162 |
| Net Tax Benefit | 1407 |
| **Net Investment Income** | 766569 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Realized gain from investment transactions, net of tax expense of $893,536 | 3361397 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments, including deferred income tax expense of $3,707,045 | 13938850 |
| **Net realized and change in unrealized gain (loss) on investments** | 17300247 |
| **Net increase in net assets resulting from operations** | $18066816 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Copley Fund** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year**<br>**Ended October**<br>**31, 2025** | **For the Year**<br>**Ended October**<br>**31, 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income, net of income tax (benefit)/expense | $766569 | $610138 |
| Net realized gain (loss) on investment transactions, net of income tax (benefit)/expense | 3361397 | 2669918 |
| Change in unrealized appreciation of investments, including deferred income tax (benefit)/expense | 13938850 | 20467785 |
| **Net increase in net assets resulting from operations** | 18066816 | 23747841 |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 657995 | 2933926 |
| Amount paid for shares redeemed | (4726350) | (21887170) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (4068355) | (18953244) |
| **Total Increase in Net Assets** | 13998461 | 4794597 |
| **Net Assets** |  |  |
| Beginning of year | $97380541 | $92585944 |
| **End of year** | $111379002 | $97380541 |
| **Share Transactions** |  |  |
| Shares sold | 3606 | 19752 |
| Shares redeemed | (24770) | (135633) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (21164) | (115881) |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Copley Fund** |
| **Financial Highlights** |
| *(For a share outstanding during each period/year)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**For the**<br>**Year Ended**<br>**October 31,**<br>**2025** |<br>**For the**<br>**Year Ended**<br>**October 31,**<br>**2024** | **For the**<br>**Eight**<br>**Months**<br>**Ended**<br>**October 31,**<br>**2023\*** |<br>**For the**<br>**Year Ended**<br>**February**<br>**28, 2023** |<br>**For the**<br>**Year Ended**<br>**February**<br>**28, 2022** |<br>**For the**<br>**Year Ended**<br>**February**<br>**28, 2021** |
| **Selected Per Share Data:** |  |  |  |  |  |  |
| Net asset value, beginning of year | $175.43 | $137.98 | $135.38 | $141.96 | $134.92 | $117.91 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.40 | 1.10 | 0.82 | 1.35 | 0.55 | 3.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 31.77 | 36.35 | 1.78 | (7.93) | 6.49 | 13.85 |
| Total from investment operations | 33.17 | 37.45 | 2.60 | (6.58) | 7.04 | 17.01 |
| Net asset value, end of year | $208.60 | $175.43 | $137.98 | $135.38 | $141.96 | $134.92 |
| **Total Return<sup>(b)</sup>** | 18.91% | 27.14% | 1.92 % <sup>(c)</sup> | (4.64%) | 5.22% | 14.43% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $111379 | $97381 | $92586 | $82284 | $91613 | $95042 |
| &nbsp;&nbsp;&nbsp;Ratios before fee waiver: |  |  |  |  |  |  |
| Ratio of total expenses, including net regular and deferred taxes, to average net assets | 5.61% | 7.60% | 1.69 % <sup>(d)</sup> | (0.65)% | 2.43% | 3.50% |
| Ratio of net investment and operating income (loss), including regular and deferred taxes, to average net assets | 5.21% | (5.51)% | 0.35 % <sup>(d)</sup> | 2.57% | (0.98)% | 5.36% |
| Ratios after fee waiver: |  |  |  |  |  |  |
| Ratio of total expenses, including net regular and deferred taxes, to average net assets | 5.61% | 7.60% | 1.69 % <sup>(d)</sup> | (0.71)% | 2.36% | 3.48% |
| Ratio of net investment and operating income (loss) to average net assets | 5.21% | (5.51)% | 0.35 % <sup>(d)</sup> | 2.63% | (0.92)% | 5.38% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 2.96% | 5.54% | 3.54 % <sup>(c)</sup> | 156.15% | 111.25% | 119.33% |

---

\* The Fund changed its fiscal year to October 31.

(a) Calculation based on the average
 number of shares outstanding during the period.

(b) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period.

(c) Not annualized.

(d) Annualized.

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements** |
| *October 31, 2025* |

---

**NOTE 1. ORGANIZATION**

The Copley Fund (the "Fund") is organized as a separate, diversified series of the Centaur Mutual Funds Trust (the "Trust"). The Fund, which is the successor of Copley Fund, Inc. (the "Predecessor Fund"), assumed the assets and liabilities of the Predecessor Fund (the "Reorganization") and continued operations as of December 1, 2022. 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 Fund's investment objective is to seek growth of capital.

The Fund has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosure only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is considered an investment company for financial reporting purposes under GAAP.

**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 net assets from operations during the reporting period. Actual results could differ from those estimates.

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *October 31, 2025* |

---

**Investment Valuation**

The Fund's investments in securities are carried at fair value. Securities listed on an exchange or quoted on a national market system are normally determined at the time regular trading closes on the New York Stock Exchange ("NYSE"), currently 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.

Securities and assets for which representative market quotations are not readily available or which cannot be accurately valued using the Trust's normal pricing procedures are valued at fair value using level 3 inputs as determined by DCM Advisors, LLC (the "Advisor"), as the Fund's valuation designee, in accordance with 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 Fund's 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.

**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 Fund's 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 Fund's own assumptions in determining 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

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *October 31, 2025* |

---

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 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 Fund to measure fair value during the fiscal year ended October 31, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

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 to value the Fund's investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks <sup>(a)</sup> | $120108104 | $— | $— | $120108104 |
| Money Market Funds | 1790421 |  |  | 1790421 |
| Total | $121898525 | $— | $— | $121898525 |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

The Fund did not hold any investments during or 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.

**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. Interest income, if any, is recorded on the accrual basis. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes.

**Expenses**

The Fund bears expenses incurred specifically for the Fund and general Trust expenses.

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *October 31, 2025* |

---

**Purchases and Sales of Investment Securities**

For the fiscal year ended October 31, 2025, purchases and sales of investment securities, other than short-term investments, were $3,251,262 and $6,255,496, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended October 31, 2025.

**Dividends and Distributions**

Net investment income and net realized gains are not distributed, but rather are accumulated with the Fund and used to pay expenses, to effect redemptions, to make additional investments or held in cash as a reserve.

**Federal Income Taxes**

The Fund files tax returns as a regular corporation and accordingly the financial statements include provisions for current and deferred income taxes.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management reviewed the tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken. The Fund identifies its major tax jurisdictions as U.S. Federal and the State of Delaware. The Fund recognizes interest and penalties, if any, related to income taxes as income tax expense on the Statement of Operations.

**NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

**Advisor**

The Advisor serves in the capacity of investment advisor to the Fund pursuant to an investment advisory agreement with the Trust on behalf of the Fund. The Advisor receives monthly compensation based on the Fund's average daily net assets at an annual rate of 0.65% of the first $500 million of net assets, and 0.62% of any net assets exceeding $500 million.

For the fiscal year ended October 31, 2025, the fee for investment advisory services totaled $669,223. At October 31, 2025, the Advisor was owed $60,590 from the Fund for investment advisory services.

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *October 31, 2025* |

---

**Administrator**

Ultimus Fund Solutions, LLC (the "Administrator") provides administration, fund accounting, and transfer agency services to the Fund. The Fund pays the Administrator fees in accordance with the Master Services Agreement for such services. In addition, the Fund pays out-of-pocket expenses including but not limited to postage, supplies and the cost of pricing its portfolio securities.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of the Administrator, provides a Chief Compliance Officer to the Trust, as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust.

Certain officers of the Trust are employees of the Administrator or NLCS. A certain officer of the Trust is an officer of the Advisor.

**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.

**NOTE 4. FEDERAL TAX INFORMATION**

At October 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments for which there was an excess of value over cost, net of $10,562,650 tax effect | $50298333 |
| Aggregate gross unrealized depreciation for all investments for which there was an excess of cost over value, net of $408,870 tax effect | (1946998) |
| Net unrealized appreciation on investments | $48351335 |
| Tax cost of investments | $73547190 |

---

The Federal income tax provision (benefit) is summarized as follows:

---

| | |
|:---|:---|
|  | **2025** |
| Current: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | $892129 |
| Deferred\*: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | 3707045 |

---

\* Net deferred income tax expense relates to net unrealized appreciation of investments, realized losses and net investment loss including the dividends received deduction ("DRD").

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *October 31, 2025* |

---

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The difference between the effective tax rate of 20.29% and the statutory rate of 21% is primarily attributable to the benefit of the dividends received deduction. At October 31, 2025, the net deferred tax liabilities are summarized as follows:

Net deferred tax liability:

---

| | |
|:---|:---|
| Unrealized gain on investments | $10153780 |
| Net investment losses including effect of DRD | 28950 |
| Other | (28950) |
| Net deferred tax liability | $10153780 |

---

**NOTE 5. COMMITMENT AND CONTINGENCIES**

Since the Fund accumulates its net investment income rather than distributing it, the Fund may be subject to the imposition of the federal accumulated earnings tax. The accumulated earnings tax is imposed on a corporation's accumulated taxable income at a rate of 20%.

Accumulated taxable income is defined as adjusted taxable income minus the sum of the dividends paid deduction and the accumulated earnings credit. The dividends paid deduction and accumulated earnings credit are available in calculating excess earnings subject to this tax.

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 Fund. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote.

**NOTE 6. NAV RESTATEMENT**

The Fund has restated certain components of its 2020 financial highlights related to the Predecessor Fund on an "as-if" basis (reflecting the effect on net asset value and per share net asset value of the adjustments to the fiscal year 2021 opening net asset balance, as if they had been recorded in the period investment advisory fees were received) resulting from the death of Irving Levine (100% owner of the investment adviser of the Predecessor Fund, Copley Financial Services Corp. ("CFSC")) in 2018 and the resulting transfer of ownership of CFSC from Mr. Levine to his estate. This effective transfer or assignment of the advisory agreement between the Predecessor Fund and CFSC was not submitted to,

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *October 31, 2025* |

---

or otherwise approved by, the Predecessor Fund's shareholders. As a result of extensive discussions with the SEC, CFSC was ordered to refund to the Predecessor Fund all investment advisory fees it received from the Predecessor Fund since Mr. Levine's death (a total of $966,896, of which $200,000 was remitted during the year ended February 29, 2020 and the balance was remitted during the year ended February 28, 2021) and did not receive any investment advisory fees until the advisory agreement was approved by the Predecessor Fund's shareholders, on October 13, 2020. The reversal of the investment advisory fees on a tax effected basis from the previous periods amounted to $713,254, which was reflected as an opening balance sheet adjustment on the statement of changes in net assets for the year ended February 28, 2021.

**NOTE 7. RISKS**

Equity risk is the risk that the market values of equities, such as common stocks or equity related investments, may decline due to general market conditions, such a political or macroeconomic factors. Additionally, equities may decline in value due to specific factors affecting a related industry or industries. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

**NOTE 8. SECTOR RISK**

If the Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of October 31, 2025, the Fund had 37.30% of the value of its net assets invested in stocks within the Financials sector.

**NOTE 9. TRUSTEE COMPENSATION**

As of October 31, 2025, there were two Trustees, each 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 $20,000 each year plus $500 per series of the Trust per meeting. The officers of the Trust do 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.

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *October 31, 2025* |

---

**NOTE 10. REGULATORY UPDATES**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**NOTE 11. SUBSEQUENT EVENTS**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Centaur Mutual Funds Trust

and the Shareholders of Copley Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of Copley Fund, a series of shares of beneficial interest in Centaur Mutual Funds Trust (the "Fund"), including the schedule of investments, as of October 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for the years ended October 31, 2025 and October 31, 2024, the period from March 1, 2023 through October 31, 2023 and each of the years in the three year period ended February 28, 2023 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for the years ended October 31, 2025 and October 31, 2024, the period from March 1, 2023 through October 31, 2023 and each of the years in the three-year period ended February 28, 2023, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

**Report of Independent Registered Public Accounting Firm (continued)**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ EisnerAmper LLP

We have served as the Copley Fund's auditor since 2010.

EISNERAMPER LLP

New York, New York

December 26, 2025

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

At an in-person meeting held on October 8, 2025, the Board of Trustees (the "Board") considered the renewal of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and DCM Advisors, LLC (the "Advisor") with respect to the Copley Fund (the "Fund") for an additional 1-year term. At the meeting, all of the Trustees were present.

Legal counsel advised the Board during its deliberations. In considering the renewal of the Advisory Agreement for the Fund, the Trustees recalled their review of the materials related to the Fund and the Advisor throughout the preceding year and their various discussions with Trust management and the Advisor regarding the operations and performance of the Fund during that time period. In deciding whether to renew the Investment Advisory Agreement, the Trustees considered the best interests of the Fund and its shareholders. The Board considered, among other things: (1) the nature, extent and quality of the services to be provided by the Advisor; (2) the performance of the 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 Fund; (4) the extent to which economies of scale may be realized as the Fund grows and whether advisory fee levels reflect these economies of scale for the benefit of the Fund's investors; (5) the Advisor's practices regarding brokerage and portfolio transactions; (6) possible conflicts of interest; and (7) other topics or issues; and concluded as follows:

(i)&nbsp;&nbsp;&nbsp;&nbsp; <u>The Nature, Extent, And Quality of The Services to Be Provided by The Advisor.</u> In this regard, the Board considered the responsibilities the Advisor has under the Advisory Agreement. The Board also considered the services that the Advisor provides to the Fund including, without limitation, the Advisor's procedures for formulating investment recommendations and assuring compliance with the Fund's investment objective and limitations, marketing and distribution efforts, and the Advisor's compliance procedures and practices. The Board also considered the qualifications and experience of the portfolio manager who is responsible for day-to-day management of the Fund's portfolio. After reviewing the foregoing information and further information provided by the Advisor, the Board concluded that the quality, extent, and nature of the services provided by the Advisor are satisfactory and adequate for the Fund.

(ii)&nbsp;&nbsp;&nbsp;&nbsp; <u>The Investment Performance of the Fund and the Advisor.</u> In this respect, the Board compared the Fund's performance to the performance of the Fund's custom peer group and benchmark index. The Board concluded the Advisor had reasonably explained the Fund's performance results. The Board determined that the performance of the Fund and the Advisor has been satisfactory.

**Additional Information (Unaudited) (continued)**

(iii)&nbsp;&nbsp;&nbsp;&nbsp; <u>Cost of Services to be Provided and Profits Realized by the Advisor from its Relationship with the Fund.</u> In this regard, the Board considered the Advisor's staffing, personnel and methods of operations; the Fund's management fee and expense ratio, each as compared to the Fund's peer group; the Fund's asset level; the current and anticipated profitability of the Fund to the Advisor, if any; the Advisor's commitment to the Fund; and the differences in fees and services provided to the Advisor's other clients that may be similar to the Fund. The Board concluded that the advisory fee to be paid to the Advisor by the Fund is reasonable in light of the nature and quality of services provided by the Advisor.

(iv)&nbsp;&nbsp;&nbsp;&nbsp; <u>The Extent to Which Economies of Scale May Be Realized as the Fund Grows and Whether Advisory Fee Levels Reflect These Economies of Scale for The Benefit of the Fund's Investors.</u> In this regard, the Board considered the fee arrangements in the Advisory Agreement and noted a breakpoint in the advisory fee at the $500 million asset level. The Board determined that the Fund's fee arrangements with the Advisor would provide appropriate benefits to the Fund and its shareholders through economies of scale if the Fund were to obtain higher asset levels. In addition, the Board noted that the Fund could benefit from economies of scale under its agreements with service providers other than the Advisor if the Fund were to gather additional assets. The Board determined that at the Fund's current and projected asset levels for the next year, the Fund's fee arrangements with the Advisor were reasonable in relationship to the nature and quality of services being provided by the Advisor to the Fund.

(v)&nbsp;&nbsp;&nbsp;&nbsp; <u>The Advisor's practices regarding brokerage and portfolio transactions.</u> In this regard, the Board considered the historical and anticipated portfolio turnover rates for the Fund. The Board also considered the Advisor's policies and procedures to seek best execution for the Fund's 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"). The Board determined that the Advisor's practices regarding brokerage and portfolio transactions are satisfactory.

(vi)&nbsp;&nbsp;&nbsp;&nbsp; <u>Possible Conflicts of Interest.</u> 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 Fund; and the substance and administration of the Advisor's code of ethics, specifically as it relates to possible conflicts of interest. The Board concluded that the Advisor's standards and practices relating to the identification and mitigation of potential conflicts of interests to be satisfactory.

**Additional Information (Unaudited) (continued)**

(vii)&nbsp;&nbsp;&nbsp;&nbsp; <u>Other topics or issues.</u> In this regard, the Board considered the Advisor's compliance policies and procedures, and the Advisor's coordination and cooperation with the chief compliance officer of the Trust. The Board also considered the Advisor's insurance coverage and its risk management program. The Board found these topics and issues to be satisfactory.

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 the Advisory Agreement. It was noted that in the Trustees' deliberations with respect to the approval of the Advisory Agreement, no single factor was considered in isolation or to be determinative to the decision of the Trustees to approve the continuance of the Advisory Agreement 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 Advisory Agreement was in the best interests of the Fund and its shareholders.

The Copley Fund is distributed by Ultimus Fund Distributors, LLC

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. 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 as of a date within 90 days 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) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of Ethics attached hereto.](peo-pfo_codeofethics.htm)

(a)(2) Not applicable.

(a)(3) [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.](ex_99.htm)

(a)(4) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](ex_99-906.htm)

**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) | &nbsp;&nbsp;/s/ Glenn Grossman |
|  | &nbsp;&nbsp;Glenn Grossman, President and Principal Executive Officer |

---

Date <u>1/07/2026</u> <br>

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) | &nbsp;&nbsp;/s/ Glenn Grossman |
|  | &nbsp;&nbsp;Glenn Grossman, President and Principal Executive Officer |

---

Date <u>1/07/2026</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title) | &nbsp;&nbsp;/s/ Zachary P. Richmond |
|  | &nbsp;&nbsp;Zachary P. Richmond, Treasurer and Principal Financial Officer |

---

Date <u>1/07/2026</u>

## Ex-99.Code

**Centaur Mutual Funds Trust**

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br> PRINCIPAL FINANCIAL OFFICERS

I. Covered
Officers/Purpose of the Code

This code of ethics (this "Code") for Centaur Mutual Funds Trust (the "Trust") applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s) (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment advisor's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment advisor/administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the advisor/administrator, or for both), be involved in establishing policies and implementing decisions that may have different effects on the advisor/administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the advisor/administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act

and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer to the detriment of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

● report at least annually any affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Trust if such situations might have a material adverse effect on the Trust. Examples of these include:

● service as a trustee on the board of any public company;

● the receipt of non-nominal gifts (currently gifts in excess of $200.00);

● the receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment advisor, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

III. Disclosure
and Compliance

● each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's trustees and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Trust and the advisor/administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting
and Accountability

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

● annually thereafter affirm to the Board that he has complied with the requirements of the Code;

● not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Audit Committee for the Trust promptly if he/she knows of any material violation of this Code.

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In addition, the Audit Committee will consider any approvals or waivers sought by a Covered Officer.

The Trust will follow these procedures in investigating and enforcing this Code:

● the compliance officer of the investment advisor to the Trust, DCM Advisors, LLC, (or such other Trust officer or other investigator as the Audit Committee may from time to time designate) (the "Investigator"), shall take appropriate action to investigate any potential violations reported to him;

● if, after such investigation, the Investigator believes that no violation has occurred, the Investigator is not required to take any further action;

● any matter that the Investigator believes is a violation will be reported to the Audit Committee;

● if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment advisor/administrator or its board; or a recommendation to dismiss the Covered Officer;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Any potential violation of this Code by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Trust officer or other investigator to investigate the matter.

V. Other
Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's advisor, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

VIII. Internal
Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: December 17, 2004

Revised: November 16, 2018; April 5, 2019; March 29, 2023, January 3, 2024

**Exhibit A**

<u>Persons Covered by this Code of Ethics</u>

Glenn Grossman, President and Principal Executive Officer<br> Zachary Richmond, Treasurer and Principal Financial Officer

## Ex-99.Cert

<u>CERTIFICATIONS</u>

I, Glenn Grossman, certify that:

1. I have reviewed this report on Form N-CSR of Centaur Mutual Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;1/07/2026 | &nbsp;&nbsp;/s/ Glenn Grossman |
| &nbsp;&nbsp;Date | &nbsp;&nbsp;Glenn Grossman |
|  | &nbsp;&nbsp;President and Principal Executive Officer |
|  | &nbsp;&nbsp;Centaur Mutual Funds Trust |

---

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of Centaur Mutual Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;1/07/2026 | &nbsp;&nbsp;/s/ Zachary P. Richmond |
| &nbsp;&nbsp;&nbsp;Date | &nbsp;&nbsp;Zachary P. Richmond |
|  | &nbsp;&nbsp;Treasurer and Principal Financial Officer |
|  | &nbsp;&nbsp;Centaur Mutual Funds Trust |

---

## Exhibit 99.906

EX-99.906CERT

**section 906 CERTIFICATION**

Glenn Grossman, President and Principal Executive Officer, and Zachary P. Richmond, Treasurer and Principal Financial Officer, of Centaur Mutual Funds Trust (the "Registrant"), each certify to the best of his or her knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Form
N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| &nbsp;&nbsp;/s/ Glenn Grossman | &nbsp;&nbsp;/s/ Zachary P. Richmond |
| &nbsp;&nbsp;Glenn Grossman | &nbsp;&nbsp;Zachary P. Richmond |
| &nbsp;&nbsp; President and Principal Executive Officer<br>| &nbsp;&nbsp; Treasurer and Principal Financial Officer<br>|

---

Date: <u>1/07/2026</u> Date: <u>1/07/2026</u>

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.