# EDGAR Filing Document

**Accession Number:** 0001295908
**File Stem:** 0001580642-25-004181
**Filing Date:** 2025-7
**Character Count:** 48904
**Document Hash:** 7be530f672a0ed02de7fe2f66b6e7a2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004181.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001580642-25-004181

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21606
- **FILM NUMBER:** 251113951

**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>

Date of fiscal year end: <u>October 31</u> <br>Date of reporting period: <u>April 30, 2025</u>

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 policy making 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) #### Copley Fund
(COPLX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ie93a921a4f9407d08298a26f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Copley Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?
(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 | $56 | 1.13% |

---

# How did the Fund perform during the reporting period?
During the six month period ended April 30, 2025, the Fund outperformed its benchmark, the S&P 500<sup>®</sup> Index on an NAV basis, combined with underlying investment performance also beating the benchmark. The tax reserve of the Fund benefited NAV performance as it reversed due to unrealized gains declining during the investment period.

Underlying investment performance was impacted positively by the Fund's overweight in the Financials sector. The Fund's holdings in insurance and bulge bracket banks mainly lead to the positive impact.

Within the Fund's consumer discretionary portfolio, the most significant detractor from performance was the Fund's investment in RH, a luxury furniture company. Recently, this business has encountered challenges due to a decrease in household formations, which has subsequently limited demand. During the period, however, a muted earnings report with lower-than-expected guidance negatively impacted the shares. Compounding the negativity was the potential impact of tariffs that increased volatility on the share price. We remain constructive on the Fund's investment in RH as economic conditions normalize and the noisiness of tariffs subsides.

Despite the downward trajectory of the markets during the period, we noted that there were no dislocations as seen in previous downturns. We remained patient during the period, and we believe the Fund is well positioned for most market environments.

During the six month period, the Fund exited its position in Netflix on valuation concerns and replaced it with Dell, which we believe is well positioned for the burgeoning AI investment cycle.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iebf35e59ad2f2409f6654583.jpg)

---

| | | |
|:---|:---|:---|
| | **Copley Fund** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $10000 | $10000 |
| **Apr-2016** | $10939 | $10121 |
| **Apr-2017** | $11852 | $11934 |
| **Apr-2018** | $14246 | $13517 |
| **Apr-2019** | $16314 | $15341 |
| **Apr-2020** | $16166 | $15474 |
| **Apr-2021** | $20442 | $22589 |
| **Apr-2022** | $19411 | $22637 |
| **Apr-2023** | $19659 | $23240 |
| **Apr-2024** | $22874 | $28507 |
| **Apr-2025** | $24745 | $31955 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Copley Fund | 8.18% | 8.89% | 9.48% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

***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](ia166332d5beaff23377726b9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.1% |
| Money Market Funds | 1.4% |
| Consumer Staples | 4.6% |
| Consumer Discretionary | 4.8% |
| Energy | 4.9% |
| Industrials | 6.0% |
| Health Care | 6.2% |
| Technology | 20.7% |
| Communications | 20.9% |
| Financials | 36.6% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $94385406 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee | $321020 |
| Portfolio Turnover | 3% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](ie93a921a4f9407d08298a26f.jpg)

#### Copley Fund (COPLX)

#### Semi-Annual Shareholder Report - April 30, 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-SAR 043025-COPLX

&nbsp;&nbsp;&nbsp;&nbsp;(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. Principal Accountant Fees and Services.**

Not applicable – disclosed with annual report

**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**

**SEMI-ANNUAL FINANCIAL STATEMENTS AND**

**ADDITIONAL INFORMATION**

**April 30, 2025**

---

| |
|:---|
| **Copley Fund** |
| **Schedule of Investments** |
| *April 30, 2025 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 104.65%** | **Shares** | **Fair Value** |
| **Communications — 20.88%** |  |  |
| Alphabet, Inc., Class A | 20756 | $3296053 |
| Booking Holdings, Inc. | 358 | 1825542 |
| Comcast Corp., Class A | 83793 | 2865721 |
| Meta Platforms, Inc., Class A | 9874 | 5420825 |
| Verizon Communications, Inc. | 45160 | 1989750 |
| Walt Disney Co. (The) | 47400 | 4311030 |
|  |  | 19708921 |
| **Consumer Discretionary — 4.81%** |  |  |
| McDonald's Corp. | 6018 | 1923654 |
| RH<sup>(a)</sup> | 14219 | 2616722 |
|  |  | 4540376 |
| **Consumer Staples — 4.56%** |  |  |
| PepsiCo, Inc. | 7020 | 951772 |
| Philip Morris International, Inc. | 14773 | 2531501 |
| Procter & Gamble Co. (The) | 5053 | 821466 |
|  |  | 4304739 |
| **Energy — 4.95%** |  |  |
| ConocoPhillips | 9747 | 868653 |
| Marathon Petroleum Corp. | 19486 | 2677571 |
| Phillips 66 | 10794 | 1123224 |
|  |  | 4669448 |
| **Financials — 36.58%** |  |  |
| American Express Co. | 15739 | 4193027 |
| American International Group, Inc. | 56607 | 4614602 |
| Bank of America Corp. | 99174 | 3955059 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 7834 | 4177481 |
| Goldman Sachs Group, Inc. (The) | 8549 | 4681005 |
| JPMorgan Chase & Co. | 14827 | 3626981 |
| Morgan Stanley | 35010 | 4040854 |
| U.S. Bancorp | 24342 | 981956 |
| Wells Fargo & Co. | 59871 | 4251441 |
|  |  | 34522406 |
| **Health Care — 6.17%** |  |  |
| AbbVie, Inc. | 15202 | 2965910 |
| CVS Health Corp. | 42870 | 2859858 |
|  |  | 5825768 |
| **Industrials — 6.02%** |  |  |
| Boeing Co. (The)<sup>(a)</sup> | 7105 | 1301920 |
| CSX Corp. | 58324 | 1637155 |
| RTX Corp. | 21740 | 2742066 |
|  |  | 5681141 |
| **Technology — 20.68%** |  |  |
| Apple, Inc. | 29672 | 6305300 |
| Dell Technologies, Inc., Class C | 29458 | 2703066 |
| Microsoft Corp. | 16410 | 6486216 |

---

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

---

| |
|:---|
| **Copley Fund** |
| **Schedule of Investments (continued)** |
| *April 30, 2025 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 104.65% - continued** | **Shares** | **Fair Value** |
| **Technology — 20.68% - continued** |  |  |
| Oracle Corp. | 28616 | $4026844 |
|  |  | 19521426 |
| **Total Common Stocks (Cost $72,887,324)** |  | 98774225 |
| **MONEY MARKET FUNDS - 1.44%** |  |  |
| Federated Hermes Treasury Obligations Fund, Institutional Shares, 4.19%<sup>(b)</sup> | 1363419 | 1363419 |
| **Total Money Market Funds (Cost $1,363,419)** |  | 1363419 |
| **Total Investments — 106.09% (Cost $74,250,743)** |  | 100137644 |
| **Liabilities in Excess of Other Assets — (6.09)%** |  | (5752238) |
| **NET ASSETS — 100.00%** |  | $94385406 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day
 effective yield as of April 30, 2025.

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

---

| |
|:---|
| **Copley Fund** |
| **Statement of Assets and Liabilities** |
| *April 30, 2025 (Unaudited)* |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $74,250,743) | $100137644 |
| Dividends and interest receivable | 154724 |
| Prepaid expenses | 38495 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 100330863 |
| **Liabilities** |  |
| Payable to Advisor | 48708 |
| Payable to affiliates | 10453 |
| Deferred income taxes, net | 5436249 |
| Other accrued expenses | 35704 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 5945457 |
| **Net Assets** | $94385406 |
| **Net Assets consist of:** |  |
| Paid-in capital | 547111 |
| Accumulated earnings | 93838295 |
| **Net Assets** | $94385406 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 547111 |
| Net asset value per share | $172.52 |

---

 

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

---

| |
|:---|
| **Copley Fund** |
| **Statement of Operations** |
| *For the Six Months Ended April 30, 2025 (Unaudited)* |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividend income | $910171 |
| Interest income | 44993 |
| **Total investment income** | 955164 |
| **Expenses** |  |
| Advisor | 321020 |
| Audit and tax | 42986 |
| Administration | 37597 |
| Fund accounting | 22685 |
| Trustee | 22215 |
| Legal | 17344 |
| Insurance | 14623 |
| Transfer agent | 13020 |
| Registration | 10338 |
| Professional fees | 8308 |
| Report printing | 7845 |
| Custodian | 6926 |
| Miscellaneous | 32409 |
| **Total expenses** | 557316 |
| **Total operating expenses** | 557316 |
| **Net investment income before tax expense** | 397848 |
| Tax Benefit |  |
| **Net Investment Income** | 397848 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Realized gain from investment transactions, net of tax expense of $500,948 | 1884517 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments, net of deferred income tax expense of $1,011,893 | (3806646) |
| **Net realized and change in unrealized gain (loss) on investments** | (1922129) |
| **Net decrease in net assets resulting from operations** | $(1524281) |

---

 

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br>**Months Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended October**<br>**31, 2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income, net of income tax (benefit)/expense | $397848 | $610138 |
| Net realized gain (loss) on investment transactions, net of income tax expense/(benefit) | 1884517 | 2669918 |
| Change in unrealized appreciation of investments, including deferred income tax expense/(benefit) | (3806646) | 20467785 |
| **Net increase in net assets resulting from operations** | (1524281) | 23747841 |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 600025 | 2933926 |
| Amount paid for shares redeemed | (2070879) | (21887170) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (1470854) | (18953244) |
| **Total Increase (Decrease) in Net Assets** | (2995135) | 4794597 |
| **Net Assets** |  |  |
| Beginning of period | $97380541 | $92585944 |
| **End of period** | $94385406 | $97380541 |
| **Share Transactions** |  |  |
| Shares sold | 3317 | 19752 |
| Shares redeemed | (11313) | (135633) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (7996) | (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)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br>**Months**<br>**Ended April**<br>**30, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**October 31,**<br>**2024** | **For the**<br>**Period**<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 period | $175.43 | $137.98 | $135.38 | $141.96 | $134.92 | $117.91 |
| Investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.72 | (8.91) | 0.82 | 1.35 | 0.55 | 3.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.63) | 46.36 | 1.78 | (7.93) | 6.49 | 13.85 |
| Total from investment operations | (2.91) | 37.45 | 2.60 | (6.58) | 7.04 | 17.01 |
| Net asset value, end of period | $172.52 | $175.43 | $137.98 | $135.38 | $141.96 | $134.92 |
| **Total Return<sup>(b)</sup>** | (1.66 %) <sup>(c)</sup> | 27.14% | 1.92 % <sup>(c)</sup> | (4.64%) | 5.22% | 14.43% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $94385 | $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 | 3.52 % <sup>(d)</sup> | 7.60% | 1.69 % (d) | (0.65)% | 2.43% | 3.50% |
| Ratio of net investment and operating income (loss), including regular and deferred taxes, to average net assets | (3.43)% <sup>(d)</sup> | (5.51)% | 0.35 % (d) | 2.57% | (0.98)% | 5.36% |
| Ratios after fee waiver: |  |  |  |  |  |  |
| Ratio of total expenses, including net regular and deferred taxes, to average net assets | 3.52% | 7.60% | 1.69% | (0.71)% | 2.36% | 3.48% |
| Ratio of net investment and operating income (loss) to average net assets | (3.43)% <sup>(d)</sup> | (5.51)% | 0.35 % <sup>(d)</sup> | 2.63% | (0.92)% | 5.38% |
| Portfolio turnover rate | 3.10 % <sup>(c)</sup> | 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. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(c) Not annualized.

(d) Annualized.

 

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

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements** |
| *April 30, 2025 (Unaudited)* |

---

**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 operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the 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.

**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 as determined by DCM Advisors, LLC (the "Advisor"), as the Funds' valuation designee, in accordance with policies approved by the Board of Trustees (the

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *April 30, 2025 (Unaudited)* |

---

"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 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 six months ended April 30, 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.

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *April 30, 2025 (Unaudited)* |

---

The following is a summary of the inputs used to value the Fund's investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks <sup>(a)</sup> | $98774225 | $— | $— | $98774225 |
| Money Market Funds | 1363419 |  |  | 1363419 |
| Total | $100137644 | $— | $— | $100137644 |

---

<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 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.

**Purchases and Sales of Investment Securities**

For the six months ended April 30, 2025, purchases and sales of investment securities, other than short-term investments, were $3,251,262 and $3,255,472, respectively.

There were no purchases or sales of long-term U.S. government obligations during the six months ended April 30, 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

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *April 30, 2025 (Unaudited)* |

---

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 six months ended April 30, 2025, the fee for investment advisory services totaled $321,019.

**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.

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *April 30, 2025 (Unaudited)* |

---

**NOTE 4. FEDERAL TAX INFORMATION**

At April 30, 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 $2,013,631, tax expense | $28133494 |
| Aggregate gross unrealized depreciation for all investments for which there was an excess of cost over value, net of $160,798 tax expense | (2246593) |
| Net unrealized appreciation on investments, net of tax | $25886901 |
| Tax cost of investments | $74250743 |

---

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

---

| | |
|:---|:---|
|  | **2024** |
| Current: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal<sup>(a)</sup> | $1079075 |
| Deferred\*: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | 5440803 |

---

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

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 20.26% and the statutory rate of 21% is primarily attributable to the benefit of the dividends received deduction. At October 31, 2024, the net deferred tax liabilities are summarized as follows:

Net deferred tax liability:

---

| | |
|:---|:---|
| Unrealized gain on investments | $6448142 |
| Net investment losses including effect of DRD | 27543 |
| Other | (27543) |
| Net deferred tax liability | $6448142 |

---

**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

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *April 30, 2025 (Unaudited)* |

---

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, 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.

---

| |
|:---|
| **Copley Fund** |
| **Notes to the Financial Statements (continued)** |
| *April 30, 2025 (Unaudited)* |

---

**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 April 30, 2025, the Fund had 36.58% of the value of its net assets invested in stocks within the Financials sector.

**NOTE 9. TRUSTEE COMPENSATION**

As of April 30, 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.

**NOTE 10. 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.

**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**

Not applicable.

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) Not applicable – disclosed with annual report

(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.](centaur_ex99cert.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.](centaur_ex99-906cert.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) | /s/ Glenn Grossman |
|  | Glenn Grossman, President and Principal Executive Officer |

---

Date <u>7/9/2025</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) | /s/ Glenn Grossman |
|  | Glenn Grossman, President and Principal Executive Officer |

---

Date <u>7/9/2025</u> <br>

---

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

---

Date <u>7/9/2025</u>

## Ex-99.Cert

**Exhibit 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) D esigned 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) A ll 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) A ny 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.

---

| | |
|:---|:---|
| 7/9/2025 | /s/ Glenn Grossman |
| Date | Glenn Grossman<br> President and Principal Executive Officer<br> 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) D esigned 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) D esigned 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) E valuated 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) A ll 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.

---

| | |
|:---|:---|
| 7/9/2025 | /s/ Zachary P. Richmond |
| Date | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |
|  | Centaur Mutual Funds Trust |

---

## Exhibit 99.906

**EX-99.906 CERT**

**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 April 30, 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.

---

| | |
|:---|:---|
| /s/ Glenn Grossman | /s/ Zachary P. Richmond |
| Glenn Grossman | Zachary P. Richmond |
| President and Principal Executive Officer | Treasurer and Principal Financial Officer |

---

Date: <u>7/9/2025</u> Date: <u>7/9/2025</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.