Zeke Ashton's Centaur Total Return Fund semi-annual report for the year ending April 30, 2015. Dear Centaur Total Return Fund Investors: The Fund produced a return of 3.70% for the year ending April 30, 2015. Our primary benchmark, the Dow Jones U.S. Select Dividend Total Return Index, experienced a gain of 8.42% for the same period, while the S&P 500® Total Return Index returned 12.98%. For the trailing 5?year period ending April 30, 2015, the Fund has produced an annualized return of 9.42% versus the primary benchmark’s return of 14.85% annualized over the same period. The S&P 500® Total Return Index has returned 14.33% annualized for the five years. For the trailing 10?year period ending April 30, 2015, the Fund has produced an annualized return of 9.70% versus the primary benchmark’s return of 7.26% annualized over the same period. The S&P 500® Total Return Index has returned 8.32% annualized for the ten years. The inception?to?date return figures for the Fund and comparisons to the benchmarks are similar to the 10?year figures given the Fund’s launch date of March 2005. (For the Fund’s most up?to?date performance information, please see our web site at www.centaurmutualfunds.com.) aaaa Centaur Total Return Fund - Ten Year Anniversary and Thoughts on Recent Performance The Centaur Total Return Fund achieved its 10?year anniversary in March 2015. This milestone provides a good opportunity to discuss how the Fund has performed over time across various market environments. Mutual fund performance is usually presented on a trailing basis (for example, 1 year, 3 years, 5 years, etc) as compared to a benchmark index, and in fact just such a table for our Fund appears on the previous page. While this convention is useful, it can sometimes also fail to capture important context. Below is a slightly different presentation of the Fund’s performance by calendar year with comparisons to the S&P 500® Total Return Index (under the column “S&P500”) and to our primary benchmark, the Dow Jones U.S. Select Dividend Total Return Index (under the column “DJ US DIV”). Please note that the figures for 2005 represent the performance from the Fund’s launch date in March through year?end; the 2015 figures represent the performance for the first four months of 2015. As the table shows, from inception to end the April 2015, the Fund has out?performed our... More