Centaur Mutual Funds Trust NPORT-P Lebenthal Ultra Short Tax-free Income Fund (Jan 2023 report)

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

Shares

Fair

Value

Communications

—

7.28%

Activision

Blizzard,

Inc.

134‌

$

10,260‌

Alphabet,

Inc.,

Class

C

(a)

1,207‌

120,543‌

Alphabet,

Inc.,

Class

A

(a)

1,482‌

146,480‌

AT&T,

Inc.

1,219‌

24,831‌

Charter

Communications,

Inc.,

Class

A

(a)

18‌

6,918‌

Comcast

Corp.,

Class

A

803‌

31,598‌

Electronic

Arts,

Inc.

38‌

4,890‌

Fox

Corp.,

Class

B

64‌

2,029‌

Fox

Corp.,

Class

A

52‌

1,765‌

Interpublic

Group

of

Cos.,

Inc.

90‌

3,281‌

Meta

Platforms,

Inc.,

Class

A

(a)

581‌

86,552‌

Netflix,

Inc.

(a)

79‌

27,955‌

Omnicom

Group,

Inc.

32‌

2,752‌

Take-Two

Interactive

Software,

Inc.

(a)

36‌

4,076‌

T-Mobile

US,

Inc.

(a)

111‌

16,573‌

VeriSign,

Inc.

(a)

17‌

3,707‌

Verizon

Communications,

Inc.

757‌

31,469‌

ViacomCBS,

Inc.,

Class

B

128‌

2,964‌

Walt

Disney

Co.

(The)

(a)

312‌

33,850‌

Warner

Bros.

Discovery,

Inc.

(a)

382‌

5,661‌

568,154‌

Consumer

Discretionary

—

9.48%

Amazon.com,

Inc.

(a)

2,067‌

213,169‌

Aptiv

PLC

(a)

44‌

4,976‌

AutoZone,

Inc.

(a)

3‌

7,317‌

Best

Buy

Co.,

Inc.

41‌

3,638‌

Booking

Holdings,

Inc.

(a)

9‌

21,907‌

BorgWarner,

Inc.

113‌

5,343‌

Caesars

Entertainment,

Inc.

(a)

94‌

4,894‌

Chipotle

Mexican

Grill,

Inc.

(a)

5‌

8,232‌

Copart,

Inc.

(a)

126‌

8,393‌

D.R.

Horton,

Inc.

100‌

9,869‌

Darden

Restaurants,

Inc.

21‌

3,107‌

Domino's

Pizza,

Inc.

9‌

3,177‌

eBay,

Inc.

92‌

4,554‌

Etsy,

Inc.

(a)

25‌

3,440‌

Ford

Motor

Co.

645‌

8,714‌

General

Motors

Co.

273‌

10,734‌

Hilton

Worldwide

Holdings,

Inc.

225‌

32,645‌

Home

Depot,

Inc.

(The)

283‌

91,740‌

Las

Vegas

Sands

Corp.

(a)

76‌

4,484‌

Lennar

Corp.,

Class

A

50‌

5,120‌

Lowe's

Cos.,

Inc.

122‌

25,406‌

Marriott

International,

Inc.,

Class

A

39‌

6,793‌

McDonald's

Corp.

124‌

33,158‌

MGM

Resorts

International

88‌

3,644‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

-

continued

Shares

Fair

Value

Consumer

Discretionary

—

9.48%

-

continued

NIKE,

Inc.,

Class

B

232‌

$

29,540‌

NVR,

Inc.

(a)

1‌

5,270‌

O'Reilly

Automotive,

Inc.

(a)

10‌

7,923‌

Pool

Corp.

10‌

3,856‌

PulteGroup,

Inc.

60‌

3,413‌

Ross

Stores,

Inc.

48‌

5,673‌

Royal

Caribbean

Cruises

Ltd.

(a)

36‌

2,338‌

Starbucks

Corp.

199‌

21,719‌

Tesla,

Inc.

(a)

576‌

99,775‌

TJX

Cos.,

Inc.

(The)

189‌

15,471‌

Tractor

Supply

Co.

26‌

5,928‌

Ulta

Beauty,

Inc.

(a)

9‌

4,626‌

VF

Corp.

57‌

1,764‌

Wynn

Resorts

Ltd.

(a)

24‌

2,487‌

Yum!

Brands,

Inc.

45‌

5,873‌

740,110‌

Consumer

Staples

—

6.94%

Altria

Group,

Inc.

288‌

12,972‌

Archer-Daniels-Midland

Co.

92‌

7,622‌

Brown-Forman

Corp.,

Class

B

32‌

2,131‌

Campbell

Soup

Co.

33‌

1,714‌

Church

&

Dwight

Co.,

Inc.

42‌

3,396‌

Clorox

Co.

(The)

18‌

2,604‌

Coca-Cola

Co.

(The)

687‌

42,127‌

Colgate-Palmolive

Co.

157‌

11,702‌

Conagra

Brands,

Inc.

2,434‌

90,521‌

Constellation

Brands,

Inc.,

Class

A

18‌

4,167‌

Costco

Wholesale

Corp.

116‌

59,293‌

Dollar

General

Corp.

49‌

11,446‌

Dollar

Tree,

Inc.

(a)

36‌

5,406‌

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

42‌

11,637‌

General

Mills,

Inc.

98‌

7,679‌

Hershey

Co.

(The)

30‌

6,738‌

Hormel

Foods

Corp.

67‌

3,036‌

J.M.

Smucker

Co.

(The)

13‌

1,986‌

Kellogg

Co.

43‌

2,949‌

Keurig

Dr

Pepper,

Inc.

202‌

7,127‌

Kimberly-Clark

Corp.

62‌

8,061‌

Kraft

Heinz

Co.

(The)

82‌

3,323‌

Kroger

Co.

(The)

115‌

5,132‌

McCormick

&

Co.,

Inc.

39‌

2,930‌

Mondelez

International,

Inc.,

Class

A

228‌

14,920‌

Monster

Beverage

Corp.

(a)

87‌

9,055‌

PepsiCo,

Inc.

251‌

42,925‌

Philip

Morris

International,

Inc.

287‌

29,916‌

Procter

&

Gamble

Co.

(The)

419‌

59,657‌

Sysco

Corp.

81‌

6,274‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

-

continued

Shares

Fair

Value

Consumer

Staples

—

6.94%

-

continued

Target

Corp.

96‌

$

16,525‌

Tyson

Foods,

Inc.,

Class

A

65‌

4,274‌

Walgreens

Boots

Alliance,

Inc.

160‌

5,898‌

Wal-Mart

Stores,

Inc.

257‌

36,976‌

542,119‌

Energy

—

6.73%

Baker

Hughes

Co.

228‌

7,237‌

Chevron

Corp.

348‌

60,559‌

ConocoPhillips

233‌

28,396‌

Coterra

Energy,

Inc.

173‌

4,330‌

Devon

Energy

Corp.

103‌

6,514‌

Diamondback

Energy,

Inc.

38‌

5,553‌

Enphase

Energy,

Inc.

(a)

27‌

5,977‌

EOG

Resources,

Inc.

297‌

39,278‌

Exxon

Mobil

Corp.

730‌

84,687‌

Halliburton

Co.

188‌

7,749‌

Hess

Corp.

62‌

9,310‌

Kinder

Morgan,

Inc.

260‌

4,758‌

Marathon

Petroleum

Corp.

122‌

15,679‌

Occidental

Petroleum

Corp.

134‌

8,682‌

ONEOK,

Inc.

1,424‌

97,516‌

Phillips

66

85‌

8,523‌

Pioneer

Natural

Resources

Co.

52‌

11,978‌

Plains

GP

Holdings

LP,

Class

A

(a)

6,800‌

89,012‌

Schlumberger

Ltd.

289‌

16,467‌

SolarEdge

Technologies,

Inc.

(a)

13‌

4,149‌

Valero

Energy

Corp.

47‌

6,581‌

Williams

Cos.,

Inc.

(The)

63‌

2,031‌

524,966‌

Financials

—

11.31%

Aflac,

Inc.

43‌

3,161‌

Allstate

Corp.

(The)

44‌

5,653‌

American

Express

Co.

99‌

17,318‌

American

International

Group,

Inc.

148‌

9,357‌

Ameriprise

Financial,

Inc.

17‌

5,952‌

Aon

PLC,

Class

A

31‌

9,879‌

Arthur

J.

Gallagher

&

Co.

48‌

9,395‌

Bank

of

America

Corp.

1,746‌

61,948‌

Bank

of

New

York

Mellon

Corp.

(The)

151‌

7,636‌

Berkshire

Hathaway,

Inc.,

Class

B

(a)

314‌

97,817‌

BlackRock,

Inc.

21‌

15,943‌

Brown

&

Brown,

Inc.

54‌

3,162‌

Capital

One

Financial

Corp.

73‌

8,687‌

Cboe

Global

Markets,

Inc.

15‌

1,843‌

Charles

Schwab

Corp.

(The)

281‌

21,755‌

Chubb

Ltd.

75‌

17,062‌

Cincinnati

Financial

Corp.

55‌

6,223‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

-

continued

Shares

Fair

Value

Financials

—

11.31%

-

continued

Citigroup,

Inc.

2,129‌

$

111,177‌

Citizens

Financial

Group,

Inc.

2,282‌

98,855‌

CME

Group,

Inc.

64‌

11,306‌

Discover

Financial

Services

47‌

5,486‌

Everest

Re

Group

Ltd.

21‌

7,343‌

Fifth

Third

Bancorp

94‌

3,411‌

First

Republic

Bank

28‌

3,945‌

Franklin

Resources,

Inc.

73‌

2,278‌

Goldman

Sachs

Group,

Inc.

(The)

61‌

22,314‌

Huntington

Bancshares,

Inc.

227‌

3,444‌

Intercontinental

Exchange,

Inc.

103‌

11,078‌

JPMorgan

Chase

&

Co.

661‌

92,513‌

KeyCorp

123‌

2,360‌

M&T

Bank

Corp.

24‌

3,744‌

Marsh

&

McLennan

Cos.,

Inc.

94‌

16,442‌

MetLife,

Inc.

117‌

8,543‌

Morgan

Stanley

246‌

23,944‌

Nasdaq,

Inc.

55‌

3,310‌

Northern

Trust

Corp.

35‌

3,394‌

PNC

Financial

Services

Group,

Inc.

(The)

67‌

11,084‌

Principal

Financial

Group,

Inc.

32‌

2,962‌

Progressive

Corp.

(The)

118‌

16,089‌

Prudential

Financial,

Inc.

83‌

8,710‌

Raymond

James

Financial,

Inc.

50‌

5,639‌

Regions

Financial

Corp.

80‌

1,883‌

State

Street

Corp.

60‌

5,480‌

SVB

Financial

Group

(a)

43‌

13,005‌

Synchrony

Financial

112‌

4,114‌

T.

Rowe

Price

Group,

Inc.

58‌

6,755‌

Travelers

Cos.,

Inc.

(The)

46‌

8,792‌

Truist

Financial

Corp.

288‌

14,224‌

U.S.

Bancorp

250‌

12,450‌

W.R.

Berkley

Corp.

24‌

1,683‌

Wells

Fargo

&

Co.

595‌

27,888‌

Willis

Towers

Watson

PLC

17‌

4,321‌

882,757‌

Health

Care

—

14.02%

Abbott

Laboratories

542‌

59,917‌

AbbVie,

Inc.

774‌

114,359‌

Agilent

Technologies,

Inc.

38‌

5,779‌

Align

Technology,

Inc.

(a)

17‌

4,585‌

AmerisourceBergen

Corp.

51‌

8,617‌

Amgen,

Inc.

96‌

24,230‌

Anthem,

Inc.

41‌

20,500‌

Baxter

International,

Inc.

89‌

4,066‌

Becton,

Dickinson

and

Co.

46‌

11,602‌

Biogen,

Inc.

(a)

17‌

4,945‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

-

continued

Shares

Fair

Value

Health

Care

—

14.02%

-

continued

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

6‌

$

2,805‌

Bio-Techne

Corp.

38‌

3,027‌

Boston

Scientific

Corp.

(a)

222‌

10,268‌

Bristol-Myers

Squibb

Co.

418‌

30,368‌

Cardinal

Health,

Inc.

60‌

4,635‌

Centene

Corp.

(a)

187‌

14,257‌

Charles

River

Laboratories

International,

Inc.

(a)

8‌

1,946‌

Cigna

Corp.

73‌

23,117‌

Cooper

Cos.,

Inc.

(The)

12‌

4,187‌

CVS

Health

Corp.

259‌

22,849‌

Danaher

Corp.

190‌

50,232‌

DexCom,

Inc.

(a)

85‌

9,103‌

Edwards

LifeSciences

Corp.

(a)

111‌

8,514‌

Eli

Lilly

&

Co.

224‌

77,090‌

Embecta

Corp.

126‌

3,325‌

GE

HealthCare

Technologies,

Inc.

(a)

51‌

3,546‌

Gilead

Sciences,

Inc.

220‌

18,467‌

HCA

Healthcare,

Inc.

44‌

11,223‌

Hologic,

Inc.

(a)

36‌

2,929‌

Humana,

Inc.

21‌

10,746‌

IDEXX

Laboratories,

Inc.

(a)

5‌

2,403‌

Illumina,

Inc.

(a)

24‌

5,141‌

Incyte

Corp.

(a)

68‌

5,790‌

Intuitive

Surgical,

Inc.

(a)

63‌

15,478‌

IQVIA

Holdings,

Inc.

(a)

26‌

5,965‌

Johnson

&

Johnson

476‌

77,788‌

Laboratory

Corp.

of

America

Holdings

17‌

4,286‌

McKesson

Corp.

24‌

9,088‌

Medtronic

PLC

224‌

18,747‌

Merck

&

Co.,

Inc.

452‌

48,549‌

Mettler-Toledo

International,

Inc.

(a)

4‌

6,132‌

Moderna,

Inc.

(a)

67‌

11,796‌

Molina

Healthcare,

Inc.

(a)

20‌

6,237‌

PerkinElmer,

Inc.

17‌

2,338‌

Pfizer,

Inc.

942‌

41,599‌

Quest

Diagnostics,

Inc.

21‌

3,118‌

Regeneron

Pharmaceuticals,

Inc.

(a)

18‌

13,652‌

ResMed,

Inc.

28‌

6,394‌

STERIS

PLC

18‌

3,717‌

Stryker

Corp.

56‌

14,213‌

Thermo

Fisher

Scientific,

Inc.

103‌

58,744‌

UnitedHealth

Group,

Inc.

238‌

118,806‌

Vertex

Pharmaceuticals,

Inc.

(a)

52‌

16,801‌

Viatris,

Inc.

288‌

3,502‌

Waters

Corp.

(a)

12‌

3,943‌

West

Pharmaceutical

Services,

Inc.

16‌

4,250‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

-

continued

Shares

Fair

Value

Health

Care

—

14.02%

-

continued

Zoetis,

Inc.,

Class

A

89‌

$

14,729‌

1,094,440‌

Industrials

—

7.43%

3M

Co.

130‌

14,960‌

Alaska

Air

Group,

Inc.

(a)

58‌

2,978‌

Allegion

PLC

21‌

2,469‌

AMETEK,

Inc.

52‌

7,536‌

Amphenol

Corp.,

Class

A

570‌

45,469‌

Boeing

Co.

(The)

(a)

91‌

19,382‌

Carrier

Global

Corp.

161‌

7,330‌

Caterpillar,

Inc.

93‌

23,463‌

CH

Robinson

Worldwide,

Inc.

40‌

4,007‌

Cintas

Corp.

14‌

6,212‌

CSX

Corp.

247‌

7,637‌

Cummins,

Inc.

36‌

8,984‌

Deere

&

Co.

42‌

17,759‌

Delta

Air

Lines,

Inc.

(a)

111‌

4,340‌

Dover

Corp.

23‌

3,492‌

Eaton

Corp.

PLC

57‌

9,245‌

Emerson

Electric

Co.

126‌

11,368‌

Expeditors

International

of

Washington,

Inc.

65‌

7,030‌

Fastenal

Co.

165‌

8,341‌

FedEx

Corp.

43‌

8,336‌

General

Dynamics

Corp.

50‌

11,653‌

General

Electric,

Co.

155‌

12,474‌

Honeywell

International,

Inc.

111‌

23,142‌

Huntington

Ingalls

Industries,

Inc.

13‌

2,867‌

IDEX

Corp.

17‌

4,075‌

Illinois

Tool

Works,

Inc.

50‌

11,802‌

Ingersoll

Rand,

Inc.

120‌

6,720‌

Jacobs

Solutions,

Inc.

37‌

4,572‌

JB

Hunt

Transport

Services,

Inc.

24‌

4,537‌

Johnson

Controls

International

PLC

81‌

5,635‌

Keysight

Technologies,

Inc.

(a)

39‌

6,995‌

L3

Harris

Technologies,

Inc.

55‌

11,815‌

Lockheed

Martin

Corp.

37‌

17,141‌

Nordson

Corp.

7‌

1,703‌

Norfolk

Southern

Corp.

27‌

6,637‌

Northrop

Grumman

Corp.

22‌

9,857‌

Old

Dominion

Freight

Line,

Inc.

15‌

4,999‌

Otis

Worldwide

Corp.

86‌

7,072‌

PACCAR,

Inc.

78‌

8,526‌

Parker-Hannifin

Corp.

28‌

9,128‌

Quanta

Services,

Inc.

28‌

4,261‌

Raytheon

Technologies

Corp.

269‌

26,860‌

Republic

Services,

Inc.

43‌

5,367‌

Robert

Half

International,

Inc.

26‌

2,183‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

-

continued

Shares

Fair

Value

Industrials

—

7.43%

-

continued

Rockwell

Automation,

Inc.

24‌

$

6,769‌

Rollins,

Inc.

74‌

2,694‌

Roper

Technologies,

Inc.

18‌

7,681‌

Southwest

Airlines

Co.

118‌

4,221‌

TE

Connectivity

Ltd.

54‌

6,866‌

Teledyne

Technologies,

Inc.

(a)

10‌

4,243‌

Trane

Technologies

PLC

30‌

5,374‌

Transdigm

Group,

Inc.

9‌

6,460‌

Trimble,

Inc.

(a)

52‌

3,019‌

Union

Pacific

Corp.

202‌

41,245‌

United

Airlines

Holdings,

Inc.

(a)

80‌

3,917‌

United

Parcel

Service,

Inc.,

Class

B

142‌

26,303‌

United

Rentals,

Inc.

(a)

13‌

5,732‌

W.W.

Grainger,

Inc.

9‌

5,305‌

Wabtec

Corp.

52‌

5,398‌

Waste

Management,

Inc.

77‌

11,914‌

Xylem,

Inc.

24‌

2,496‌

579,996‌

Materials

—

3.56%

Air

Products

&

Chemicals,

Inc.

60‌

19,232‌

Albemarle

Corp.

18‌

5,066‌

Amcor

PLC

649‌

7,827‌

Avery

Dennison

Corp.

28‌

5,304‌

Ball

Corp.

58‌

3,378‌

Celanese

Corp.

31‌

3,819‌

CF

Industries

Holdings,

Inc.

25‌

2,118‌

Corteva,

Inc.

58‌

3,738‌

Dow,

Inc.

149‌

8,843‌

Ecolab,

Inc.

28‌

4,335‌

FMC

Corp.

23‌

3,062‌

Freeport-McMoRan,

Inc.

249‌

11,110‌

International

Flavors

&

Fragrances,

Inc.

76‌

8,547‌

Kaiser

Aluminum

Corp.

1,000‌

87,520‌

Linde

PLC

147‌

48,649‌

LyondellBasell

Industries

N.V.,

Class

A

77‌

7,445‌

Martin

Marietta

Materials,

Inc.

12‌

4,316‌

Mosaic

Co.

(The)

45‌

2,229‌

Newmont

Corp.

155‌

8,204‌

Nucor

Corp.

58‌

9,803‌

Packaging

Corp.

of

America

21‌

2,997‌

PPG

Industries,

Inc.

44‌

5,735‌

Sherwin-Williams

Co.

(The)

43‌

10,173‌

Vulcan

Materials

Co.

13‌

2,383‌

WestRock

Co.

47‌

1,844‌

277,677‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

-

continued

Shares

Fair

Value

Real

Estate

—

2.07%

Alexandria

Real

Estate

Equities,

Inc.

46‌

$

7,394‌

American

Tower

Corp.,

Class

A

82‌

18,317‌

AvalonBay

Communities,

Inc.

23‌

4,081‌

Camden

Property

Trust

17‌

2,095‌

CBRE

Group,

Inc.,

Class

A

(a)

91‌

7,781‌

Crown

Castle

International

Corp.

72‌

10,664‌

Digital

Realty

Trust,

Inc.

58‌

6,648‌

Equinix,

Inc.

14‌

10,334‌

Equity

Residential

58‌

3,692‌

Essex

Property

Trust,

Inc.

9‌

2,035‌

Extra

Space

Storage,

Inc.

24‌

3,788‌

Healthpeak

Properties,

Inc.

102‌

2,803‌

Iron

Mountain,

Inc.

51‌

2,784‌

Kimco

Realty

Corp.

99‌

2,224‌

Mid-America

Apartment

Communities,

Inc.

13‌

2,167‌

Prologis,

Inc.

161‌

20,813‌

Public

Storage

16‌

4,869‌

Realty

Income

Corp.

172‌

11,667‌

SBA

Communications

Corp.,

Class

A

18‌

5,356‌

Simon

Property

Group,

Inc.

57‌

7,322‌

UDR,

Inc.

64‌

2,726‌

Ventas,

Inc.

57‌

2,953‌

VICI

Properties,

Inc.

283‌

9,673‌

Welltower,

Inc.

88‌

6,604‌

Weyerhaeuser

Co.

72‌

2,479‌

161,269‌

Technology

—

26.39%

Accenture

PLC,

Class

A

118‌

32,928‌

Adobe,

Inc.

(a)

128‌

47,404‌

Advanced

Micro

Devices,

Inc.

(a)

299‌

22,470‌

Akamai

Technologies,

Inc.

(a)

28‌

2,491‌

Analog

Devices,

Inc.

86‌

14,746‌

ANSYS,

Inc.

(a)

14‌

3,729‌

Apple,

Inc.

3,477‌

501,697‌

Applied

Materials,

Inc.

164‌

18,284‌

Arista

Networks,

Inc.

(a)

40‌

5,041‌

Autodesk,

Inc.

(a)

41‌

8,822‌

Automatic

Data

Processing,

Inc.

70‌

15,807‌

Broadcom,

Inc.

109‌

63,767‌

Broadridge

Financial

Solutions,

Inc.

28‌

4,210‌

Cadence

Design

Systems,

Inc.

(a)

49‌

8,959‌

CDW

Corp.

21‌

4,117‌

Cisco

Systems,

Inc.

1,132‌

55,094‌

Cognizant

Technology

Solutions

Corp.,

Class

A

85‌

5,674‌

Corning,

Inc.

143‌

4,949‌

EPAM

Systems,

Inc.

(a)

11‌

3,659‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

-

continued

Shares

Fair

Value

Technology

—

26.39%

-

continued

Equifax,

Inc.

15‌

$

3,333‌

FactSet

Research

Systems,

Inc.

8‌

3,384‌

Fidelity

National

Information

Services,

Inc.

130‌

9,755‌

Fiserv,

Inc.

(a)

138‌

14,722‌

FleetCor

Technologies,

Inc.

(a)

15‌

3,132‌

Fortinet,

Inc.

(a)

397‌

20,779‌

Garmin

Ltd.

36‌

3,560‌

Gartner,

Inc.

(a)

17‌

5,748‌

Global

Payments,

Inc.

73‌

8,229‌

Hewlett

Packard

Enterprise

Co.

202‌

3,258‌

HP,

Inc.

171‌

4,983‌

Intel

Corp.

728‌

20,573‌

International

Business

Machines

Corp.

149‌

20,075‌

Intuit,

Inc.

46‌

19,443‌

Jack

Henry

&

Associates,

Inc.

14‌

2,521‌

KLA

Corp.

26‌

10,204‌

Lam

Research

Corp.

24‌

12,002‌

MarketAxess

Holdings,

Inc.

7‌

2,547‌

MasterCard,

Inc.,

Class

A

202‌

74,861‌

Microchip

Technology,

Inc.

78‌

6,054‌

Micron

Technology,

Inc.

181‌

10,914‌

Microsoft

Corp.

1,746‌

432,675‌

Monolithic

Power

Systems,

Inc.

10‌

4,266‌

Moody's

Corp.

28‌

9,037‌

Motorola

Solutions,

Inc.

29‌

7,453‌

MSCI,

Inc.

14‌

7,442‌

NetApp,

Inc.

34‌

2,252‌

NortonLifeLock,

Inc.

3‌

69‌

NVIDIA

Corp.

653‌

127,578‌

NXP

Semiconductors

NV

51‌

9,400‌

ON

Semiconductor

Corp.

(a)

27‌

1,983‌

Oracle

Corp.

261‌

23,088‌

Paychex,

Inc.

47‌

5,445‌

Paycom

Software,

Inc.

(a)

9‌

2,915‌

PayPal

Holdings,

Inc.

(a)

210‌

17,114‌

PTC,

Inc.

(a)

21‌

2,832‌

Qorvo,

Inc.

(a)

23‌

2,499‌

Qualcomm,

Inc.

204‌

27,175‌

S&P

Global,

Inc.

146‌

54,741‌

Salesforce.com,

Inc.

(a)

300‌

50,391‌

Seagate

Technology

PLC

33‌

2,237‌

ServiceNow,

Inc.

(a)

70‌

31,859‌

Skyworks

Solutions,

Inc.

35‌

3,838‌

Synopsys,

Inc.

(a)

26‌

9,198‌

Teradyne,

Inc.

44‌

4,475‌

Texas

Instruments,

Inc.

164‌

29,062‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

COMMON

STOCKS

—

97.38%

-

continued

Shares

Fair

Value

Technology

—

26.39%

-

continued

Tyler

Technologies,

Inc.

(a)

11‌

$

3,550‌

Visa,

Inc.,

Class

A

434‌

99,910‌

Zebra

Technologies

Corp.,

Class

A

(a)

12‌

3,794‌

2,060,203‌

Utilities

—

2.17%

AES

Corp.

89‌

2,439‌

Alliant

Energy

Corp.

42‌

2,269‌

Ameren

Corp.

53‌

4,604‌

American

Electric

Power

Co.,

Inc.

93‌

8,738‌

American

Water

Works

Co.,

Inc.

31‌

4,851‌

Atmos

Energy

Corp.

32‌

3,761‌

CenterPoint

Energy,

Inc.

102‌

3,072‌

CMS

Energy

Corp.

56‌

3,539‌

Consolidated

Edison,

Inc.

63‌

6,005‌

Constellation

Energy

Corp.

38‌

3,244‌

Dominion

Energy,

Inc.

141‌

8,973‌

DTE

Energy

Co.

36‌

4,189‌

Duke

Energy

Corp.

145‌

14,856‌

Edison

International

90‌

6,201‌

Entergy

Corp.

39‌

4,223‌

Evergy,

Inc.

78‌

4,887‌

Eversource

Energy

70‌

5,763‌

Exelon

Corp.

92‌

3,881‌

FirstEnergy

Corp.

112‌

4,586‌

NextEra

Energy,

Inc.

331‌

24,704‌

Nisource,

Inc.

58‌

1,610‌

NRG

Energy,

Inc.

133‌

4,551‌

Pinnacle

West

Capital

Corp.

49‌

3,653‌

Public

Service

Enterprise

Group,

Inc.

36‌

2,229‌

Sempra

Energy

53‌

8,497‌

Southern

Co.

(The)

177‌

11,980‌

WEC

Energy

Group,

Inc.

58‌

5,451‌

Xcel

Energy,

Inc.

99‌

6,808‌

169,564‌

Total

Common

Stocks

(Cost $7,641,571)

7,601,255‌

RIGHTS

-

–%

Shares

Fair

Value

ABIOMED,

Inc.

9‌

–‌

Total

Rights

Cost

($–)

–‌

DCM/INNOVA

High

Equity

Income

Innovation

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

MONEY

MARKET

FUNDS

-

0.51%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund,

Class

X,

4.24%

(b)

40,191‌

$

40,191‌

Total

Money

Market

Funds

(Cost

$40,191)

40,191‌

Total

Investments

—

97.89%

(Cost

$7,681,762)

7,641,446‌

Other

Assets

in

Excess

of

Liabilities — 2.11%

164,688‌

NET

ASSETS

—

100.00%

$

7,806,134‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2023.

Lebenthal

Ultra

Short

Tax-Free

Income

Fund

Schedule

of

Investments

January

31,

2023

-

(Unaudited)

MUNICIPAL

BONDS

—

93.87%

Principal

Amount

Fair

Value

Alaska

-

0.90%

Alaska

State

General

Obligation

Refunding

Bonds,

Series

2023

A,

5.00

%,

8/1/2023

$

200,000‌

$

202,276‌

Connecticut

-

3.08%

Connecticut

State

Housing

Finance

Authority

Revenue

Refunding

Bonds,

Series

2018

B-3,

1.65

%,

11/15/2048

(a)

700,000‌

700,000‌

District

of

Columbia

-

2.42%

District

of

Columbia

Carnegie

Endowment

for

International

Peace

Revenue

Bonds,

Series

2006,

1.66

%,

11/1/2048

(a)

300,000‌

300,000‌

District

of

Columbia

Water

&

Sewer

Authority

Public

Utilities

Revenue

Bonds,

Series

2014

B-2,

1.66

%,

10/1/2050

(a)

250,000‌

250,000‌

550,000‌

Florida

-

4.40%

JEA

Water

&

Sewer

System

Revenue

Bonds,

Series

2008

B,

1.65

%,

10/1/2041

(a)

300,000‌

300,000‌

JEA

Water

&

Sewer

System

Revenue

Refunding

Bonds,

Series

2008

A-2,

1.67

%,

10/1/2038

(a)

700,000‌

700,000‌

1,000,000‌

Georgia

-

1.76%

Cherokee

County,

GA

Development

Authority

Revenue

Bonds,

Series

2008,

1.69

%,

8/1/2033

(a)

400,000‌

400,000‌

Illinois

-

4.60%

Chicago

Midway

International

Airport

Second

Lien

Revenue

Bonds,

Series

2004

D,

1.64

%,

1/1/2035

(a)

645,000‌

645,000‌

Illinois

Educational

Facilities

Authority

Revenue

Bonds,

Series

2003

B,

1.65

%,

7/1/2033

(a)

400,000‌

400,000‌

1,045,000‌

Iowa

-

4.41%

Iowa

State

Finance

Authority

Single

Family

Mortgage

Revenue

Bonds,

Series

2016

E,

1.65

%,

7/1/2046

(a)

1,000,000‌

1,000,000‌

Maryland

-

1.30%

Washington

Suburban

Sanitary

District

General

Obligation

Multi-Modal

Bond

Anticipation

Notes,

Series

2016

B-4,

1.74

%,

6/1/2023

(a)

200,000‌

200,000‌

Washington

Suburban

Sanitary

District

General

Obligation

Multi-Modal

Bond

Anticipation

Notes,

Series

2015

B-3,

1.74

%,

6/1/2023

(a)

95,000‌

95,000‌

295,000‌

Massachusetts

-

4.18%

Massachusetts

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds,

Series

2001

J-2,

1.58

%,

7/1/2031

(a)

300,000‌

300,000‌

Lebenthal

Ultra

Short

Tax-Free

Income

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

MUNICIPAL

BONDS

—

93.87%

-

continued

Principal

Amount

Fair

Value

Massachusetts

-

4.18%

-

continued

Massachusetts

State

Housing

Finance

Agency

Housing

Revenue

Bonds,

Series

2018

200,

1.67

%,

12/1/2048

(a)

$

350,000‌

$

350,000‌

Massachusetts

Water

Resources

Authority

Revenue

Bonds,

Series

2008

E,

1.67

%,

8/1/2037

(a)

300,000‌

300,000‌

950,000‌

Minnesota

-

2.65%

Becker

Independent

School

District

No.

726

General

Obligation

Refunding

Bonds,

Series

2020

A,

5.00

%,

2/1/2023

500,000‌

500,000‌

Hibbing,

MN

General

Obligation

Refunding

Bonds,

Series

2018

A,

4.00

%,

2/1/2023

100,000‌

100,000‌

600,000‌

Missouri

-

0.45%

St.

Louis

County

Library

District

Certificates

of

Participation,

Series

2016,

5.00

%,

4/1/2023

100,000‌

100,423‌

Nevada

-

4.41%

Clark

County,

NV

Airport

System

Subordinate

Lien

Revenue

Refunding

Bonds,

Series

2008

D-B,

1.70

%,

7/1/2040

(a)

1,000,000‌

1,000,000‌

New

Jersey

-

1.34%

Dumont,

NJ

School

District  Board

of

Education

General

Obligation

Refunding

Bonds,

Series

2009,

3.90

%,

2/1/2023

305,000‌

305,000‌

New

Mexico

-

4.78%

New

Mexico

Finance

Authority

Subordinate

Lien

Public

Project

Revenue

Refunding

Bonds,

Series

2017

B,

5.00

%,

6/15/2023

280,000‌

282,715‌

University

of

New

Mexico

Subordinate

Lien

System

Improvement

Revenue

Bonds,

Series

2001,

1.70

%,

6/1/2026

(a)

800,000‌

800,000‌

1,082,715‌

New

York

-

11.14%

Battery

Park

City

Authority

Junior

Revenue

Bonds,

Series

2019

D-1,

1.64

%,

11/1/2038

(a)

300,000‌

300,000‌

New

York

City

Industrial

Development

Agency

Variable

Rate

Demand

Liberty

Revenue

Bonds,

Series

2007,

1.50

%,

10/1/2042

(a)

800,000‌

800,000‌

New

York

City

Municipal

Water

Finance

Authority

Water

&

Sewer

System

Revenue

Bonds,

Series

2019

BB,

1.60

%,

6/15/2051

(a)

400,000‌

400,000‌

New

York

City

Trust

for

Cultural

Resources

Revenue

Bonds,

Series

2009

A,

1.65

%,

7/1/2032

(a)

250,000‌

250,000‌

New

York

City

Trust

for

Cultural

Resources

Revenue

Bonds,

Series

2006

A-2,

1.58

%,

10/1/2036

(a)

200,000‌

200,000‌

Lebenthal

Ultra

Short

Tax-Free

Income

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

MUNICIPAL

BONDS

—

93.87%

-

continued

Principal

Amount

Fair

Value

New

York

-

11.14%

-

continued

New

York

State

Energy

Research

&

Development

Authority

Facilities

Revenue

Bonds,

Series

2005

A-3,

1.70

%,

5/1/2039

(a)

$

300,000‌

$

300,000‌

New

York,

NY

General

Obligation

Bonds,

Series

2019

B-3,

1.55

%,

10/1/2046

(a)

280,000‌

280,000‌

2,530,000‌

North

Carolina

-

0.88%

Raleigh,

NC

Limited

Obligation

Refunding

Bonds,

Series

2016

A,

1.77

%,

6/1/2034

(a)

200,000‌

200,000‌

Ohio

-

8.65%

Allen

County,

OH

Hospital

Facilities

Revenue

Bonds,

Series

2012

B,

2.10

%,

5/1/2036

(a)

380,000‌

380,000‌

American

Municipal

Power-Ohio,

Inc.

Ohio

Revenue

Refunding

Bonds,

Series

2022,

5.25

%,

11/29/2023

250,000‌

253,481‌

American

Municipal

Power-Ohio,

Inc.

Ohio

Revenue

Refunding

Bonds,

Series

2022,

5.00

%,

11/30/2023

100,000‌

101,195‌

Ohio

State

General

Obligation

Infrastructure

Improvement

Bonds,

Series

2004

A,

1.72

%,

2/1/2023

225,000‌

225,000‌

Ohio

State

University

Variable

Rate

Demand

General

Receipts

Bonds,

Series

2014

B-2,

1.68

%,

12/1/2039

(a)

300,000‌

300,000‌

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Series

2016

A,

1.60

%,

12/1/2036

(a)

400,000‌

400,000‌

Plain

City,

OH

Various

Purpose

Improvement

General

Obligation

Limited

Tax

Bank

Anticipation

Notes,

Series

2022,

4.00

%,

9/28/2023

300,000‌

302,045‌

1,961,721‌

Oklahoma

-

1.97%

Cleveland

County,

OK

Independent

School

District

No.

2

Combined

Purpose

General

Obligation

Bonds,

Series

2019,

3.50

%,

3/1/2023

170,000‌

170,106‌

Sapulpa,

OK

Municipal

Authority

Utility

Systems

Revenue

Refunding

Bonds,

Series

2013,

3.75

%,

4/1/2038

275,000‌

275,574‌

445,680‌

Pennsylvania

-

8.82%

Delaware

Valley,

PA

Regional

Finance

Authority

Revenue

Refunding

Bonds,

Series

2007

B,

1.65

%,

6/1/2042

(a)

1,000,000‌

1,000,000‌

Pennsylvania

Turnpike

Commission

Turnpike

Revenue

Refunding

Bonds,

Series

2020,

1.60

%,

12/1/2039

(a)

1,000,000‌

1,000,000‌

2,000,000‌

Rhode

Island

-

2.44%

Rhode

Island

State

and

Providence

Plantations

General

Obligation

Bonds,

Series

2017

A,

5.00

%,

5/1/2023

550,000‌

553,498‌

South

Carolina

-

3.97%

City

of

Columbia,

SC

Waterworks

&

Sewer

System

Revenue

Bonds,

Series

2009,

1.66

%,

2/1/2038

(a)

900,000‌

900,000‌

Lebenthal

Ultra

Short

Tax-Free

Income

Fund

Schedule

of

Investments

(continued)

January

31,

2023

-

(Unaudited)

MUNICIPAL

BONDS

—

93.87%

-

continued

Principal

Amount

Fair

Value

South

Carolina

-

3.97%

-

continued

Tennessee

-

2.16%

Clarksville,

TN

Public

Building

Authority

Pooled

Financing

Revenue

Bonds,

Series

1999,

1.68

%,

6/1/2029

(a)

$

490,000‌

$

490,000‌

Texas

-

2.36%

Northlake,

TX

Certificates

of

Obligations,

Series

2023,

5.00

%,

2/15/2023

285,000‌

285,254‌

State

of

Texas

Veterans

Bonds,

Series

2016,

1.70

%,

12/1/2046

(a)

250,000‌

250,000‌

535,254‌

Virginia

-

3.74%

Fairfax

County,

VA

Economic

Development

Authority

Revenue

Bonds,

Series

2003

A,

1.58

%,

12/1/2033

(a)

500,000‌

500,000‌

Fairfax

County,

VA

Economic

Development

Authority

Revenue

Bonds,

Series

2007,

1.69

%,

6/1/2037

(a)

350,000‌

350,000‌

850,000‌

Washington

-

2.64%

Washington

State

Housing

Finance

Commission

Single

Family

Program

Revenue

Refunding

Bonds,

Series

2016,

1.68

%,

12/1/2046

(a)

600,000‌

600,000‌

Wisconsin

-

4.42%

Onalaska,

WI

School

District

Bond

Anticipation

Notes,

Series

2023,

4.00

%,

7/26/2023

500,000‌

501,332‌

Racine,

WI

Unified

School

District

Anticipation

Notes,

Series

2023,

4.00

%,

8/9/2023

500,000‌

501,677‌

1,003,009‌

Total

Municipal

Bonds

(Cost $21,295,081)

21,299,576‌

MONEY

MARKET

FUNDS

-

11.12%

Federated

Hermes

Institutional

Tax-Free

Cash

Trust,

Institutional

Shares,

1.42%

(b)

2,523,638‌

2,523,638‌

Total

Money

Market

Funds

(Cost

$2,523,638)

2,523,638‌

Total

Investments

—

104.99%

(Cost

$23,818,719)

23,823,214‌

Liabilities

in

Excess

of

Other

Assets — (4.99)%

(1,132,439‌)

NET

ASSETS

—

100.00%

$

22,690,775‌

(a)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities,

therefore,

do

not

indicate

a

reference

rate

and

spread.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2023.