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        <name>ST CHARLES MO CMNTY COLLEGE</name>
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        <name>NEW JERSEY ST</name>
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        <name>MANHEIM PA CENT SCH DIST</name>
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          <isin value="US563168LM30"/>
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        <name>WILSON PA AREA SCH DIST</name>
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          <isin value="US972352KK32"/>
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        <name>ILLINOIS ST</name>
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        <name>BATTERY PK CITY AUTH N Y</name>
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        <name>GALVESTON TEX</name>
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        <name>BOONE TWP IND SCH BLDG CORP</name>
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        <name>NEW YORK ST URBAN DEV CORP</name>
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        <name>COMMONWEALTH FING AUTH PA</name>
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        <name>HUDSON YDS INFRASTRUCTURE CORP N Y</name>
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      <invstOrSec>
        <name>MIAMI-DADE CNTY FLA SCH BRD</name>
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          <isin value="US59333MP255"/>
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      <invstOrSec>
        <name>WASHINGTON SUBN SAN DIST MD</name>
        <lei>N/A</lei>
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          <isin value="US940157ZC70"/>
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      <invstOrSec>
        <name>COLLIN CNTY TEX</name>
        <lei>N/A</lei>
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          <isin value="US194740QC38"/>
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          <maturityDt>2022-02-15</maturityDt>
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      <invstOrSec>
        <name>ALABAMA ST PUB SCH &amp; COLLEGE AUTH</name>
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          <isin value="US010609AH88"/>
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          <maturityDt>2022-02-01</maturityDt>
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      <invstOrSec>
        <name>MIDDLEBOROUGH MASS</name>
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          <isin value="US596051VR09"/>
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        <invCountry>US</invCountry>

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          <annualizedRt>5.00000000</annualizedRt>
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        <name>UNIVERSITY ILL</name>
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          <isin value="US914353PD37"/>
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      <invstOrSec>
        <name>BRECKINRIDGE CNTY KY SCH DIST FIN CORP</name>
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          <isin value="US106628HL70"/>
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        <name>METROPOLITAN PIER &amp; EXPOSITION AUTH ILL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-06-15</maturityDt>
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      <invstOrSec>
        <name>NEW JERSEY BLDG AUTH</name>
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        <name>PLAINFIELD IND REDEV AUTH</name>
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        <name>ST PAUL MINN PORT AUTH</name>
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        <name>UNIVERSITY CONN</name>
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        <name>AIKEN CNTY S C CONS SCH DIST</name>
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        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
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        <name>BRISTOL BORO PA SCH DIST</name>
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        <name>RHODE ISLAND ST HEALTH &amp; EDL BLDG CORP</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ST CLOUD MINN INDPT SCH DIST NO 742</name>
        <lei>549300777B7XVMYHUU90</lei>
        <title>St. Cloud Independent School District No. 742/MN</title>
        <cusip>789177PV8</cusip>
        <identifiers>
          <isin value="US789177PV84"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000.00000000</valUSD>
        <pctVal>0.049723735719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Centaur Mutual Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Gregory Knoth</ncom:signature>
      <ncom:signerName>Gregory Knoth</ncom:signerName>
      <ncom:title>SVP, Mutual Fund Controller</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
