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      <invstOrSec>
        <name>BATTERY PK CITY AUTH N Y</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>ILLINOIS ST</name>
        <lei>54930048FV8RWPR02D67</lei>
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          <isin value="US452152C740"/>
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          <maturityDt>2022-06-01</maturityDt>
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      <invstOrSec>
        <name>DISTRICT COLUMBIA</name>
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          <isin value="US25483VAE48"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-01</maturityDt>
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          <annualizedRt>0.42999920</annualizedRt>
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      <invstOrSec>
        <name>JACKSONVILLE FLA</name>
        <lei>549300XQE0JVN9WV0J40</lei>
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          <isin value="US469359DR18"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GALVESTON TEX</name>
        <lei>N/A</lei>
        <title>City of Galveston TX Waterworks &amp; Sewer Revenue </title>
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          <isin value="US364564DM33"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BOONE TWP IND SCH BLDG CORP</name>
        <lei>N/A</lei>
        <title>Boone Township School Building Corp </title>
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          <isin value="US099140CM54"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MASSACHUSETTS ST HEALTH &amp; EDL FACS AUTH</name>
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          <isin value="US57585KSV16"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WASHINGTON SUBN SAN DIST MD</name>
        <lei>N/A</lei>
        <title>Washington Suburban Sanitary Commission </title>
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          <isin value="US940157J272"/>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>HILLSBOROUGH CNTY FLA SCH BRD</name>
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        <title>Hillsborough County School Board </title>
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        <name>WASHINGTON ST</name>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY PUB UTILS COMMN</name>
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        <name>HILLSBOROUGH CNTY FLA SCH BRD</name>
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        <name>COMMONWEALTH FING AUTH PA</name>
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        <name>MARICOPA CNTY ARIZ SCH DIST NO 11 PEORIA UNI</name>
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        <name>Money Market Obligations Trust</name>
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        <name>AYER SHIRLEY REGL SCH DIST MASS</name>
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        <name>JEA FLA</name>
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        <name>CHICAGO ILL MIDWAY ARPT</name>
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        <name>CONTRA COSTA CNTY CALIF PUB FING AUTH</name>
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        <name>BRECKINRIDGE CNTY KY SCH DIST FIN CORP</name>
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        <name>METROPOLITAN PIER &amp; EXPOSITION AUTH ILL</name>
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        <name>PLAINFIELD IND REDEV AUTH</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2022-08-01</maturityDt>
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        <name>UNIVERSITY CONN</name>
        <lei>N/A</lei>
        <title>University of Connecticut </title>
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          <isin value="US914233T272"/>
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        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
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        <title>New Jersey Transportation Trust Fund Authority </title>
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          <isin value="US6461363A70"/>
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        <fairValLevel>2</fairValLevel>
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        <name>RHODE ISLAND ST HEALTH &amp; EDL BLDG CORP</name>
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        <name>OHIO ST UNIV</name>
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        <name>LOWER COLO RIV AUTH TEX</name>
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        <name>MASSACHUSETTS ST WTR RES AUTH</name>
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        <name>GREAT LAKES WTR AUTH MICH</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KINGSTON N Y CITY SCH DIST</name>
        <lei>N/A</lei>
        <title>Kingston City School District </title>
        <cusip>496602NR0</cusip>
        <identifiers>
          <isin value="US496602NR06"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25037.05000000</valUSD>
        <pctVal>0.249084171302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>NIAGARA CNTY N Y</name>
        <lei>N/A</lei>
        <title>County of Niagra, NY </title>
        <cusip>6533522C7</cusip>
        <identifiers>
          <isin value="US6533522C72"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50457.39000000</valUSD>
        <pctVal>0.501981550312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>SEDONA ARIZ</name>
        <lei>N/A</lei>
        <title>City of Sedona AZ </title>
        <cusip>81567LCY2</cusip>
        <identifiers>
          <isin value="US81567LCY20"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>251294.28000000</valUSD>
        <pctVal>2.500032051976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>TOLLAND CONN</name>
        <lei>N/A</lei>
        <title>Town of Tolland CT </title>
        <cusip>889481SP3</cusip>
        <identifiers>
          <isin value="US889481SP39"/>
        </identifiers>
        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55626.36000000</valUSD>
        <pctVal>0.553405684103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-04-30</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>
</edgarSubmission>
