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        <name>PASCO CNTY FLA SCH BRD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AYER SHIRLEY REGL SCH DIST MASS</name>
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          <isin value="US054700AK55"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>JEA FLA</name>
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          <isin value="US46613C2F12"/>
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        <balance>35000.00000000</balance>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CHICAGO ILL MIDWAY ARPT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MIDDLEBOROUGH MASS</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>60359.08000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PLAINFIELD IND REDEV AUTH</name>
        <lei>N/A</lei>
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          <isin value="US726305MP74"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100000.00000000</valUSD>
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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>2022-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UNIVERSITY CONN</name>
        <lei>N/A</lei>
        <title>University of Connecticut </title>
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          <isin value="US914233T272"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>RHODE ISLAND ST HEALTH &amp; EDL BLDG CORP</name>
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          <isin value="US762197KP56"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50065.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OHIO ST UNIV</name>
        <lei>JFC10ZULKO4X2E3HBY86</lei>
        <title>Ohio State University/The </title>
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          <isin value="US677632E498"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300000.00000000</valUSD>
        <pctVal>3.275753127582</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.32000060</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS ST WTR RES AUTH</name>
        <lei>549300GBS2G3YGHOYO19</lei>
        <title>Massachusetts Water Resources Authority </title>
        <cusip>5760494U1</cusip>
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          <isin value="US5760494U17"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400000.00000000</valUSD>
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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>2037-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.37999930</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK N Y CITY TR</name>
        <lei>N/A</lei>
        <title>New York City Trust for Cultural Resources </title>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.33000160</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>LEWISVILLE TEX</name>
        <lei>N/A</lei>
        <title>City of Lewisville TX </title>
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          <isin value="US528819DR31"/>
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        <curCd>USD</curCd>
        <valUSD>170223.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>NEW YORK ST ENERGY RESH &amp; DEV AUTH</name>
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          <isin value="US64984EDH53"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300000.00000000</valUSD>
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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>2039-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.37999930</annualizedRt>
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        <name>HIDALGO CNTY TEX DRAIN DIST NO 1</name>
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        <title>Hidalgo County Frain District No 1 </title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NIAGARA CNTY N Y</name>
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        <name>COLUMBIA S C</name>
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        <name>METROPOLITAN TRANSN AUTH N Y</name>
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    <signature>
      <ncom:dateSigned>2022-07-31</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>
