Summary Prospectus| March 2, 2020

DCM/INNOVA HIGH DIVIDEND INCOME INNOVATION FUND TICKER SYMBOL: TILDX Summary Prospectus | March 2, 2020 Before you invest, you may want to review the Fund’s Prospectus and 1 “Total Annual Fund Operating Expenses” and “Total Annual Statement of Additional Information, which contain more information Fund Operating Expenses After Fee Reductions and/or Expense about the Fund and its risks. You can find the Fund’s Prospectus, Reimbursements” will not correlate to the ratios of expenses to Statement of Additional Information and other information about the the average net assets in the DCM/INNOVA Fund’s Financial Fund online at http://www.DCMmutualfunds.com. You can also get Highlights, which reflect the operating expenses of the DCM/ INNOVA Fund and do not include “Acquired Fund Fees and this information at no cost by calling 1-888-484-5766 or by sending an Expenses.” e-mail request to [email protected]. The Fund’s 2 DCM Advisors, LLC (the “Advisor”) entered into an Expense Prospectus and Statement of Additional Information, dated March 2, Limitation Agreement with the DCM/INNOVA Fund under which 2020, are incorporated by reference into this Summary Prospectus. it has contractually agreed to reduce the amount of the investment advisory fees to be paid to the Advisor by the DCM/INNOVA Beginning on January 1, 2021, as permitted by regulations adopted Fund and to assume other expenses of the DCM/INNOVA Fund, by the Securities and Exchange Commission, paper copies of the if necessary, in an amount that limits the DCM/INNOVA Fund’s Fund’s shareholder reports will no longer be sent by mail, unless annual operating expenses (exclusive of interest, taxes, brokerage you specifically request paper copies of the reports from the Fund commissions, other expenditures which are capitalized in or from your financial intermediary such as a broker-dealer or bank. accordance with generally accepted accounting principles, other Instead, the reports will be made available on a website, and you extraordinary expenses not incurred in the ordinary course of the will be notified by mail each time a report is posted and provided DCM/INNOVA Fund’s business, dividend expense on securities with a website link to access the report. sold short, “acquired fund fees and expenses,” and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 If you already elected to receive shareholder reports electronically, under the Investment Company Act of 1940, as amended (“1940 you will not be affected by this change and you need not take any Act”)) to not more than 1.50% of the average daily net assets of the DCM/INNOVA Fund for the period ending March 2, 2021. The action. You may elect to receive shareholder reports and other Expense Limitation Agreement may not be terminated prior to that communications from the Fund electronically by contacting the date without the approval of the Board of Trustees (the “Board” or Fund at 888-484-5766 or, if you own these shares through a “Trustees”) of Centaur Mutual Funds Trust (the “Trust”). Prior to financial intermediary, you may contact your financial intermediary. March 7, 2019, the Advisor and the DCM/INNOVA Fund’s previous advisor, Centaur Capital Partners, L.P., had each entered into an You may elect to receive all future reports in paper free of charge. You Expense Limitation Agreement with the DCM/INNOVA Fund with can inform the Fund that you wish to continue receiving paper copies an expense cap of 1.95%. The expense information in the table has of your shareholder reports by contacting the Fund at 888-484-5766. been restated to reflect the current Expense Limitation Agreement’s If you own shares through a financial intermediary, you may contact cap of 1.50%. your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of your Example. This example is intended to help you compare the cost shareholder reports. Your election to receive reports in paper will apply of investing in the DCM/INNOVA Fund with the cost of investing in to all funds held with the Fund complex or at your financial intermediary. other mutual funds. The example assumes that you invest $10,000 in the DCM/INNOVA Fund for the time periods indicated and then Investment Objective. The DCM/INNOVA High Dividend Income redeem all of your shares at the end of those periods. The example Innovation Fund (the “DCM/INNOVA Fund”) seeks maximum total also assumes that your investment has a 5% return each year and return through a combination of capital appreciation and current the DCM/INNOVA Fund’s operating expenses remain the same, income. except that the contractual arrangement to reduce Management Fees and reimburse expenses remains in effect only until March 2, Fees and Expenses of the DCM/INNOVA Fund. This table describes 2021. Although your actual costs may be higher or lower, based on the fees and expenses that you may pay if you buy and hold shares these assumptions your costs would be: of the DCM/INNOVA Fund. 1 Year 3 Years 5 Years 10 Years Shareholder Fees $166 $788 $1,436 $3,176 (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed On Portfolio Turnover. The DCM/INNOVA Fund pays transaction costs, Purchases (as a percentage of offering price) None such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate Annual Fund Operating Expenses higher transaction costs and may result in higher taxes when the (expenses that you pay each year as a % of the value of your investment) DCM/INNOVA Fund shares are held in a taxable account. These Management Fees 0.75% costs, which are not reflected in annual fund operating expenses Distribution and/or Service (12b-1) Fees None or in the example, affect the DCM/INNOVA Fund’s performance. Other Expenses 2.07% During the most recent fiscal year, the DCM/INNOVA Fund’s portfolio Acquired Fund Fees and Expenses1 0.13% turnover rate was 338% of the average value of its portfolio. Total Annual Fund Operating Expenses 2.95% Principal Investment Strategies. The DCM/INNOVA Fund invests 2 Fee Reductions and/or Expense Reimbursements (1.32%) in equity securities of companies that the Advisor believes are Total Annual Fund Operating Expenses After Fee undervalued in the securities markets, but which also offer high Reductions and/or Expense Reimbursements3 1.63% dividend yields relative to the yield of the broad market averages | 1 such as the S&P 500 Total Return Index. The DCM/INNOVA Fund stock as well as the income potential of selling covered call options typically invests in common stocks and other equity securities, on the security. The Advisor may seek to use the above strategies which may include securities issued by real estate investment to structure the DCM/INNOVA Fund’s investment portfolio in such trusts (REITs), publicly traded master limited partnerships (MLPs) a way as to seek to achieve an income yield superior to that of or royalty trusts, as well as preferred stocks, convertible preferred the S&P 500 Total Return Index. The DCM/INNOVA Fund may also stocks, and warrants. Under normal circumstances, the DCM/ invest in non-dividend paying stocks without selling covered call INNOVA Fund will invest at least 80% of its net assets (including options if the Advisor believes the stocks can produce significant the amount of any borrowings for investment purposes) in equity capital appreciation. securities of U.S. and foreign companies that either have paid a dividend in the 12 months prior to the DCM/INNOVA Fund’s At the discretion of the Advisor, the DCM/INNOVA Fund may purchase of the security, or are expected by the Advisor to pay a allocate its capital to bonds and short-term instruments. The DCM/ dividend within 12 months following the DCM/INNOVA Fund’s INNOVA Fund may purchase bonds of any credit quality, maturity, purchase of the security. The DCM/INNOVA Fund may invest in or yield. The DCM/INNOVA Fund may invest in investment-grade companies of any market capitalization and its foreign companies fixed income securities and securities that are below investment- may include companies domiciled in emerging markets. grade (i.e., “junk bonds”) or short-term, highly liquid investments, such as money market instruments, U.S. government obligations, The DCM/INNOVA Fund may seek to enhance the level of dividend commercial paper, repurchase agreements, and other cash or income it receives by engaging in regional rotation trading which cash equivalent positions. The DCM/INNOVA Fund primarily invests involves purchasing and selling equity securities of issuers in securities of U.S. companies, but may also invest in foreign domiciled in different regions of the world to capture dividend companies. income for the DCM/INNOVA Fund. In a regional rotation trade, the DCM/INNOVA Fund would sell a stock that has declared its The Advisor will vary the percentage of the DCM/INNOVA Fund’s dividend and no longer trades with an entitlement to the dividend, assets allocated to each of the above categories based on the and purchase a stock in another region that is about to declare a Advisor’s judgment of the attractiveness of available investment dividend. By entering into a series of such trades, the DCM/INNOVA opportunities as well as market and economic conditions. Fund seeks to augment the amount of dividend income it receives over the course of a year. To select equity securities for the DCM/INNOVA Fund, the Advisor seeks to identify companies that it understands well and that The DCM/INNOVA Fund may invest in companies of any market possess one or more of the following characteristics: capitalization.

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