Item 1.

REPORTS TO STOCKHOLDERS.

Cavalier Funds

ANNUAL REPORT

As of May 31, 2020

Cavalier Adaptive Income Fund

Cavalier Fundamental Growth Fund

Cavalier Growth Opportunities Fund

Cavalier Hedged High Income Fund

Cavalier Tactical Economic Fund

Cavalier Tactical Rotation Fund

Institutional Class

Class C Shares

Class A Shares

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Cavalier Funds (the “Funds”). The Funds’ shares are not deposits or obligations of, or guaranteed by, any depository institution. The Funds’ shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested. Neither the Funds nor the Funds’ distributor is a bank.

The Cavalier Funds are distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC, 27609. There is no affiliation between the Cavalier Funds, including their principals, and Capital Investment Group, Inc.

Table of Contents

Letter to Shareholders	………………………………………………………………………………………………………………………………………………………………	1
Cavalier Adaptive Income Fund	………………………………………………………………………………………………………………………………………………………………	4
Cavalier Fundamental Growth Fund	………………………………………………………………………………………………………………………………………………………………	19
Cavalier Growth Opportunities Fund	………………………………………………………………………………………………………………………………………………………………	35
Cavalier Hedged High Income Fund	………………………………………………………………………………………………………………………………………………………………	48
Cavalier Tactical Economic Fund	………………………………………………………………………………………………………………………………………………………………	58
Cavalier Tactical Rotation Fund	………………………………………………………………………………………………………………………………………………………………	71
Notes to Financial Statements	………………………………………………………………………………………………………………………………………………………………	84
Auditor Opinion	………………………………………………………………………………………………………………………………………………………………	99
Additional Information	………………………………………………………………………………………………………………………………………………………………	101

Statements in this Annual Report that reflect projections or expectations of future financial or economic performance of the Cavalier Funds (“Funds”) and of the market in general and statements of the Funds’ plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.

An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the Funds. A copy of the prospectus is available at ncfunds.com or by calling Shareholder Services at 800-773-3863. The prospectus should be read carefully before investing.

For More Information on the Cavalier Funds:

See Our Web site @ cavalierfunds.com

Call Our Shareholder Services Group at 800-773-3863.

Beginning on January 1, 2021, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website at https://www.nottinghamco.com/fundpages/Cavalier, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have previously elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by clicking Enroll at https://www.nottinghamco.com/fundpages/Cavalier.

You may, notwithstanding the availability of shareholder reports online, elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 800-773-3863 to let the Fund know you wish to continue receiving paper copies of your shareholder reports.

Letter to Shareholders (Unaudited)

Dear Investor,

We appreciate the opportunity to present to you the annual report for the period ending May 31, 2020.

Macro Commentary

As we enter the mid-point of 2020, the COVID-19 global pandemic has clearly been the driving force behind year-to-date global equity market volatility and negative equity performance. The global equity markets exhibited record high volatility in the first half of 2020. The Wall Street ‘fear gauge’ VIX (CBOE Volatility Index), which measures the equity markets expectations of 30-day volatility, hit a record high of 82.69 in March surpassing the record high of 80.74 during the financial crisis in November 2008. The US equity markets exhibited an unprecedented selloff as the S&P 500 dropped over 30% in just 22 trading days, the fastest drop in the history of the markets including the 1930s depression era. The global economy came to a grinding halt as the pandemic forced businesses to temporarily close and unemployment hit record levels. The US economy lost over 20 million jobs and the unemployment rate soared over 15% in Q2. The Federal Reserve subsequently lowered Fed Funds rate to 0% and announced stimulus packages to include trillion-dollar quantitative easing (“QE”) programs and liquidity backstops in various fixed income securities. Additionally, Congress passed a 2 trillion-dollar Coronavirus Aid, Relief, and Economic Security Act (CARES) to support small business, health care providers, airline industry, and temporary unemployed individuals. The effects of a low interest rate environment, massive stimulus from the Federal Reserve QE program and relief from Congress contributed to the equity markets recovery in the second quarter with the S&P 500 up 12.82% in April and up 4.76% in May.

The equity markets will look to the second half of 2020 with a potential for economic recovery as the economy slowly begins to reopen, business activity resumes and hopes for a vaccine to become widely available by early 2021. Currently, there is a disconnect between the real economy with a negative GDP and the strength of the equity markets as most economists claim the US economy is in a deep recession. The equity market rebound from the lows in March have increased the P/E multiple for the S&P 500 to levels not seen since the late 1990s. The S&P 500, at its previous high on February 19, 2020, was trading at 3,393 based on the assumption of annual forecasted GAAP earnings of $158 per share by the end of 2020, thus implying a P/E ratio of 21 times earnings and supported by an economy that was generating $19.2 trillion in real GDP output. Roughly four months later, the S&P 500 is fast tracking its way back to the 3,393 level despite the end of 2020 annual forecasted GAAP earnings having been reduced to $90 per share with an economy that is expected to generate as little as $15.7 trillion in real GDP output in the current quarter. The 3,393 level would put the P/E ratio at a historically high multiple of 38x. It’s uncertain if earnings expectations can achieve levels necessary to support new all-time highs in the equity markets as many companies in the S&P 500 index have not given earnings guidance for the remainder of 2020.

With markets today surrounded with heightened risks from the global pandemic and contracting economic conditions coinciding with high unemployment, uncertain corporate earnings environment, and increased corporate bankruptcies, in our view it will be prudent to avoid unnecessary risks and maintain a disciplined investment philosophy. The portfolio construction of our Cavalier Equity and Fixed Income funds adhere to the theory of adaptive correlation and offer a flexible way to off-set short-term market events by reallocating assets to where they will be most effective. Our goal is not to completely avoid downside volatility in a severe bear market but have portfolios that can mitigate downside risk. We believe we are entering a period where risk management and the effective use of tactical risk management will serve investors well and help them meet their goals.

Market and Fund Performance Recap

As a recap for market performance as of May 31, the S&P 500 is down 4.97% from the beginning of 2020 and in fixed income, the Barclays U.S. Aggregate Bond index is up 5.47%. US small cap and mid cap equities have underperformed large cap and growth has outperformed value. The year-to-date returns for international developed and emerging markets equity returns have been negative with the S&P Global BMI down 9.75% since the beginning of 2020 through the end of May. High Yield bonds as a risk on asset class have been weak through 2020 with a 5.71% negative return year-to-date through the end of May as indicated by the BofA Merrill Lynch US High Yield Index.

The Cavalier Fund performance below has been impacted by many elements described in our macro commentary. However, the equity markets were quite strong towards the end of 2019 generating positive returns on a rolling one-year basis through the end of May 31, 2020. The Cavalier Fundamental Growth Fund outperformed the Global BMI benchmark with a higher tilt towards US equities. During the second quarter, the Fundamental Growth Fund hedged the equity risk for downside protection through purchasing out of the money put options. As the equity market recovered, the option hedges were approximately a -3.00% detractor from performance. The Cavalier Growth Opportunities Fund returned positive performance and outperformed the Global BMI benchmark through the end of May with a tilt toward US equities and technology. Additionally, the Growth Opportunities Fund hedged the equity risk during the second quarter with a put option overlay. The option hedging was approximately a -2.85% detractor from performance. The Cavalier Tactical Rotation Fund underperformed the S&P 500 Total Return benchmark as the portfolio was tilted more conservative through the equity market rebound that occurred in April and May of 2020 and also included a put option overlay in both months. The put options were a net detractor of -2.05% from performance. The Cavalier Tactical Economic Fund underperformed the S&P 500 Total Return as the portfolio held mid-caps and small caps during Q1 2020 and the portfolio was allocated more conservatively as recession conditions and economic slowdown occurred during the second quarter. The Cavalier Hedged High Income Fund outperformed the benchmark as the Fund hedged credit risk in Q1 during downside volatility in the high yield markets. The Cavalier Adaptive Income Fund underperformed the benchmark as the portfolio had less effective duration and higher allocation to non-agency mortgages than the index.

Cavalier Adaptive Income Fund

For the fiscal year ended May 31, 2020 in the Cavalier Adaptive Income Fund, the return on the Institutional Class Shares was -1.62%, and the return on the Class C Shares was -2.58%. This compares to a 9.42% for the Barclays Capital US Aggregate Bond Index over the same period.

Cavalier Fundamental Growth Fund

For the fiscal year ended May 31, 2020 in the Cavalier Fundamental Growth Fund, the return on the Institutional Class Shares was 8.05%, and the return on the Class C Shares was 6.95%. This compares to 4.70% for the S&P Global Broad Market TR Index over the same period.

Cavalier Growth Opportunities Fund

For the fiscal year ended May 31, 2020 in the Cavalier Growth Opportunities Fund, the return on the Institutional Class Shares was 17.50%, and the return on the Class C Shares was 16.29%. This compares to 4.70% for the S&P Global Broad Market TR Index over the same period.

Cavalier Hedged High Income Fund

For the fiscal year ended May 31, 2020 in the Cavalier Hedged High Income Fund, the return on the Institutional Class Shares was 3.75%, and the return on the Class C Shares was 2.71%. This compares to 0.35% for the BofA Merrill Lynch US High Yield Index and -1.11% for the Barclays Capital Global High-Yield Index over the same period.

Cavalier Tactical Economic Fund

For the fiscal year ended May 31, 2020 in the Cavalier Tactical Economic Fund, the return on the Institutional Class Shares was -2.84%, and the return on the Class C Shares was -3.92%. This compares to 12.84% for the S&P 500 Total Return Index and 4.70% for the S&P Global Broad Market Index over the same period.

Cavalier Tactical Rotation Fund

For the fiscal year ended May 31, 2020 in the Cavalier Tactical Rotation Fund, the return on the Institutional Class Shares was -7.98%, and the return on the Class C Shares was -8.96%. This compares to 12.84% for the S&P 500 Total Return Index and 4.70% for the S&P Global Broad Market Index over the same period.

Summary

Cavalier has designed our suite of products to be suitable for investors seeking the capture of benchmark-like performance in up markets along with the comfort of having a safety net of downside protection built into each Fund offering to reduce asset loss in bear markets. Cavalier Funds are built around the concept that investors can experience benchmark results over a full market cycle, when compared to a static asset allocation, or buy-and- hold investing, with less fear and panic during times of market duress. As equity markets attempt to recover in second half of 2020, our goal at Cavalier is to deliver investment products that can achieve market returns in bull markets and tactically seek to manage risk and downside volatility when markets eventually move into bear market territory.

Thank you for the continued opportunity to serve you.

Greg Rutherford	Scott Wetherington
Cavalier Investments, LLC	Cavalier Investments, LLC

Disclosures:

The performance information quoted above represents past performance and past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data, current to the most recent month end, may be obtained by calling the Funds at 800-773-3863. Fee waivers and expense reimbursements have positively impacted the Funds’ performance.

RCCAV0720001

Cavalier Adaptive Income Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from May 31, 2010 through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Adaptive Income Fund - Institutional Class Shares versus the Barclays Capital US Aggregate Bond Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Ten

Since

Inception

May 31, 2020

Year

Inception

Date

Institutional Class Shares

-1.62%

3.15%

2.73%

2.63%

10/2/2009

Barclays Capital US Aggregate Bond Index

9.42%

3.94%

3.92%

4.02%

N/A

Cavalier Adaptive Income Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from May 31, 2010 through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 2.88% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Average annual total returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of distributions.

Cavalier Adaptive Income Fund - Class C Shares

Performance Update (Unaudited)

For the period from February 25, 2011 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Adaptive Income Fund - Class C Shares versus the Barclays Capital US Aggregate Bond Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Since

Inception

May 31, 2020

Year

Inception

Date

Class C Shares

-2.58%

2.10%

1.56%

2/25/2011

Barclays Capital US Aggregate Bond Index

9.42%

3.94%

3.91%

N/A

(Continued)

Cavalier Adaptive Income Fund - Class C Shares

Performance Update (Unaudited)

For the period from February 25, 2011 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 2.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 3.84% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Adaptive Income Fund

Schedule of Investments

As of May 31, 2020
							Value (Note 1)

PREFERRED STOCK - 1.08%			Shares	Interest	Maturity
	Real Estate - 1.08%			Rate	Date
	Preferred Apartment Communities, Inc.		500	5.750%	11/20/2029	$	500,000

	Total Preferred Stock (Cost $500,000)						500,000
				Interest	Maturity
ASSET BACKED SECURITIES - 8.12%			Principal	Rate	Date
	Accredited Mortgage Loan Trust 2002-2
		(1M LIBOR + 1.00%)(b)	$ 328,583	1.168%	1/25/2033		303,354
	Aegis Asset Backed Securities Trust Mortgage Pass-Through
		Ctfs Series 2004-4 (1M LIBOR + 2.70%)(b)	254,814	2.868%	10/25/2034		253,047
	Credit Suisse First Boston Mortgage Securities
		Corp. (d)	849,792	3.776%	4/25/2034		636,268
	JP Morgan Chase Commercial Mortgage
		Securities Trust 2010-C2	1,000,000	5.075%	11/15/2043		1,002,258
	JP Morgan Mortgage Acquisition Trust 2007-HE1
		(1M LIBOR + 0.28%)(b)	500,000	0.448%	3/25/2037		393,252
	Merrill Lynch Mortgage Investors Trust
		Series MLCC 2004-F (a)	1,022,743	2.937%	12/25/2029		904,082
	MortgageIT Mortgage Loan Trust 2006-1
		(1M LIBOR + 0.23%)(b)	323,814	0.645%	4/25/2036		285,344

	Total Asset-Backed Securities (Cost $4,177,138)						3,777,605
				Interest	Maturity
CORPORATE BONDS - 1.60%			Principal	Rate	Date
	American Airlines 2011-1 Class A Pass Through Trust		$ 379,159	5.250%	7/15/2022		307,119
	American Airlines 2013-1 Class B Pass Through Trust		547,502	5.625%	7/31/2022		435,264

	Total Corporate Bonds (Cost $787,770)						742,383
				Interest	Maturity
COLLATERALIZED MORTGAGE OBLIGATIONS - 78.11%			Principal	Rate	Date
	ABFC 2005-WF1 Trust (1M LIBOR + 2.55%)(b)		$ 1,352,029	2.718%	2/25/2034		1,364,982
	ACE Securities Corp Home Equity Loan Trust
		Series 2004-RM1 (1M LIBOR + 5.25%)(b)	342,628	5.418%	7/25/2034		320,645
	Adjustable Rate Mortgage Trust 2005-1 (a)		87,858	4.116%	5/25/2035		87,868
	Adjustable Rate Mortgage Trust 2005-11 (a)		415,107	3.895%	2/25/2036		300,904
	Adjustable Rate Mortgage Trust 2005-9 (a)		345,567	3.947%	11/25/2035		314,254
	Alternative Loan Trust 2004-15 (a)		593,926	4.209%	9/25/2034		581,603
	Alternative Loan Trust 2004-32CB		499,552	5.500%	2/25/2035		493,970
	Alternative Loan Trust 2005-10CB		744,894	5.000%	5/25/2035		744,894
	Alternative Loan Trust 2005-27 (a)		92,663	2.232%	8/25/2035		65,598
	Alternative Loan Trust 2005-36 (a)		34,359	3.741%	8/25/2035		31,122
	Alternative Loan Trust 2005-6CB		24,031	7.500%	4/25/2035		25,217
	Alternative Loan Trust 2005-73CB		78,455	5.500%	1/25/2036		77,200
	Alternative Loan Trust 2005-J11		174,447	5.000%	11/25/2020		146,965
	Alternative Loan Trust 2005-J8		223,022	5.500%	7/25/2035		197,618
	Alternative Loan Trust 2006-28CB		740,283	6.500%	10/25/2036		253,906
	Alternative Loan Trust 2006-28CB		145,755	6.500%	10/25/2036		50,786
							(Continued)

Cavalier Adaptive Income Fund

Schedule of Investments - Continued

As of May 31, 2020
			Principal	Interest Rate	Maturity Date		Value (Note 1)

COLLATERALIZED MORTGAGE OBLIGATIONS - Continued
	Alternative Loan Trust 2006-30T1		$ 200,089	6.250%	11/25/2036	$	168,066
	Alternative Loan Trust 2007-9T1		307,016	6.000%	5/25/2037		187,127
	American Home Mortgage Investment
		Trust 2004-1 (c)	246,959	2.577%	4/25/2044		209,578
	American Home Mortgage Investment Trust
		2004-2 (6M LIBOR +1.50%)(c)	33,325	4.001%	2/25/2044		32,088
	American Home Mortgage Investment Trust
		2005-2 (1M LIBOR + 0.70%)(b)	193,904	0.868%	9/25/2045		149,671
	BAMLL Commercial Mortgage Securities Trust
		2018-DSNY (1M LIBOR + 0.85%)(b)	110,000	1.034%	9/15/2034		92,118
	Banc of America Alternative Loan Trust 2005-11		267,132	6.000%	12/25/2035		254,075
	Banc of America Alternative Loan Trust 2006-2		83,531	6.000%	3/25/2036		75,042
	Banc of America Funding 2004-3 Trust		43,620	5.750%	10/25/2034		44,290
	Banc of America Funding 2004-B Trust (a)		66,407	3.117%	12/20/2034		43,356
	Banc of America Funding 2005-B Trust (a)		314,516	3.931%	4/20/2035		272,594
	Banc of America Funding 2006-B Trust (a)		56,958	3.926%	3/20/2036		54,739
	Banc of America Funding Corp.		54,941	7.000%	4/20/2032		54,617
	Banc of America Mortgage 2003-J Trust (a)		57,318	4.031%	11/25/2033		56,714
	Banc of America Mortgage 2004-D Trust (a)		91,017	3.710%	5/25/2034		80,148
	Banc of America Mortgage 2005-C Trust (a)		299,661	3.886%	4/25/2035		278,178
	Banc of America Mortgage 2005-G Trust (a)		1,107,807	4.016%	8/25/2035		1,014,143
	Banc of America Mortgage Trust 2004-2		118,434	5.500%	3/25/2034		112,489
	Banc of America Mortgage Trust 2004-2		92,714	5.500%	3/25/2034		88,096
	BBCMS 2018-TALL Mortgage Trust
		(1M LIBOR + 0.722%)(b)	760,000	0.906%	3/16/2037		715,611
	Bear Stearns ALT-A Trust 2004-11 (a)		211,100	4.289%	11/25/2034		208,200
	Bear Stearns ALT-A Trust 2005-7 (a)		374,094	4.030%	9/25/2035		273,910
	Bear Stearns ARM Trust 2003-7 (a)		66,622	2.890%	10/25/2033		60,591
	Bear Stearns ARM Trust 2004-1 (a)		216,791	3.892%	4/25/2034		206,107
	Bear Stearns ARM Trust 2004-8 (a)		123,002	4.712%	11/25/2034		122,406
	Bear Stearns Asset Backed Securities I Trust
		2004-FR2 (1M LIBOR + 2.10%)(b)	177,898	2.268%	6/25/2034		180,232
	Bear Stearns Commercial Mortgage Securities
		Trust 2006-PWR13	470,578	5.680%	9/11/2041		470,987
	BellaVista Mortgage Trust 2005-2
		(1M LIBOR + 0.50%)(b)	168,299	0.671%	5/20/2045		111,267
	BXP Trust 2017-CQHP (1M LIBOR + 0.85%)(b)		1,000,000	1.034%	11/15/2034		953,259
	Chase Funding Trust Series 2003-3
		(1M LIBOR + 1.845%)(b)	350,304	2.013%	11/25/2032		336,536
	Chase Mortgage Finance Trust Series 2007-S5		193,621	6.000%	7/25/2037		135,310
	Chevy Chase Funding LLC Mortgage-Backed
		Certificates Series 2005-2 (1M LIBOR + 0.23%)(b)	239,292	0.398%	5/25/2036		211,741
	CHL Mortgage Pass-Through Trust 2004-20 (a)		323,471	3.151%	9/25/2034		232,116
	CHL Mortgage Pass-Through Trust 2004-29 (a)		259,452	2.711%	2/25/2035		201,907
	CHL Mortgage Pass-Through Trust 2005-HYB8 (a)		364,995	3.637%	12/20/2035		345,743
	CHL Mortgage Pass-Through Trust 2006-16		846,024	6.500%	11/25/2036		488,209
							(Continued)

Cavalier Adaptive Income Fund

Schedule of Investments - Continued

As of May 31, 2020
			Principal	Interest Rate	Maturity Date		Value (Note 1)

COLLATERALIZED MORTGAGE OBLIGATIONS - Continued
	CHL Mortgage Pass-Through Trust 2006-3
		(1M LIBOR + 0.48%)(b)	$ 49,418	0.648%	3/25/2036	$	43,779
	CHL Mortgage Pass-Through Trust 2006-HYB2 (a)		1,149,351	3.191%	4/22/2036		1,113,213
	CHL Mortgage Pass-Through Trust 2006-J2		62,392	6.000%	4/25/2036		49,726
	CHL Mortgage Pass-Through Trust 2007-1		47,408	6.000%	3/25/2037		34,543
	CHL Mortgage Pass-Through Trust 2007-HY1 (a)		314,310	3.718%	4/25/2037		276,289
	Citigroup Mortgage Loan Trust 2006-AR1 (a)		37,058	4.100%	3/25/2036		35,446
	Citigroup Mortgage Loan Trust 2006-AR5 (a)		138,643	3.072%	7/25/2036		96,322
	Citigroup Mortgage Loan Trust, Inc. (a)		13,050	4.039%	12/25/2034		12,266
	Contimortgage Home Equity Loan Trust 1996-3
		(1M LIBOR + 0.64%)(b)	201,334	0.824%	9/15/2027		176,787
	Countrywide Asset-Backed Certificates
		(1M LIBOR + 2.625%)(b)	452,008	2.793%	10/25/2033		438,138
	Countrywide Asset-Backed Certificates
		(1M LIBOR + 1.875%)(b)	442,790	2.043%	10/25/2034		361,873
	Credit Suisse First Boston Mortgage Securities Corp.		86,477	6.000%	9/25/2033		91,103
	Credit Suisse First Boston Mortgage Securities Corp.		514,936	5.250%	1/25/2036		491,064
	Credit Suisse First Boston Mortgage Securities Corp.		66,516	6.000%	1/25/2036		54,596
	Credit-Based Asset Servicing and Securitization LLC		571,000	5.184%	12/25/2037		587,457
	CSFB Mortgage-Backed Pass-Through Certificates
		Series 2005-10	436,579	5.500%	11/25/2035		314,128
	CSMC Mortgage-Backed Trust Series 2006-4		754,599	7.000%	5/25/2036		278,595
	CWABS Asset-Backed Certificates Trust 2005-17		284,587	6.047%	5/25/2036		278,463
	CWABS Asset-Backed Certificates Trust 2006-9		33,655	4.192%	10/25/2046		32,451
	Deutsche Alt-A Securities, Inc. Mortgage Loan
		Trust Series 2006-AR1 (a)	347,554	3.759%	2/25/2036		298,412
	DSLA Mortgage Loan Trust 2005-AR3
		(1M LIBOR + 0.24%)(b)	261,990	0.434%	7/19/2045		208,139
	EquiFirst Mortgage Loan Trust 2003-2
		(1M LIBOR + 3.225%)(b)	125,798	3.410%	9/25/2033		124,659
	EquiFirst Mortgage Loan Trust 2003-2
		(1M LIBOR + 1.125%)(c)	373,590	1.307%	9/25/2033		359,551
	Equity One Mortgage Pass-Through Trust 2004-3		38,622	6.200%	7/25/2034		37,199
	FFMLT Trust 2004-FF3 (1M LIBOR + 2.40%)(b)		192,057	2.568%	11/25/2034		167,149
	First Franklin Mortgage Loan Trust 2003-FF3
		(1M LIBOR + 1.125%)(b)	198,188	1.293%	7/25/2033		145,256
	First Horizon Alternative Mortgage Securities Trust
		2004-AA5 (a)	765,838	3.151%	12/25/2034		760,104
	First Horizon Alternative Mortgage Securities Trust
		2005-AA12 (a)	27,330	3.617%	2/25/2036		23,515
	First Horizon Alternative Mortgage Securities
		Trust 2006-AA4 (a)	68,958	3.250%	7/25/2036		57,767
	First Horizon Alternative Mortgage Securities
		Trust 2007-FA2	210,217	5.750%	4/25/2022		167,951
	First Horizon Mortgage Pass-Through Trust 2007-4		342,116	6.000%	8/25/2037		238,286
	GSR Mortgage Loan Trust 2004-15F		21,204	4.750%	12/25/2034		21,181
							(Continued)

Cavalier Adaptive Income Fund

Schedule of Investments - Continued

As of May 31, 2020
			Principal	Interest Rate	Maturity Date		Value (Note 1)

COLLATERALIZED MORTGAGE OBLIGATIONS - Continued
	GSR Mortgage Loan Trust 2004-8F (d)		$ 42,462	6.055%	9/25/2034	$	36,238
	GSR Mortgage Loan Trust 2005-8F		34,802	5.500%	10/25/2020		34,681
	GSR Mortgage Loan Trust 2005-AR4 (a)		310,990	3.337%	7/25/2035		314,693
	HarborView Mortgage Loan Trust 2004-7 (a)		41,701	3.796%	11/19/2034		39,792
	HarborView Mortgage Loan Trust 2006-2 (a)		17,701	4.138%	2/25/2036		9,854
	HarborView Mortgage Loan Trust 2006-6 (a)		78,900	3.863%	8/19/2036		69,851
	HarborView Mortgage Loan Trust 2007-5
		(1M LIBOR + 0.19%)(b)	203,251	0.362%	9/19/2037		171,643
	Indy Mac Home Equity Loan Asset-Backed
		Trust Series SPMD 2002-B (1M LIBOR + 2.40%)(b)	1,337,600	2.568%	10/25/2033		1,314,144
	IndyMac INDA Mortgage Loan Trust 2006-AR2 (a)		39,603	3.897%	9/25/2036		37,028
	IndyMac INDX Mortgage Loan Trust 2004-AR6 (a)		119,994	4.114%	10/25/2034		118,222
	IndyMac INDX Mortgage Loan Trust 2004-AR9 (a)		325,343	4.975%	11/25/2034		351,089
	IndyMac INDX Mortgage Loan Trust 2005-AR23 (a)		1,079,630	3.116%	11/25/2035		964,200
	JP Morgan Mortgage Trust 2004-A1 (a)		5,462	4.241%	2/25/2034		5,297
	JP Morgan Mortgage Trust 2005-A2 (a)		82,975	3.922%	4/25/2035		82,838
	JP Morgan Mortgage Trust 2005-A6 (a)		179,660	4.637%	8/25/2035		179,314
	JP Morgan Mortgage Trust 2006-A6 (a)		349,130	3.626%	10/25/2036		269,644
	Lehman Mortgage Trust 2005-3		17,476	5.500%	1/25/2036		13,541
	Lehman Mortgage Trust 2007-9		21,766	6.000%	10/25/2037		23,550
	Lehman XS Trust Series 2006-10N
		(1M LIBOR + 0.12%)(b)	576,860	0.408%	5/25/2046		494,696
	MASTR Adjustable Rate Mortgages Trust 2003-3 (a)		53,453	3.501%	9/25/2033		52,038
	MASTR Adjustable Rate Mortgages Trust 2004-10 (a)		10,087	3.753%	10/25/2034		9,888
	MASTR Adjustable Rate Mortgages Trust 2005-2 (a)		1,097,666	3.214%	3/25/2035		1,073,042
	MASTR Adjustable Rate Mortgages Trust 2006-2 (a)		123,974	4.398%	2/25/2036		118,921
	MASTR Adjustable Rate Mortgages Trust 2006-OA1
		(1M LIBOR + 0.21%)(b)	184,211	0.605%	4/25/2046		151,635
	MASTR Alternative Loan Trust 2003-8		4,746	5.500%	12/25/2033		4,846
	Mastr Asset Backed Securities Trust 2004-OPT2
		(1M LIBOR +1.50%)(b)	132,936	1.668%	9/25/2034		129,801
	MASTR Asset Securitization Trust 2004-9		153,691	5.250%	7/25/2034		145,512
	Merrill Lynch Mortgage Investors Trust MLMI Series
		2003-A4 (a)	12,897	4.024%	5/25/2033		12,571
	Merrill Lynch Mortgage Investors Trust Series
		2004-WMC2 (1M LIBOR + 2.025%)(b)	692,218	2.193%	12/25/2034		625,893
	Merrill Lynch Mortgage Investors Trust Series
		MLCC 2004-B (1M LIBOR + 2.40%)(b)	115,893	2.568%	5/25/2029		70,025
	Merrill Lynch Mortgage Investors Trust Series
		MLMI 2004-A1 (a)	27,079	3.250%	2/25/2034		26,610
	Morgan Stanley ABS Capital I Inc Trust 2004-NC8
		(1M LIBOR + 1.875%)(b)	333,515	2.060%	9/25/2034		332,273
	Morgan Stanley ABS Capital I Inc Trust 2007-NC1
		(1M LIBOR +0.13%)(b)	63,092	0.298%	11/25/2036		32,737

							(Continued)

Cavalier Adaptive Income Fund

Schedule of Investments - Continued

As of May 31, 2020
			Principal	Interest Rate	Maturity Date		Value (Note 1)

COLLATERALIZED MORTGAGE OBLIGATIONS - Continued
	Morgan Stanley Dean Witter Capital I, Inc. Trust
		2003-NC1 (1M LIBOR + 3.075%)(b)	$ 230,149	3.243%	11/25/2032	$	236,048
	Morgan Stanley Mortgage Loan Trust 2004-6AR
		(1M LIBOR + 2.475%)(b)	291,791	2.643%	7/25/2034		285,940
	Morgan Stanley Mortgage Loan Trust 2005-9AR (a)		506,751	3.793%	12/25/2035		461,446
	Morgan Stanley Mortgage Loan Trust 2006-6AR (a)		599,116	3.640%	5/25/2036		528,916
	MortgageIT Trust 2005-2 (1M LIBOR + 1.65%)(c)		274,969	1.835%	5/25/2035		271,994
	MortgageIT Trust 2005-3 (1M LIBOR + 1.575%)(b)		157,980	1.743%	8/25/2035		153,349
	MortgageIT Trust 2005-3 (1M LIBOR + 2.55%)(b)		181,323	2.718%	8/25/2035		183,419
	Nomura Asset Acceptance Corp Alternative Loan
		Trust Series 2004-AP1	270,034	6.303%	3/25/2034		270,102
	Oakwood Mortgage Investors, Inc. (1M LIBOR + 0.25%)(b)		88,217	0.434%	3/15/2032		80,961
	Opteum Mortgage Acceptance Corp Asset Backed
		Pass-Through Certificates 2005-2
		(1M LIBOR + 1.95%)(b)	845,790	2.118%	4/25/2035		779,034
	PHH Mortgage Trust Series 2008-CIM2
		(1M LIBOR + 2.25%)(c)	157,156	2.426%	7/25/2038		152,542
	RALI Series 2005-QS17 Trust		86,451	6.000%	12/25/2035		81,050
	RALI Series 2005-QS7 Trust		363,096	5.500%	6/25/2035		340,104
	RAMP Series 2005-SL2 Trust		328,837	8.000%	10/25/2031		230,771
	RASC Series 2006-EMX9 Trust (1M LIBOR + 0.13%)(b)		223,809	0.428%	11/25/2036		191,478
	RBSGC Mortgage Loan Trust 2007-B (a)		6,651	4.539%	1/26/2037		5,540
	Residential Asset Securitization Trust 2004-IP2 (a)		78,667	4.345%	12/25/2034		77,581
	Residential Asset Securitization Trust 2007-A6		140,697	6.000%	6/25/2037		112,997
	Salomon Brothers Mortgage Securities VII, Inc.		104,571	7.000%	6/25/2026		39,961
	Saxon Asset Securities Trust 2004-2		774,031	6.000%	8/25/2035		752,416
	Structured Adjustable Rate Mortgage Loan
		Trust Series 2005-19XS (1M LIBOR +0.88%)(b)	292,123	1.048%	10/25/2035		262,915
	Structured Asset Mortgage Investments II Trust
		2006-AR5 (1M LIBOR + 0.21%)(b)	139,469	0.588%	5/25/2036		116,793
	Structured Asset Securities Corp Mortgage Loan
		Trust 2005-7XS (1M LIBOR + 1.50%)(c)	70,499	1.870%	4/25/2035		68,426
	UCFC Home Equity Loan Trust 1998-D		472,820	7.750%	4/15/2030		419,536
	Wachovia Mortgage Loan Trust LLC Series 2005-B
		Trust (a)	223,756	4.039%	10/20/2035		198,843
	WaMu Mortgage Backed Pass Through
		Certificates Series 2001-AR5 (a)	177,025	3.625%	12/19/2039		170,622
	WaMu Mortgage Pass-Through
		Certificates Series 2002-AR14 Trust (a)	167,494	4.112%	11/25/2032		165,056
	WaMu Mortgage Pass-Through Certificates Series
		2002-AR17 Trust (FCN 12M A1 YYM + 1.20%)(b)	289,644	2.894%	11/25/2042		270,600
	WaMu Mortgage Pass-Through Certificates Series
		2002-AR6 Trust (FCN 12M A1 YYM + 1.40%)(b)	448,655	2.904%	6/25/2042		422,675
	WaMu Mortgage Pass-Through Certificates
		Series 2003-AR4 Trust (e)	37,542	3.717%	5/25/2033		36,514
							(Continued)

Cavalier Adaptive Income Fund

Schedule of Investments - Continued

As of May 31, 2020
				Principal	Interest Rate	Maturity Date		Value (Note 1)

COLLATERALIZED MORTGAGE OBLIGATIONS - Continued
	WaMu Mortgage Pass-Through Certificates
		Series 2004-AR1 Trust (e)		$ 23,106	3.838%	3/25/2034	$	21,836
	WaMu Mortgage Pass-Through Certificates
		Series 2006-AR10 Trust (a)		31,591	3.859%	8/25/2046		28,070
	WaMu Mortgage Pass-Through Certificates
		Series 2006-AR12 Trust (a)		181,425	3.219%	10/25/2036		165,558
	WaMu Mortgage Pass-Through Certificates
		Series 2006-AR14 Trust (a)		210,107	3.266%	11/25/2036		180,936
	WaMu Mortgage Pass-Through Certificates
		Series 2007-HY1 Trust (a)		295,555	3.649%	2/25/2037		266,569
	Washington Mutual Mortgage Pass-Through
		Certificates WMALT Series 2005-4 Trust		8,651	5.500%	6/25/2035		8,582
	Washington Mutual Mortgage Pass-Through
		Certificates WMALT Series 2007-HY1 Trust
		(1M LIBOR +0.09%)(b)		20,121	0.258%	2/25/2037		11,245

	Total Collateralized Mortgage Obligations (Cost $38,351,575)							36,320,733

U.S. TREASURY NOTE - 4.31%
	United States Treasury Floating Rate Note (b)
		(13-week Treasury Bill + 30bps)		$ 2,000,000	0.455%	10/31/2021		2,006,064

	Total U.S. Treasury Note (Cost $2,001,124)							2,006,064
SHORT-TERM INVESTMENT - 6.25%
	Fidelity Investments Money Market Government Portfolio -					Shares
	Institutional Class, 0.05% §					2,905,480		2,905,480

	Total Short-Term Investment (Cost $2,905,480)							2,905,480

Investments, at Value (Cost $48,723,087) - 99.47%							$	46,252,265

Other Assets Less Liabilities - 0.53%								248,563

	Net Assets - 100.00%						$	46,500,828
§	Represents 7 day effective yield			*	Non income-producing investment
(a)	Variable interest rate - The interest rate of which adjusts periodically based on changes
	in current interest rates. Rate represented is as of May 31, 2020.
(b)	Floating interest rate
(c)	Fixed to floating interest rate
(d)	Weighted average
(e)	Fixed to weighted average
			Summary of Investments
					% of Net Assets	Value
			Preferred Stock		1.08%	$ 500,000
			Asset-Backed Securities		8.12%	3,777,605
			Corporate Bonds		1.60%	742,383
			Collateralized Mortgage Obligations		78.11%	36,320,733
			U.S. Treasury Note		4.31%	2,006,064
			Short-Term Investment		6.25%	2,905,480
			Other Assets Less Liabilities		0.53%	248,563
			Total Net Assets		100.00%	$ 46,500,828
See Notes to Financial Statements

Cavalier Adaptive Income Fund

Statement of Assets and Liabilities

As of May 31, 2020

Assets:
	Investments, at value (cost $48,723,087)		$	46,252,265
	Receivables:
		Investments sold		45,968
		Fund shares sold		68,038
		Dividends		283
		Interest		141,077
		Due from Advisor		48
	Prepaid expenses:
		Registration and filing expenses		46,357
		Insurance fees		3,863
		Fund accounting fees		2,805
		Compliance fees		57

	Total assets			46,560,761

Liabilities:
	Due to custodian			556
	Payables:
		Fund shares repurchased		35,553
	Accrued expenses:
		Professional fees		12,457
		Trustee fees and meeting expenses		4,309
		Distribution and service fees - Class C Shares		3,152
		Custody fees		2,777
		Security pricing fees		508
		Shareholder fulfillment fees		329
		Miscellaneous expenses		155
		Administration fees		137

	Total liabilities			59,933

Total Net Assets			$	46,500,828

Net Assets Consist of:
	Paid in capital		$	49,141,950
	Accumulated deficit			(2,641,122)

Total Net Assets			$	46,500,828

Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				4,325,490
	Net Assets		$	42,353,960
	Net Asset Value, Offering Price and Redemption Price Per Share		$	9.79

Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				439,834
	Net Assets		$	4,146,868
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	9.43

(a)	Contingent deferred sales charge for Class C Shares is imposed on proceeds redeemed within one year of the purchase date (note 1).

See Notes to Financial Statements

Cavalier Adaptive Income Fund

Statement of Operations

For the fiscal year ended May 31, 2020

Investment Income:
	Dividends	$	66,424
	Interest		1,809,052

	Total Investment Income		1,875,476

Expenses:
	Advisory fees (note 2)		434,811
	Professional fees		76,329
	Registration and filing expenses		59,877
	Administration fees (note 2)		45,955
	Distribution and service fees - Class C Shares (note 4)		42,124
	Security pricing fees		40,009
	Fund accounting fees (note 2)		37,316
	Transfer agent fees (note 2)		27,000
	Shareholder fulfillment fees		26,282
	Custody fees (note 2)		21,049
	Trustee fees and meeting expenses (note 3)		19,288
	Compliance fees (note 2)		8,330
	Miscellaneous expenses (note 2)		1,955
	Insurance fees		1,864

	Total Expenses		842,189

	Fees waived by Advisor (note 2)		(255,524)

	Net Expenses		586,665

Net Investment Income			1,288,811

Realized and Unrealized Loss on Investments:

	Net realized gain from investment transactions		98,087

	Net change in unrealized depreciation on investments		(2,690,319)

Net Realized and Unrealized Loss on Investments			(2,592,232)

Net Decrease in Net Assets Resulting from Operations		$	(1,303,421)


See Notes to Financial Statements

Cavalier Fundamental Growth Fund

Schedule of Investments
As of May 31, 2020
			Shares		Value (Note 1)
COMMON STOCKS - 86.51%
	Communication Services - 0.37%
		NetEase, Inc.	750	$	287,175
					287,175
	Consumer Discretionary - 3.72%
		Dollar General Corp.	3,100		593,681
	*	JD.com, Inc.	20,900		1,135,497
	*	New Oriental Education & Technology Group, Inc.	2,900		347,884
	*	Vipshop Holdings Ltd.	27,700		480,318
	*	XPEL, Inc.	24,000		358,320
					2,915,700
	Consumer Staples - 6.92%
		Colgate-Palmolive Co.	21,559		1,559,362
		Costco Wholesale Corp.	7,200		2,220,984
	*	Lifevantage Corp.	10,000		153,100
		The Clorox Co.	7,200		1,485,000
					5,418,446
	Energy - 0.87%
		Frontline Ltd.	26,000		237,380
		International Seaways, Inc.	8,800		199,584
	*	Teekay Tankers Ltd.	14,000		243,320
					680,284
	Financials - 6.69%
		Arbor Realty Trust, Inc.	198,528		1,671,606
		Brown & Brown, Inc.	18,300		735,660
		Kinsale Capital Group, Inc.	2,900		433,028
		Newtek Business Services Corp.	28,000		480,480
		PennyMac Financial Services, Inc.	50,300		1,689,074
		PJT Partners, Inc.	4,200		229,698
					5,239,546
	Health Care - 16.92%
		AstraZeneca PLC	21,200		1,157,520
	*	BioDelivery Sciences International, Inc.	53,000		253,340
	*	Corcept Therapeutics, Inc.	26,600		402,724
	*	DexCom, Inc.	1,900		718,789
	*	Electromed, Inc.	20,000		288,400
	*μ	Genmab A/S	15,100		460,097
		Gilead Sciences, Inc.	22,000		1,712,260
	*	Inovalon Holdings, Inc.	20,000		376,400
	*	LHC Group, Inc.	2,300		373,773
	*	Medpace Holdings, Inc.	9,700		900,354
	*	Meridian Bioscience, Inc.	22,500		347,850
	*	Repro-Med Systems, Inc.	36,000		364,320
		ResMed, Inc.	5,100		820,182
	*	Veeva Systems, Inc.	11,800		2,582,666
	*	Viemed Healthcare, Inc.	31,400		261,562
		Zoetis, Inc.	13,900		1,937,521
	*	Zynex, Inc.	15,000		291,000
					13,248,758
					(Continued)

Cavalier Fundamental Growth Fund

Schedule of Investments - Continued

As of May 31, 2020
			Shares		Value (Note 1)
COMMON STOCKS - Continued

	Industrials - 3.32%
	*	Copart, Inc.	7,200	$	643,608
		Costamare, Inc.	200,000		920,000
		Verisk Analytics, Inc.	3,800		656,184
		ZTO Express Cayman, Inc.	11,700		381,654
					2,601,446
	Information Technology - 43.70%
	*	Acacia Communications, Inc.	8,500		573,750
	*	Adobe, Inc.	4,950		1,913,670
	*	Advanced Micro Devices, Inc.	18,000		968,400
		ASML Holding NV	900		296,559
	*	Atlassian Corp. PLC	4,400		815,320
		AudioCodes Ltd.	83,699		3,067,568
	*	Axcelis Technologies, Inc.	7,800		209,430
		Booz Allen Hamilton Holding Corp.	7,100		566,296
	*	Cadence Design Systems, Inc.	32,100		2,930,409
	*	CyberOptics Corp.	5,600		180,264
	*	Daqo New Energy Corp.	5,900		301,903
	*	Digital Turbine, Inc.	45,000		288,900
	*	DocuSign, Inc.	4,500		628,830
	*	Endava PLC	8,100		389,448
	*	Enphase Energy, Inc.	17,200		1,000,868
	*	Fair Isaac Corp.	1,500		603,975
	*	Fortinet, Inc.	23,550		3,278,160
	*μ	Globant SA	4,100		574,861
	*	IEC Electronics Corp.	19,501		153,863
		KLA Corp.	2,400		422,304
		Leidos Holdings, Inc.	4,300		452,747
		Microsoft Corp.	5,100		934,575
	*	Model N, Inc.	8,600		276,232
	*	Nice Ltd.	9,400		1,749,716
		NVIDIA Corp.	6,600		2,343,132
	*	Perficient, Inc.	6,000		204,240
		Power Integrations, Inc.	4,300		465,905
	*	Qualys, Inc.	15,700		1,810,524
		RingCentral, Inc.	2,100		575,925
		Sapiens International Corp. NV	46,300		1,088,976
	*	ServiceNow, Inc.	5,000		1,939,650
	*	SolarEdge Technologies, Inc.	3,300		468,270
		Taiwan Semiconductor Manufacturing Co. Ltd.	7,900		397,607
	*	Ultra Clean Holdings, Inc.	51,200		1,061,376
		United Microelectronics Corp.	100,000		253,000
	*	Zoom Video Communications, Inc.	5,700		1,023,036
					34,209,689


					(Continued)

Cavalier Fundamental Growth Fund

Schedule of Investments - Continued

As of May 31, 2020
					Shares		Value (Note 1)

COMMON STOCKS - Continued

	Materials - 0.41%
	*	UFP Technologies, Inc.			7,000	$	316,470
							316,470
	Real Estate - 3.59%
		American Tower Corp.			6,200		1,600,654
		Community Healthcare Trust, Inc.			6,600		240,372
		Lamar Advertising Co.			5,500		364,650
		Safehold, Inc			11,000		602,690
							2,808,366

		Total Common Stocks (Cost $53,168,722)					67,725,880

EXCHANGE-TRADED PRODUCT - 4.72%
	**	iShares Edge MSCI Min Vol USA ETF			60,000		3,697,200

		Total Exchange-Traded Product (Cost $3,348,276)					3,697,200

PUT OPTIONS PURCHASED - 0.43%			Number of	Exercise	Expiration	Notional
			Contracts	Price	Date	Value
	*	S&P 500 Put Option (a)	919	$ 275.00	7/17/2020	$27,967,008	339,571

		Total Put Options Purchased (Premiums Received $446,137)					339,571

SHORT-TERM INVESTMENT - 11.81%
	§	Fidelity Investments Money Market Government Portfolio -
		Class I, 0.05%			9,247,744		9,247,744

		Total Short-Term Investment (Cost $9,247,744)					9,247,744

Investments, at Value (Cost $66,210,879) - 103.47%						$	81,010,395

Liabilities in Excess of Other Assets - (3.47)%							(2,721,173)

	Net Assets - 100.00%					$	78,289,222

*	Non-income producing investment
**	Held as collateral for options
§	Represents 7 day effective yield
μ	American Depositary Receipt
(a)	Counterparty is Interactive Brokers LLC

The following acronyms or abbreviations are used in this Schedule:
	NV - Netherlands Security
	PLC - Public Limited Company






							(Continued)

Cavalier Fundamental Growth Fund

Schedule of Investments - Continued

As of May 31, 2020


	Summary of Investments
		% of Net
	by Sector	Assets		Value
	Communication Services	0.37%	$	287,175
	Consumer Discretionary	3.72%		2,915,700
	Consumer Staples	6.92%		5,418,446
	Energy	0.87%		680,284
	Financials	6.69%		5,239,546
	Health Care	16.92%		13,248,758
	Industrials	3.32%		2,601,446
	Information Technology	43.70%		34,209,689
	Materials	0.41%		316,470
	Real Estate	3.59%		2,808,366
	Exchange-Traded Product	4.72%		3,697,200
	Put Options Purchased	0.43%		339,571
	Short-Term Investment	11.81%		9,247,744
	Liabilities in Excess of Other Assets	-3.47%		(2,721,173)
	Total Net Assets	100.00%	$	78,289,222



See Notes to Financial Statements

Cavalier Fundamental Growth Fund

Statement of Assets and Liabilities

As of May 31, 2020
Assets:
	Investments, at value (cost $66,210,879)		$	81,010,395
	Receivables:
		Investments sold		975,675
		Fund shares sold		12,059
		Dividends and interest		22,366
	Prepaid expenses:
		Registration and filing expenses		18,927
		Insurance fees		4,285
		Fund accounting fees		3,167
		Compliance fees		34

	Total assets			82,046,908

Liabilities:
	Due to broker			1,845,312
	Payables:
		Investments purchased		1,847,868
		Fund shares repurchased		9,986
	Accrued expenses:
		Advisory fees		23,756
		Professional fees		17,527
		Trustee fees and meeting expenses		4,076
		Shareholder fulfillment fees		2,815
		Interest expense		2,555
		Distribution and service fees - Class C Shares and Class A Shares		1,820
		Custody fees		1,597
		Administration fees		181
		Miscellaneous expenses		154
		Security pricing fees		39

	Total liabilities			3,757,686

Total Net Assets			$	78,289,222

Net Assets Consist of:
	Paid in capital		$	73,597,341
	Distributable earnings			4,691,881

Total Net Assets			$	78,289,222

Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				5,507,245
	Net Assets		$	74,999,284
	Net Asset Value, Offering Price and Redemption Price Per Share		$	13.62

Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				185,380
	Net Assets		$	2,380,589
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	12.84

Class A Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				111,612
	Net Assets		$	909,349
	Net Asset Value and Redemption Price Per Share		$	8.15
	Maximum Offering Price Per Share ($8.15 ÷ 95.50%)(b)		$	8.53

(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
(b)	The Fund charges a 4.50% maximum sales load on all initial purchases.

See Notes to Financial Statements

Cavalier Fundamental Growth Fund

Statement of Operations

For the fiscal year ended May 31, 2020

Investment Income:
	Dividends (net of withholding taxes of $13,285)	$	926,295

	Total Investment Income		926,295

Expenses:
	Advisory fees (note 2)		820,915
	Administration fees (note 2)		84,170
	Transfer agent fees (note 2)		33,000
	Registration and filing expenses		55,329
	Fund accounting fees (note 2)		47,314
	Professional fees		39,410
	Distribution and service fees - Class C Shares (note 4)		25,472
	Shareholder fulfillment fees		43,945
	Custody fees (note 2)		20,677
	Trustee fees and meeting expenses (note 3)		19,055
	Compliance fees (note 2)		9,458
	Security pricing fees		8,948
	Interest expense		4,206
	Insurance fees		4,017
	Miscellaneous expenses (note 2)		1,954
	Distribution and service fees - Class A Shares (note 4)		1,935

	Total Expenses		1,219,805

	Fees waived by Advisor (note 2)		(162,047)

	Net Expenses		1,057,758

Net Investment Loss			(131,463)

Realized and Unrealized Gain (Loss) on Investments:

	Net realized loss from investment transactions		(2,320,087)
	Net change in unrealized appreciation on investments		8,708,004

Net Realized and Unrealized Gain on Investments			6,387,917

Net Increase in Net Assets Resulting from Operations		$	6,256,454









See Notes to Financial Statements

Cavalier Fundamental Growth Fund

Statements of Changes in Net Assets

For the fiscal years ended May 31,							2020		2019

Operations:
	Net investment loss					$	(131,463)	$	(116,714)
	Net realized loss from investment transactions						(2,320,087)		(6,394,807)
	Net change in unrealized appreciation (depreciation) on investments						8,708,004		(10,259,844)

Net Increase (Decrease) in Net Assets Resulting from Operations							6,256,454		(16,771,365)

Distributions to Shareholders:
		Institutional Class Shares					(29,438)		(6,529,155)
		Class C Shares					(991)		(226,542)
		Class A Shares					(573)		(95,192)

Decrease in Net Assets Resulting from Distributions							(31,002)		(6,850,889)

Beneficial Interest Transactions:
	Shares sold						8,009,809		28,771,643
	Reinvested dividends and distributions						29,515		6,575,606
	Shares repurchased						(19,521,938)		(33,917,287)

Increase (Decrease) from Beneficial Interest Transactions							(11,482,614)		1,429,962

Net Decrease in Net Assets							(5,257,162)		(22,192,292)

Net Assets:
	Beginning of Year						83,546,384		105,738,676
	End of Year					$	78,289,222	$	83,546,384


Share Information:			May 31, 2020				May 31, 2019
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	553,937	$	7,394,028		1,867,853	$	26,765,605
		Reinvested dividends and distributions	1,980		28,056		622,335		6,290,128
		Shares repurchased	(1,417,097)		(18,704,137)		(2,486,801)		(32,285,888)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(861,180)	$	(11,282,053)		3,387	$	769,845

	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	18,224	$	237,333		96,179	$	1,320,371
		Reinvested dividends and distributions	69		932		22,976		222,178
		Shares repurchased	(52,792)		(675,133)		(94,517)		(1,233,424)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(34,499)	$	(436,868)		24,638	$	309,125

	Class A Shares		Shares		Amount		Shares		Amount
		Shares sold	48,457	$	378,448		74,674	$	685,667
		Reinvested dividends and distributions	62		527		10,428		63,300
		Shares repurchased	(17,135)		(142,668)		(51,486)		(397,975)
	Net Increase in Shares of
		Beneficial Interest	31,384	$	236,307		33,616	$	350,992




See Notes to Financial Statements

Cavalier Fundamental Growth Fund

Financial Highlights
			Institutional Class Shares
For a share outstanding during			May 31,
each of the fiscal years ended				2020		2019		2018		2017		2016

Net Asset Value, Beginning of Year			$	12.61	$	16.06	$	13.69	$	11.58	$	12.77

Income (Loss) from Investment Operations
	Net investment income (loss) (c)			(0.02)		(0.01)		(0.06)		0.03		0.01
	Net realized and unrealized gain (loss) on
		investments		1.04		(2.43)		3.05		2.10		(1.19)

Total from Investment Operations				1.02		(2.44)		2.99		2.13		(1.18)

Less Distributions:
From net investment income				(0.01)		-		-		(0.02)		(0.01)
From net realized gains				-		(1.01)		(0.62)		-		-

Total Distributions				(0.01)		(1.01)		(0.62)		(0.02)		(0.01)

Net Asset Value, End of Year			$	13.62	$	12.61	$	16.06	$	13.69	$	11.58

Total Return (a)				8.05%		(13.63)%		22.23%		18.42%		(9.21)%

Net Assets, End of Year (in thousands)			$	74,999	$	80,299	$	102,233	$	63,142	$	45,453

Ratios of:
Interest Expense to Average Net Assets				0.01%		-		-		-		-
Gross Expenses to Average Net Assets (b)				1.47%	(f)	1.39%		1.39%		1.55%		1.51%
Net Expenses to Average Net Assets (b)				1.25%	(f)	1.25%		1.25%		1.18%		1.11%	(d)
Net Investment Income (Loss) to
	Average Net Assets (b)(e)			(0.13)%		(0.07)%		(0.39)%		0.29%		0.05%	(d)

Portfolio turnover rate				72.71%		122.27%		124.11%		135.58%		172.08%




(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Calculated using the average shares method.
(d)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.
(e)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	Includes interest expense.



See Notes to Financial Statements												(Continued)

Cavalier Fundamental Growth Fund

Financial Highlights
			Class C Shares
For a share outstanding during			May 31,
each of the fiscal years ended				2020		2019		2018		2017	(e)	2016	(e)

Net Asset Value, Beginning of Year			$	12.01	$	15.51	$	13.38	$	11.42	$	12.72

Income (Loss) from Investment Operations
	Net investment loss (c)			(0.14)		(0.15)		(0.20)		(0.06)		(0.11)
	Net realized and unrealized gain (loss) on
		investments		0.98		(2.34)		2.95		2.04		(1.18)

Total from Investment Operations				0.84		(2.49)		2.75		1.98		(1.29)

Less Distributions:
	From net investment income			(0.01)		-		-		(0.02)		(0.01)
	From net realized gains			-		(1.01)		(0.62)		-		-

Total from Investment Operations				(0.01)		(1.01)		(0.62)		(0.02)		(0.01)

Net Asset Value, End of Year			$	12.84	$	12.01	$	15.51	$	13.38	$	11.42

Total Return (a)				6.95%		(14.47)%		20.92%		17.37%		(10.11)%

Net Assets, End of Year (in thousands)			$	2,381	$	2,641	$	3,028	$	2,423	$	7,582

Ratios of:
Interest Expense to Average Net Assets				0.01%		-		-		-		-
Gross Expenses to Average Net Assets (b)				2.47%	(g)	2.39%		2.39%		2.49%		2.51%
Net Expenses to Average Net Assets (b)				2.25%	(g)	2.25%		2.25%		2.13%		2.11%	(d)
Net Investment Loss to Average
	Net Assets (b)(f)			(1.13)%		(1.07)%		(1.39)%		(0.51)%		(0.96)%	(d)

Portfolio turnover rate				72.71%		122.27%		124.11%		135.58%		172.08%




(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Calculated using the average shares method.
(d)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.
(e)	As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares. There were no other changes to this class of shares.
(f)	Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(g)	Includes interest expense.

See Notes to Financial Statements												(Continued)

Cavalier Fundamental Growth Fund

Financial Highlights
			Class A Shares
For a share outstanding during			May 31,
the fiscal years or period ended				2020		2019		2018	(j)

Net Asset Value, Beginning of Period			$	7.56	$	10.25	$	10.00

Income (Loss) from Investment Operations
	Net investment loss (e)			(0.03)		(0.03)		(0.00)	(h)
	Net realized and unrealized gain (loss) on
		investments		0.63		(1.65)		0.25

Total from Investment Operations				0.60		(1.68)		0.25

Less Distributions:
	From net investment income			(0.01)		-		-
	From net realized gains			-		(1.01)		-

Total from Investment Operations				(0.01)		(1.01)		-

Net Asset Value, End of Period			$	8.15	$	7.56	$	10.25

Total Return (c)(g)				7.87%		(13.95)%		2.50%	(b)

Net Assets, End of Period (in thousands)			$	909	$	607	$	478

Ratios of:
Interest Expense to Average Net Assets				0.01%		-		-
Gross Expenses to Average Net Assets (d)				1.72%	(k)	1.64%		1.72%	(a)
Net Expenses to Average Net Assets (d)				1.50%	(k)	1.50%		1.47%	(a)
Net Investment Loss to Average
	Net Assets (d)(f)			(0.37)%		(0.30)%		(0.20)%	(a)

Portfolio turnover rate				72.71%		122.27%		124.11%	(b)(i)


(a)	Annualized.
(b)	Not annualized.
(c)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(d)	Does not include expenses of the investment companies in which the Fund invests.
(e)	Calculated using the average shares method.
(f)	Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(g)	Does not include impact of sales charge, if any.
(h)	Less than $0.01 per share.
(i)	Portfolio turnover rate is calculated based on the entire Fund, not the Class A Shares.
(j)	For the period from March 13, 2018 (Date of Initial Public Investment) through May 31, 2018.
(k)	Includes interest expense.


See Notes to Financial Statements

Cavalier Growth Opportunities Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Growth Opportunities Fund - Institutional Class Shares versus the S&P Global Broad Market TR Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Since

Inception

May 31, 2020

Year

Inception

Date

Institutional Class Shares

17.50%

8.68%

10.12%

09/20/12

S&P Global Broad Market TR Index

4.70%

5.46%

8.13%

N/A

(Continued)

Cavalier Growth Opportunities Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 1.80% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Growth Opportunities Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Growth Opportunities Fund - Class C Shares versus the S&P Global Broad Market TR Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Since

Inception

May 31, 2020

Year

Inception

Date

Class C Shares

16.29%

7.61%

9.30%

09/26/12

S&P Global Broad Market TR Index

4.70%

5.46%

8.37%

N/A

(Continued)

Cavalier Growth Opportunities Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 2.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 2.80% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Growth Opportunities Fund - Class A Shares

Performance Update (Unaudited)

For the period from April 16, 2018 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment ($9,550 with 4.50% sales load) and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Growth Opportunities Fund - Class A Shares versus the S&P Global Broad Market TR Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Since

Inception

May 31, 2020

Year

Inception

Date

Class A Shares - No Sales Load

17.06%

6.16%

04/16/18

Class A Shares - 4.50% Maximum Sales Load

11.79%

3.88%

04/16/18

S&P Global Broad Market TR Index

4.70%

1.22%

N/A

(Continued)

Cavalier Growth Opportunities Fund - Class A Shares

Performance Update (Unaudited)

For the period from April 16, 2018 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.50% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 2.05% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Growth Opportunities Fund

Schedule of Investments

As of May 31, 2020

							Shares		Value (Note 1)

EXCHANGE-TRADED PRODUCTS - 102.94%

	Communication Services - 22.68%
		Communication Services Select Sector SPDR ETF					141,159	$	7,625,409
		ETFMG Prime Mobile Payments ETF					133,793		6,455,512
									14,080,921
	Consumer Discretionary - 10.78%
		Amplify Online Retail ETF					104,458		6,692,624

	Health Care - 13.08%
		iShares U.S. Medical Devices ETF					30,245		8,121,085

	Information Technology - 51.24%
		First Trust Cloud Computing ETF					111,891		7,910,694
		iShares Expanded Technology Software ETF					26,812		7,166,043
		iShares PHLX Semiconductor ETF					18,688		4,706,760
		Technology Select Sector SPDR ETF					75,096		7,357,155
		Vaneck Vectors Semiconductor ETF					33,172		4,678,247
									31,818,899
	Large-Cap - 5.16%
	**	iShares Edge MSCI Minimum Volatility ETF					52,021		3,205,534

		Total Exchange-Traded Products (Cost $60,072,899)							63,919,063

PUT OPTIONS PURCHASED - 0.44%				Number of	Exercise	Expiration	Notional
				Contracts	Price	Date	Value
	*	S&P 500 Put Option (a)		732	$ 275.00	7/17/2020	$ 22,276,224		270,474

		Total Put Options Purchased (Premiums Paid $355,302)							270,474

Investments, at Value (Cost $60,428,201) - 103.38%								$	64,189,537

Liabilities in Excess of Other Assets - (3.38)%									(2,097,457)

	Net Assets - 100.00%							$	62,092,080

(a)	Counterparty is Interactive Brokers LLC.
*	Non-income producing investment
**	Held as collateral for options

			Summary of Investments
			by Sector
					% of Net Assets		Value
			Exchange-Traded Products:
			Communication Services		22.68%	$	14,080,921
			Consumer Discretionary		10.78%		6,692,624
			Health Care		13.08%		8,121,085
			Information Technology		51.24%		31,818,899
			Large-Cap		5.16%		3,205,534
			Put Options Purchased		0.44%		270,474
			Liabilities in Excess of Other Assets		-3.38%		(2,097,457)
			Total Net Assets		100.00%	$	62,092,080

See Notes to Financial Statements

Cavalier Growth Opportunities Fund

Statement of Assets and Liabilities

As of May 31, 2020

Assets:
	Investments, at value (cost $60,428,201)			64,189,537
	Receivables:
		Fund shares sold		140,714
		Dividends and interest		26
	Prepaid expenses:
		Registration and filing expenses		32,516
		Insurance expenses		3,747
		Fund accounting fees		3,162
		Compliance fees		202

	Total assets			64,369,904

Liabilities:
	Due to custodian			381,536
	Due to broker			1,495,632
	Payables:
		Investments purchased		355,303
		Fund shares repurchased		3,634
	Accrued expenses:
		Professional fees		17,682
		Advisory fees		11,805
		Trustee fees and meeting expenses		4,308
		Shareholder fulfillment fees		2,278
		Interest expense		2,170
		Custody fees		2,103
		Distribution and service fees - Class C Shares and Class A Shares		914
		Administration fees		238
		Miscellaneous expenses		156
		Security pricing fees		65

	Total liabilities			2,277,824

Net Assets			$	62,092,080

Net Assets Consist of:
	Paid in capital		$	57,575,412
	Distributable earnings			4,516,668

	Total Net Assets		$	62,092,080

Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
	Net Assets		$	59,868,676
	Net Asset Value, Offering Price and Redemption Price Per Share			17.78

Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
	Net Assets		$	1,235,911
	Net Asset Value, Offering Price and Redemption Price Per Share (a)			16.71

Class A Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
	Net Assets		$	987,493
	Net Asset Value and Redemption Price Per Share			9.53
	Maximum Offering Price Per Share ($9.53 ÷ 95.50%)(b)			9.98

(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
(b)	The Fund charges a 4.50% maximum sales load on all initial purchases.

See Notes to Financial Statements

Cavalier Growth Opportunities Fund

Statement of Operations

For the fiscal year ended May 31, 2020

Investment Income:
	Dividends	$	855,763

	Total Investment Income		855,763

Expenses:
	Advisory fees (note 2)		643,993
	Registration and filing expenses		78,464
	Administration fees (note 2)		66,478
	Shareholder fulfillment fees		50,920
	Fund accounting fees (note 2)		45,545
	Professional fees		41,956
	Transfer agent fees (note 2)		33,705
	Custody fees (note 2)		17,338
	Trustee fees and meeting expenses (note 3)		19,287
	Distribution and service fees - Class C Shares (note 4)		10,898
	Compliance fees (note 2)		8,034
	Interest expense		3,554
	Insurance expenses		3,346
	Security pricing fees		2,660
	Miscellaneous expenses (note 2)		1,958
	Distribution and service fees - Class A Shares (note 4)		1,357

	Total Expenses		1,029,493

	Fees waived by Advisor (note 2)		(208,689)

	Net Expenses		820,804

Net Investment Income			34,959

Realized and Unrealized Gain on Investments:

	Net realized gain from investment transactions		4,345,385
	Net change in unrealized appreciation on investments		4,445,475

Net Realized and Unrealized Gain on Investments			8,790,860

Net Increase in Net Assets Resulting from Operations		$	8,825,819









See Notes to Financial Statements

Cavalier Growth Opportunities Fund

Statements of Changes in Net Assets

For the fiscal years ended May 31,							2020		2019

Operations:
	Net investment income					$	34,959	$	30,074
	Net realized gain (loss) from investment transactions						4,345,385		(1,661,247)
	Net change in unrealized appreciation (depreciation) on investments						4,445,475		(1,734,642)

Net Increase (Decrease) in Net Assets Resulting from Operations							8,825,819		(3,365,815)

Distributions to Shareholders:
		Institutional Class Shares					(1,779,848)		(3,319,485)
		Class C Shares					(32,066)		(62,223)
		Class A Shares					(25,086)		(31,600)

Net Decrease in Net Assets Resulting from Distributions							(1,837,000)		(3,413,308)

Beneficial Interest Transactions:
	Shares sold						27,636,231		44,727,013
	Reinvested dividends and distributions						1,519,120		3,121,614
	Shares repurchased						(28,445,149)		(25,543,618)

Net Increase from Beneficial Interest Transactions							710,202		22,305,009

Net Increase in Net Assets							7,699,021		15,525,886

Net Assets:
	Beginning of Year						54,393,059		38,867,173
	End of Year					$	62,092,080	$	54,393,059


Share Information:			May 31, 2020				May 31, 2019
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	1,590,458	$	26,603,783		2,672,772	$	44,153,441
		Reinvested dividends and distributions	86,910		1,465,301		226,320		3,028,157
		Shares repurchased	(1,718,069)		(28,009,831)		(1,655,919)		(25,314,161)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(40,701)	$	59,253		1,243,173	$	21,867,437

	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	15,911	$	251,125		12,605	$	202,623
		Reinvested dividends and distributions	2,014		32,066		4,869		62,223
		Shares repurchased	(12,433)		(193,295)		(13,164)		(213,778)
	Net Increase in Shares of
		Beneficial Interest	5,492	$	89,896		4,310	$	51,068

	Class A Shares		Shares		Amount		Shares		Amount
		Shares sold	85,727	$	781,323		39,711	$	370,949
		Reinvested dividends and distributions	2,404		21,753		4,244		31,234
		Shares repurchased	(27,495)		(242,023)		(2,023)		(15,679)
	Net Increase in Shares of
		Beneficial Interest	60,636	$	561,053		41,932	$	386,504





See Notes to Financial Statements

Cavalier Growth Opportunities Fund

Financial Highlights
		Institutional Class Shares
For a share outstanding during		May 31,
each of the fiscal years ended			2020		2019		2018		2017		2016

Net Asset Value, Beginning of Year		$	15.55	$	17.45	$	14.56	$	11.81	$	13.13

Income (Loss) from Investment Operations:
	Net investment income (loss) (d)		0.01		0.01		(0.08)		0.05		0.05
	Net realized and unrealized gain (loss)
	on investments		2.69		(0.93)		2.99		2.73		(1.22)

Total from Investment Operations			2.70		(0.92)		2.91		2.78		(1.17)

Less Distributions From:
	Net investment income		-		(0.82)		(0.02)		(0.03)		-
	Net realized gains		(0.47)		(0.16)		-		-		(0.15)

Total Distributions			(0.47)		(0.98)		(0.02)		(0.03)		(0.15)

Net Asset Value, End of Year		$	17.78	$	15.55	$	17.45	$	14.56	$	11.81

Total Return (a)			17.50%		(4.37)%		19.98%		23.53%		(8.92)%

Net Assets, End of Year (in thousands)		$	59,869	$	53,013	$	37,778	$	22,149	$	8,113


Ratios of:
Interest Expense to Average Net Assets			0.01%		-		-		-		-
Gross Expenses to Average Net Assets (b)			1.58%	(f)	1.57%		1.81%		2.56%		1.22%
Net Expenses to Average Net Assets (b)			1.26%	(f)	1.27%		1.35%		1.24%		0.91%	(e)
Net Investment Income (Loss) to
	Average Net Assets (b)(c)		0.07%		0.08%		(0.52)%		0.39%		0.41%	(e)

Portfolio turnover rate			319.85%		268.30%		491.30%		439.72%		284.69%



(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(d)	Calculated using the average shares method.
(e)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.
(f)	Includes interest expense.



See Notes to Financial Statements

Cavalier Growth Opportunities Fund

Financial Highlights
		Class C Shares
For a share outstanding during		May 31,
each of the fiscal years ended			2020		2019		2018		2017	(f)	2016	(f)

Net Asset Value, Beginning of Year		$	14.79	$	16.81	$	14.22	$	11.61	$	13.04

Income (Loss) from Investment Operations:
	Net investment loss (d)		(0.14)		(0.15)		(0.28)		(0.01)		(0.07)
	Net realized and unrealized gain (loss)
	on investments		2.53		(0.89)		2.89		2.65		(1.21)

Total from Investment Operations			2.39		(1.04)		2.61		2.64		(1.28)

Less Distributions From:
	Net investment income		-		(0.82)		(0.02)		(0.03)		-
	Net realized gains		(0.47)		(0.16)		-		-		(0.15)

Total Distributions			(0.47)		(0.98)		(0.02)		(0.03)		(0.15)

Net Asset Value, End of Year		$	16.71	$	14.79	$	16.81	$	14.22	$	11.61

Total Return (a)			16.29%		(5.28)%		18.35%		22.73%		(9.84)%

Net Assets, End of Year (in thousands)		$	1,236	$	1,013	$	1,079	$	871	$	6,160


Ratios of:
Interest Expense to Average Net Assets			0.01%		-		-		-		-
Gross Expenses to Average Net Assets (b)			2.58%	(g)	2.57%		2.81%		2.91%		2.22%
Net Expenses to Average Net Assets (b)			2.25%	(g)	2.27%		2.35%		2.14%		1.84%	(e)
Net Investment Loss to Average
	Net Assets (b)(c)		(0.91)%		(0.94)%		(1.80)%		(0.09)%		(0.56)%	(e)

Portfolio turnover rate			319.85%		268.30%		491.30%		439.72%		284.69%



(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(d)	Calculated using the average shares method.
(e)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.
(f)	As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares. There were no other changes to this class of shares.
(g)	Includes interest expense.

See Notes to Financial Statements

Cavalier Growth Opportunities Fund

Financial Highlights
		Class A Shares
For a share outstanding during the		May 31,
fiscal years or period ended			2020		2019		2018	(h)

Net Asset Value, Beginning of Period		$	8.56	$	10.15	$	10.00

Income (Loss) from Investment Operations:
	Net investment loss (e)		(0.03)		(0.03)		(0.02)
	Net realized and unrealized gain (loss)
	on investments		1.47		(0.58)		0.17

Total from Investment Operations			1.44		(0.61)		0.15

Less Distributions From:
	Net investment income		-		(0.82)		-
	Net realized gains		(0.47)		(0.16)		-

Total Distributions			(0.47)		(0.98)		-

Net Asset Value, End of Period		$	9.53	$	8.56	$	10.15

Total Return (f)(j)			17.06%		(4.45)%		1.50%	(b)

Net Assets, End of Period (in thousands)		$	987	$	367	$	10


Ratios of:
Interest Expense to Average Net Assets			0.01%		-		-
Gross Expenses to Average Net Assets (c)			1.83%	(i)	1.82%		2.00%	(a)
Net Expenses to Average Net Assets (c)			1.51%	(i)	1.52%		1.60%	(a)
Net Investment Loss to Average
	Net Assets (c)(d)		(0.39)%		(0.28)%		(1.59)%	(a)

Portfolio turnover rate			319.85%		268.30%		491.30%	(b)(g)



(a)	Annualized.
(b)	Not annualized.
(c)	Does not include expenses of the investment companies in which the Fund invests.
(d)	Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(e)	Calculated using the average shares method.
(f)	Does not include impact of sales charge, if any.
(g)	Portfolio turnover rate is calculated based on the entire Fund, not the Class A Shares.
(h)	For a share outstanding during the period from April 16, 2018 (Date of Initial Public Investment) through May 31, 2018.
(i)	Includes interest expenses.
(j)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
See Notes to Financial Statements

Cavalier Hedged High Income Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Hedged High Income Fund - Institutional Class Shares versus the Barclays Capital Global High-Yield Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Since

Inception

May 31, 2020

Year

Inception

Date

Institutional Class Shares

3.75%

3.56%

4.12%

09/20/12

Barclays Capital Global High-Yield Index

-1.11%

3.69%

4.29%

N/A

(Continued)

Cavalier Hedged High Income Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 1.95% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Hedged High Income Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Hedged High Income Fund - Class C Shares versus the Barclays Capital Global High-Yield Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Since

Inception

May 31, 2020

Year

Inception

Date

Class C Shares

2.71%

2.50%

3.17%

09/26/12

Barclays Capital Global High-Yield Index

-1.11%

3.69%

4.41%

N/A

(Continued)

Cavalier Hedged High Income Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 2.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 2.95% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Hedged High Income Fund

Schedule of Investments

As of May 31, 2020

						Shares		Value (Note 1)

EXCHANGE-TRADED PRODUCT - 69.94%

	Debt Fund - 69.94%
		Goldman Sachs Access High Yield Corporate Bond ETF				264,387	$	12,557,431

		Total Exchange-Traded Product (Cost $12,512,772)						12,557,431

OPEN-END FUND - 16.05%

	Debt Fund - 16.05%
		Vanguard High Yield Corporate Fund				512,704		2,881,397

		Total Open-End Fund (Cost $2,825,000)						2,881,397

SHORT-TERM INVESTMENT - 13.70%
	§	Fidelity Investments Money Market Government Portfolio -
		Class I, 0.05%				2,459,143		2,459,143

		Total Short-Term Investment (Cost $2,459,143)						2,459,143

Investments, at Value (Cost $17,796,915) - 99.69%							$	17,897,971

Other Assets Less Liabilities - 0.31%								56,389

	Net Assets - 100.00%						$	17,954,360

§	Represents 7 day effective yield



			Summary of Investments

				% of Net Assets		Value
			Exchange-Traded Product	69.94%	$	12,557,431
			Open-End Fund	16.05%		2,881,397
			Short-Term Investment	13.70%		2,459,143
			Other Assets Less Liabilities	0.31%		56,389
			Total Net Assets	100.00%	$	17,954,360










See Notes to Financial Statements

Cavalier Hedged High Income Fund

Statement of Assets and Liabilities

As of May 31, 2020

Assets:
	Investments, at value (cost $17,796,915)		$	17,897,971
	Receivables:
		Dividends		3,513
		Fund shares purchased		42,536
		Due from Advisor		8,500
	Prepaid expenses:
		Registration and filing expenses		22,925
		Insurance expenses		4,008
		Fund accounting fees		2,561
		Compliance fees		45

	Total assets			17,982,059

Liabilities:
	Payables:
		Fund share repurchased		509
	Accrued expenses:
		Professional fees		17,802
		Trustee fees and meeting expenses		4,324
		Shareholder fulfillment fees		3,903
		Administration fees		407
		Distribution and service fees - Class C Shares		390
		Miscellaneous expenses		257
		Security pricing fees		94
		Custody fees		13

	Total liabilities			27,699

Net Assets			$	17,954,360

Net Assets Consist of:
	Paid in capital		$	20,614,279
	Accumulated deficit			(2,659,919)

	Total Net Assets		$	17,954,360

Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				1,802,030
	Net Assets		$	17,451,929
	Net Asset Value, Offering Price and Redemption Price Per Share		$	9.68

Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				52,330
	Net Assets		$	502,431
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	9.60

(a)	Contingent deferred sales charge for Class C Shares is imposed on proceeds redeemed within one year of the purchase date (note 1).




See Notes to Financial Statements

Cavalier Hedged High Income Fund

Statement of Operations

For the fiscal year ended May 31, 2020

Investment Income:
	Dividends	$	1,003,808

	Total Investment Income		1,003,808

Expenses:
	Advisory fees (note 2)		214,674
	Registration and filing expenses		46,779
	Professional fees		40,452
	Fund accounting fees (note 2)		35,344
	Transfer agent fees (note 2)		27,000
	Administration fees (note 2)		26,264
	Trustee fees and meeting expenses (note 3)		19,303
	Shareholder fulfillment fees		18,211
	Custody fees (note 2)		6,632
	Distribution and service fees - Class C Shares (note 4)		5,909
	Compliance fees (note 2)		3,191
	Security pricing fees		2,707
	Miscellaneous expenses (note 2)		2,057
	Insurance fees		1,849

	Total Expenses		450,372

	Fees waived by Advisor (note 2)		(176,657)

	Net Expenses		273,715

Net Investment Income			730,093

Realized and Unrealized Gain on Investments:

	Net realized gain from investment transactions		18,533
	Net change in unrealized appreciation on investments		124,012

Realized and Unrealized Gain on Investments			142,545

Net Increase in Net Assets Resulting from Operations		$	872,638











See Notes to Financial Statements

Cavalier Hedged High Income Fund


For the fiscal year ended May 31,							2020		2019

Operations:
	Net investment income					$	730,093	$	1,245,422
	Net realized gain (loss) from investment transactions						18,533		(875,319)
	Net change in unrealized appreciation on investments						124,012		452,037

Net Increase in Net Assets Resulting from Operations							872,638		822,140

Distributions to Shareholders:
		Institutional Class Shares					(709,393)		(1,402,632)
		Class C Shares					(13,541)		(31,534)

Net Decrease in Net Assets Resulting from Distributions							(722,934)		(1,434,166)

Beneficial Interest Transactions:
	Shares sold						2,757,489		4,287,596
	Reinvested dividends and distributions						273,521		458,040
	Shares repurchased						(10,336,982)		(13,301,177)

Net Decrease from Beneficial Interest Transactions							(7,305,972)		(8,555,541)

Net Decrease in Net Assets							(7,156,268)		(9,167,567)

Net Assets:
	Beginning of Year						25,110,628		34,278,195
	End of Year					$	17,954,360	$	25,110,628


Share Information:			May 31, 2020				May 31, 2019
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	282,421	$	2,757,489		439,329	$	4,279,832
		Reinvested dividends and distributions	26,593		259,980		44,118		426,506
		Shares repurchased	(1,036,620)		(10,149,243)		(1,316,291)		(12,685,212)
	Net Decrease in Shares of
		Beneficial Interest	(727,606)	$	(7,131,774)		(832,844)	$	(7,978,874)

	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	-	$	-		817	$	7,764
		Reinvested dividends and distributions	1,398		13,541		3,291		31,534
		Shares repurchased	(19,128)		(187,739)		(64,085)		(615,965)
	Net Decrease in Shares of
		Beneficial Interest	(17,730)	$	(174,198)		(59,977)	$	(576,667)









See Notes to Financial Statements

Cavalier Hedged High Income Fund

Financial Highlights
			Institutional Class Shares
For a share outstanding during			May 31,
each of the fiscal years ended				2020		2019		2018		2017		2016

Net Asset Value, Beginning of Year			$	9.66	$	9.82	$	10.20	$	9.25	$	9.63

Income (Loss) from Investment Operations
	Net investment income (d)			0.34		0.39		0.42		0.27		0.27
	Net realized and unrealized gain (loss)
		on investments		0.02		(0.10)		(0.37)		0.88		(0.41)

Total from Investment Operations				0.36		0.29		0.05		1.15		(0.14)

Less Distributions From:
	Net investment income			(0.34)		(0.45)		(0.43)		(0.20)		(0.20)
	Net realized gains			-		-		-		-		(0.04)

Total Distributions				(0.34)		(0.45)		(0.43)		(0.20)		(0.24)

Net Asset Value, End of Year			$	9.68	$	9.66	$	9.82	$	10.20	$	9.25

Total Return (a)				3.75%		3.02%		0.52%		12.45%		(1.40)%

Net Assets, End of Year (in thousands)			$	17,452	$	24,440	$	33,016	$	4,789	$	7,392

Ratios of:
Gross Expenses to Average Net Assets (b)				2.07%		1.65%		2.88%		4.06%		2.00%
Net Expenses to Average Net Assets (b)				1.25%		1.25%		1.25%		1.40%		1.01%	(e)
Net Investment Income to Average Net Assets (b)(c)				3.43%		3.99%		4.18%		2.77%		2.89%	(e)

Portfolio turnover rate				136.88%		81.99%		13.23%		184.78%		327.01%


(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(d)	Calculated using the average shares method.
(e)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.








See Notes to Financial Statements

Cavalier Hedged High Income Fund

Financial Highlights
			Class C Shares
For a share outstanding during			May 31,
each of the fiscal years ended				2020		2019		2018		2017	(f)	2016	(f)

Net Asset Value, Beginning of Year			$	9.57	$	9.71	$	10.09	$	9.22	$	9.67

Income (Loss) from Investment Operations
	Net investment income (d)			0.24		0.29		0.35		0.19		0.01
	Net realized and unrealized gain (loss)
		on investments		0.02		(0.10)		(0.40)		0.86		(0.26)

Total from Investment Operations				0.26		0.19		(0.05)		1.05		(0.25)

Less Distributions From:
	Net investment income			(0.23)		(0.33)		(0.33)		(0.18)		(0.16)
	Net realized gains			-		-		-		-		(0.04)

Total Distributions				(0.23)		(0.33)		(0.33)		(0.18)		(0.20)

Net Asset Value, End of Year			$	9.60	$	9.57	$	9.71	$	10.09	$	9.22

Total Return (a)				2.71%		1.99%		(0.50)%		11.38%		(2.53)%

Net Assets, End of Year (in thousands)			$	502	$	670	$	1,263	$	1,515	$	850

Ratios of:
Gross Expenses to Average Net Assets (b)				3.07%		2.65%		4.54%		5.48%		3.00%
Net Expenses to Average Net Assets (b)				2.25%		2.25%		2.25%		2.37%		2.21%	(e)
Net Investment Income to Average Net Assets (b)(c)				2.44%		3.01%		3.52%		1.93%		0.08%	(e)

Portfolio turnover rate				136.88%		81.99%		13.23%		184.78%		327.01%


(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(d)	Calculated using the average shares method.
(e)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.
(f)	As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares. There were no other changes to this class of shares.







See Notes to Financial Statements

Cavalier Tactical Economic Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Tactical Economic Fund - Institutional Class Shares versus the S&P 500 Total Return Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Since

Inception

May 31, 2020

Year

Inception

Date

Institutional Class Shares

-2.84%

2.97%

5.58%

09/20/12

S&P 500 Total Return Index

12.84%

10.29%

12.35%

N/A

(Continued)

Cavalier Tactical Economic Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 2.82% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Tactical Economic Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Tactical Economic Fund - Class C Shares versus the S&P 500 Total Return Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Since

Inception

May 31, 2020

Year

Inception

Date

Class C Shares

-3.92%

1.97%

4.68%

09/26/12

S&P 500 Total Return Index

12.84%

10.29%

12.65%

N/A

(Continued)

Cavalier Tactical Economic Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 2.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 3.84% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Tactical Economic Fund - Class A Shares

Performance Update (Unaudited)

For the period from October 18, 2018 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment ($9,550 with 4.50% sales load) and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Tactical Economic Fund - Class A Shares versus the S&P 500 Total Return Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Since

Inception

May 31, 2020

Year

Inception

Date

Class A Shares

-2.96%

-1.95%

10/18/18

Class A Shares - 4.50% Maximum Sales Load

-7.33%

-9.06%

N/A

S&P 500 Total Return Index

12.84%

8.23%

N/A

(Continued)

Cavalier Tactical Economic Fund - Class A Shares

Performance Update (Unaudited)

For the period from October 18, 2018 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.50% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 3.13% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Tactical Economic Fund

Schedule of Investments

As of May 31, 2020

						Shares		Value (Note 1)

EXCHANGE-TRADED PRODUCTS - 75.86%

	Equity - 2.26%
	*	ProShares Ultra VIX Short-Term Futures ETF				10,850	$	364,234

	Fixed Income - 14.31%
		iShares 1-3 Year Treasury Bond ETF				26,572		2,302,730

	Large-Cap - 42.22%
		Invesco QQQ Trust				14,965		3,492,232
		iShares Core S&P 500 ETF				5,723		1,746,545
		iShares Edge MSCI Minimum Volatility ETF				25,214		1,553,687
								6,792,464
	Mid-Cap - 11.80%
		iShares Core S&P Mid-Cap ETF				10,775		1,897,693

	Small-Cap - 5.27%
		iShares Russell 2000 ETF				6,100		847,290

		Total Exchange-Traded Products (Cost $10,988,438)						12,204,411

SHORT-TERM INVESTMENT - 29.20%
	§	Fidelity Investments Money Market Government Portfolio -
		Class I, 0.05%				4,698,796		4,698,796

		Total Short-Term Investment (Cost $4,698,796)						4,698,796

Investments, at Value (Cost $15,687,234) - 105.06%							$	16,903,207

Liabilities in Excess of Other Assets - (5.06)%								(814,469)

	Net Assets - 100.00%						$	16,088,738

§	Represents 7 day effective yield
*	Non income-producing investment
			Summary of Investments
			by Sector
				% of Net Assets		Value
			Exchange-Traded Products:
			Equity	2.26%	$	364,234
			Fixed Income	14.31%		2,302,730
			Large-Cap	42.22%		6,792,464
			Mid-Cap	11.80%		1,897,693
			Small-Cap	5.27%		847,290
			Short-Term Investment	29.20%		4,698,796
			Liabilities in Excess of Other Assets	-5.06%		(814,469)
			Total Net Assets	100.00%	$	16,088,738

See Notes to Financial Statements

Cavalier Tactical Economic Fund

Statement of Assets and Liabilities

As of May 31, 2020

Assets:
	Investments, at value (cost $15,687,234)		$	16,903,207
	Receivables:
		Dividends		469
		Fund shares sold		46,423
		Due from Advisor		11,290
	Prepaid expenses:
		Registration and filing expenses		21,007
		Insurance expenses		3,250
		Fund accounting fees		3,152
		Compliance fees		78
		Security pricing fees		29

	Total assets			16,988,905

Liabilities:
	Payables:
		Investments purchased		870,495
	Accrued expenses:
		Professional fees		16,668
		Trustee fees and meeting expenses		5,825
		Shareholder fulfillment fees		4,542
		Custody fees		1,369
		Distribution and service fees - Class C and Class A Shares		605
		Administration fees		406
		Miscellaneous expenses		257

	Total liabilities			900,167

Total Net Assets			$	16,088,738

Net Assets Consist of:
	Paid in capital		$	17,446,248
	Accumulated deficit			(1,357,510)

Total Net Assets			$	16,088,738

Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				1,350,403
	Net Assets		$	15,339,348
	Net Asset Value, Offering Price and Redemption Price Per Share		$	11.36

Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				69,661
	Net Assets		$	741,526
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	10.64

Class A Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				1,016
	Net Assets		$	7,864
	Net Asset Value and Redemption Price Per Share		$	7.74
	Maximum Offering Price Per Share ($7.74 ÷ 95.50%)(b)			8.10

(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
(b)	The Fund charges a 4.50% maximum sales load on all initial purchases.

See Notes to Financial Statements

Cavalier Tactical Economic Fund

Statement of Operations

For the fiscal year ended May 31, 2020

Investment Income:
	Dividends	$	314,481

	Total Investment Income		314,481

Expenses:
	Advisory fees (note 2)		167,968
	Professional fees		46,394
	Registration and filing expenses		45,852
	Fund accounting fees (note 2)		40,785
	Transfer agent fees (note 2)		33,000
	Administration fees (note 2)		26,072
	Shareholder fulfillment fees		22,326
	Trustee fees and meeting expenses (note 3)		20,805
	Distribution and service fees - Class C Shares (note 4)		8,367
	Custody fees (note 2)		6,950
	Compliance fees (note 2)		3,158
	Insurance fees		2,252
	Miscellaneous expenses (note 2)		2,057
	Security pricing fees		1,923
	Distribution and service fees - Class A Shares (note 4)		54

	Total Expenses		427,963

	Fees waived and reimbursed by Advisor (note 2)		(209,583)

	Net Expenses		218,380

Net Investment Income			96,101

Realized and Unrealized Gain (Loss) on Investments:

	Net realized loss from investment transactions		(2,531,822)
	Net change in unrealized appreciation on investments		1,467,496

Net Realized and Unrealized Loss on Investments			(1,064,326)

Net Decrease in Net Assets Resulting from Operations		$	(968,225)










See Notes to Financial Statements

Cavalier Tactical Economic Fund

Statements of Changes in Net Assets

For the fiscal year ended May 31,							2020		2019

Operations:
	Net investment income					$	96,101	$	85,112
	Net realized gain (loss) from investment transactions						(2,531,822)		1,043,773
	Net change in unrealized appreciation (depreciation) on investments						1,467,496		(1,101,998)

Net Increase (Decrease) in Net Assets Resulting from Operations							(968,225)		26,887

Distributions to Shareholders:
		Institutional Class Shares					(213,808)		(1,826,607)
		Class C Shares					(3,740)		(110,557)
		Class A Shares					(452)		(2,848)

Net Decrease in Net Assets Resulting from Distributions							(218,000)		(1,940,012)

Beneficial Interest Transactions:
	Shares sold						6,163,783		9,679,176
	Reinvested dividends and distributions						181,034		1,484,636
	Shares repurchased						(4,679,482)		(3,940,082)

Net Increase from Beneficial Interest Transactions							1,665,335		7,223,730

Net Increase in Net Assets							479,110		5,310,605

Net Assets:
	Beginning of Year						15,609,628		10,299,023
	End of Year					$	16,088,738	$	15,609,628


Share Information:			May 31, 2020				May 31, 2019
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	485,735	$	6,146,769		729,098	$	9,379,569
		Reinvested dividends and distributions	13,407		176,842		123,757		1,371,231
		Shares repurchased	(396,760)		(4,615,724)		(298,386)		(3,737,778)
	Net Increase in Shares of
		Beneficial Interest	102,382	$	1,707,887		554,469	$	7,013,022

	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	748	$	8,667		21,759	$	273,823
		Reinvested dividends and distributions	301		3,740		10,580		110,557
		Shares repurchased	(4,503)		(48,722)		(15,145)		(193,113)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(3,454)	$	(36,315)		17,194	$	191,267

	Class A Shares		Shares		Amount		Shares (a)		Amount (a)
		Shares sold	1,000	$	8,347		2,586	$	25,784
		Reinvested dividends and distributions	50		452		375		2,848
		Shares repurchased	(2,032)		(15,036)		(963)		(9,191)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(982)	$	(6,237)		1,998	$	19,441


(a)	For the period from October 18, 2018 (Date of Initial Public Investment) through May 31, 2019.


See Notes to Financial Statements

Cavalier Tactical Economic Fund

Financial Highlights
			Institutional Class Shares
For a share outstanding during			May 31,
each of the fiscal years ended				2020		2019		2018		2017		2016

Net Asset Value, Beginning of Year			$	11.84	$	13.79	$	12.30	$	11.00	$	12.09

Income (Loss) from Investment Operations:
	Net investment income (loss) (c)			0.08		0.09		0.02		(0.01)		(0.00)	(e)
	Net realized and unrealized gain (loss)
		on investments		(0.39)		(0.29)		1.68		1.31		(0.71)

Total from Investment Operations				(0.31)		(0.20)		1.70		1.30		(0.71)

Less Distributions From:
	Net investment income			(0.17)		(0.04)		-		-		-
	Net realized gains			-		(1.71)		(0.21)		-		(0.38)

Total Distributions				(0.17)		(1.75)		(0.21)		-		(0.38)

Net Asset Value, End of Year			$	11.36	$	11.84	$	13.79	$	12.30	$	11.00

Total Return (f)				(2.84)%		(0.55)%		13.87%		11.82%		(5.89)%

Net Assets, End of Year (in thousands)			$	15,339	$	14,781	$	9,562	$	9,178	$	3,920

Ratios of:
Gross Expenses to Average Net Assets (a)				2.50%		2.65%		3.08%		4.87%		3.92%
Net Expenses to Average Net Assets (a)				1.25%		1.25%		1.25%		1.41%		1.20%	(d)
Net Investment Income (Loss) to Average
	Net Assets (a)(b)			0.62%		0.70%		0.18%		(0.09)%		(0.02)%	(d)

Portfolio turnover rate				141.55%		159.92%		163.22%		190.49%		173.62%



(a)	Does not include expenses of the investment companies in which the Fund invests.
(b)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(c)	Calculated using the average shares method.
(d)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.
(e)	Less than $0.01 per share.
(f)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.





See Notes to Financial Statements

Cavalier Tactical Economic Fund

Financial Highlights
			Class C Shares
For a share outstanding during			May 31,
each of the fiscal years ended				2020		2019		2018		2017	(e)	2016	(e)

Net Asset Value, Beginning of Year			$	11.12	$	13.18	$	11.88	$	10.73	$	11.91

Income (Loss) from Investment Operations:
	Net investment loss (c)			(0.04)		(0.03)		(0.10)		(0.12)		(0.12)
	Net realized and unrealized gain (loss)
		on investments		(0.39)		(0.28)		1.61		1.27		(0.68)

Total from Investment Operations				(0.43)		(0.31)		1.51		1.15		(0.80)

Less Distributions From:
	Net investment income			(0.05)		(0.04)		-		-		-
	Net realized gains			-		(1.71)		(0.21)		-		(0.38)

Total Distributions				(0.05)		(1.75)		(0.21)		-		(0.38)

Net Asset Value, End of Year			$	10.64	$	11.12	$	13.18	$	11.88	$	10.73

Total Return (f)				(3.92)%		(1.47)%		12.75%		10.72%		(6.75)%

Net Assets, End of Year (in thousands)			$	742	$	813	$	737	$	643	$	381

Ratios of:
Gross Expenses to Average Net Assets (a)				3.53%		3.67%		4.09%		5.85%		5.25%
Net Expenses to Average Net Assets (a)				2.25%		2.25%		2.25%		2.44%		2.27%	(d)
Net Investment Loss to Average
	Net Assets (a)(b)			(0.33)%		(0.25)%		(0.82)%		(1.06)%		(1.05)%	(d)

Portfolio turnover rate				141.55%		159.92%		163.22%		190.49%		173.62%



(a)	Does not include expenses of the investment companies in which the Fund invests.
(b)	Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(c)	Calculated using the average shares method.
(d)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.
(e)	As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares. There were no other changes to this class of shares.
(f)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.




See Notes to Financial Statements

Cavalier Tactical Economic Fund

Financial Highlights
			Class A Shares
For a share outstanding during			May 31,
the fiscal year or period ended			2020			2019	(h)

Net Asset Value, Beginning of Period			$	8.11	$	10.00

Income (Loss) from Investment Operations:
	Net investment income (c)			0.04		0.02
	Net realized and unrealized (gain) loss
		on investments		(0.26)		(0.16)

Total from Investment Operations				(0.22)		(0.14)

	Less Distributions From:
		Net investment income		(0.15)		(0.04)
		Net realized gains		-		(1.71)

Total Distributions				(0.15)		(1.75)

Net Asset Value, End of Period			$	7.74	$	8.11

Total Return (g)(i)				(2.96)%		(0.18)%	(e)

Net Assets, End of Period (in thousands)			$	8	$	16

Ratios of:
Gross Expenses to Average Net Assets (a)				2.83%		2.96%	(d)
Net Expenses to Average Net Assets (a)				1.50%		1.50%	(d)
Net Investment Income to Average
	Net Assets (a)(b)			0.52%		0.43%	(d)

Portfolio turnover rate (f)				141.55%		159.92%	(e)



(a)	Does not include expenses of the investment companies in which the Fund invests.
(b)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(c)	Calculated using the average shares method.
(d)	Annualized.
(e)	Not annualized.
(f)	Portfolio turnover rate is calculated based on the entire Fund, not the Class A Shares.
(g)	Does not include impact of sales charge, if any.
(h)	For a share outstanding during the period from October 18, 2018 (Date of Initial Public Investment) through May 31, 2019.
(i)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.



See Notes to Financial Statements

Cavalier Tactical Rotation Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Tactical Rotation Fund - Institutional Class Shares versus the S&P 500 Total Return Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Since

Inception

May 31, 2020

Year

Inception

Date

Institutional Class Shares

-7.98%

0.66%

4.51%

09/20/12

S&P 500 Total Return Index

12.84%

10.29%

12.31%

N/A

(Continued)

Cavalier Tactical Rotation Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 1.47% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Tactical Rotation Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Tactical Rotation Fund - Class C Shares versus the S&P 500 Total Return Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Five

Since

Inception

May 31, 2020

Year

Inception

Date

Class C Shares

-8.96%

-0.35%

3.62%

09/26/12

S&P 500 Total Return Index

12.84%

10.29%

12.61%

N/A

(Continued)

Cavalier Tactical Rotation Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 2.25% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 2.47% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Tactical Rotation Fund - Class A Shares

Performance Update (Unaudited)

For the period from April 2, 2018 (Date of Initial Public Investment) through May 31, 2020

Comparison of the Change in Value of a $10,000 Investment

The graph above assumes an initial $10,000 investment ($9,550 with 4.50% sales load) and the reinvestment of dividends and capital gains distributions. This graph depicts the performance of Cavalier Tactical Rotation Fund - Class A Shares versus the S&P 500 Total Return Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

As of

One

Since

Inception

May 31, 2020

Year

Inception

Date

Class A Shares - No Sales Load

-8.17%

-3.34%

04/02/18

Class A Shares - 4.50% Maximum Sales Load

-8.02%

-5.44%

04/02/18

S&P 500 Total Return Index

12.84%

10.12%

N/A

(Continued)

Cavalier Tactical Rotation Fund - Class A Shares

Performance Update (Unaudited)

For the period from April 2, 2018 (Date of Initial Public Investment) through May 31, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Advisor has entered into an Expense Limitation Agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 1.50% of the average daily net assets of the Fund through September 30, 2020. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Advisor may be reimbursed by the Fund for fees waived and expenses reimbursed by the Advisor pursuant to the Expense Limitation Agreement. Without the waiver, the expenses would be 1.72% per the Fund’s most recent prospectus dated October 1, 2019. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

Cavalier Tactical Rotation Fund

Schedule of Investments

As of May 31, 2020

						Shares		Value (Note 1)

EXCHANGE-TRADED PRODUCTS - 79.64%

	Consumer Staples - 10.87%
		Consumer Staples Select Sector SPDR Fund				37,114	$	2,198,262

	Futures - 13.33%
	*	VelocityShares Daily 2x VIX Short-Term ETN				19,000		2,697,810

	Health Care - 4.53%
		iShares Nasdaq Biotechnology ETF				6,807		917,175

	Information Technology - 21.42%
		Technology Select Sector SPDR Fund				28,562		2,798,219
		Vanguard Information Technology ETF				5,890		1,537,467
								4,335,686
	Large-Cap - 29.49%
		Invesco QQQ ETF				18,765		4,379,001
		iShares Edge MSCI Minimum Volatility USA ETF				25,818		1,590,905
								5,969,906

		Total Exchange-Traded Products (Cost $14,672,408)						16,118,839

SHORT-TERM INVESTMENT - 28.23%
	§	Fidelity Investments Money Market Government Portfolio -
		Institutional Class, 0.05%				5,714,564		5,714,564

		Total Short-Term Investment (Cost $5,714,564)						5,714,564

Investments, at Value (Cost $20,386,972) - 107.87%							$	21,833,403

Liabilities in Excess of Other Assets - (7.87)%								(1,592,866)

	Net Assets - 100.00%						$	20,240,537

	*	Non income-producing investment
	§	Represents 7 day effective yield as of May 31, 2020

			Summary of Investments

				% of Net Assets		Value
			Exchange-Traded Products	79.64%	$	16,118,839
			Short-Term Investment	28.23%		5,714,564
			Liabilities in Excess of Other Assets	-7.87%		(1,592,866)
			Total Net Assets	100.00%	$	20,240,537



See Notes to Financial Statements

Cavalier Tactical Rotation Fund

Statement of Assets and Liabilities

As of May 31, 2020

Assets:
	Investments, at value (cost $20,386,972)		$	21,833,403
	Receivables:
		Fund shares sold		9,158
		Dividends		452
		Due from Advisor		16,500
	Prepaid expenses:
		Registration and filing expenses		20,133
		Insurance expenses		3,596
		Fund accounting fees		3,183

	Total assets			21,886,425

Liabilities:
	Due to custodian			453,211
	Payables:
		Investments purchased		1,162,337
	Accrued expenses:
		Professional fees		17,387
		Trustee fees and meeting expenses		4,330
		Shareholder fulfillment fees		4,069
		Custody fees		2,261
		Interest expense		789
		Distribution and service fees - Class C Shares and Class A Shares		703
		Compliance fees		387
		Miscellaneous expenses		188
		Administration fees		168
		Security pricing fees		58

	Total liabilities			1,645,888

Total Net Assets			$	20,240,537

Net Assets Consist of:
	Paid in capital		$	28,306,538
	Accumulated deficit			(8,066,001)

Total Net Assets			$	20,240,537

Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				1,830,020
	Net Assets		$	19,026,541
	Net Asset Value, Offering Price and Redemption Price Per Share		$	10.40

Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				113,258
	Net Assets		$	1,106,603
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	9.77

Class A Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				14,379
	Net Assets		$	107,393
	Net Asset Value and Redemption Price Per Share		$	7.47
	Maximum Offering Price Per Share ($7.47 ÷ 95.50%)(b)		$	7.82
(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
(b)	The Fund charges a 4.50% maximum sales load on all initial purchases.

See Notes to Financial Statements

Cavalier Tactical Rotation Fund

Statement of Operations

For the fiscal year ended May 31, 2020

Investment Income:
	Dividends	$	693,981

	Total Investment Income		693,981

Expenses:
	Advisory fees (note 2)		399,481
	Registration and filing expenses		52,627
	Fund accounting fees (note 2)		43,100
	Administration fees (note 2)		42,799
	Professional fees		41,175
	Transfer agent fees (note 2)		34,240
	Shareholder fulfillment fees		33,810
	Custody fees (note 2)		24,081
	Trustee fees and meeting expenses (note 3)		19,309
	Distribution and service fees - Class C Shares (note 4)		16,273
	Compliance fees (note 2)		15,373
	Insurance expenses		4,123
	Security pricing fees		2,690
	Miscellaneous expenses (note 2)		1,988
	Interest expense		1,282
	Distribution and service fees - Class A Shares (note 4)		402

	Total Expenses		732,753

	Fees waived by Advisor (note 2)		(215,409)

	Net Expenses		517,344

Net Investment Income			176,637

Realized and Unrealized Gain (Loss) on Investments:

	Net realized loss from investment transactions		(1,773,728)
	Net change in unrealized appreciation on investments		890,097

Net Realized and Unrealized Loss on Investments			(883,631)

Net Decrease in Net Assets Resulting from Operations		$	(706,994)










See Notes to Financial Statements

Cavalier Tactical Rotation Fund

Statements of Changes in Net Assets

For the fiscal year ended May 31,						2020		2019

Operations:
	Net investment income					$	176,637	$	1,158,165
	Net realized gain (loss) from investment transactions					(1,773,728)		2,702,316
	Net change in unrealized appreciation (depreciation) on investments					890,097		(11,024,131)

Net Decrease in Net Assets Resulting from Operations						(706,994)		(7,163,650)

Distributions to Shareholders:
	Institutional Class Shares					(899,006)		(14,746,142)
	Class C Shares					(26,127)		(272,011)
	Class A Shares					(5,867)		(22,986)

Net Decrease in Net Assets Resulting from Distributions						(931,000)		(15,041,139)

Beneficial Interest Transactions:
	Shares sold					7,651,188		28,468,690
	Reinvested dividends and distributions					897,756		11,863,603
	Shares repurchased					(60,649,474)		(75,942,180)

Decrease from Beneficial Interest Transactions						(52,100,530)		(35,609,887)

Net Decrease in Net Assets						(53,738,524)		(57,814,676)

Net Assets:
	Beginning of Year					73,979,061		131,793,737
	End of Year					$	20,240,537	$	73,979,061


Share Information:			May 31, 2020			May 31, 2019
	Institutional Class Shares		Shares	Amount		Shares		Amount
		Shares sold	657,769	$	7,633,434	2,085,624		$	27,901,931
		Reinvested dividends and distributions	70,525	866,047		1,102,956		11,570,005
		Shares repurchased	(5,072,896)	(59,675,291)		(6,389,589)		(75,002,169)
	Net Decrease in Shares of
		Beneficial Interest	(4,344,602)		(51,175,810)	(3,201,009)		$	(35,530,233)
	Class C Shares		Shares	Amount		Shares		Amount
		Shares sold	866	$	9,412	24,582		$	327,660
		Reinvested dividends and distributions	2,254	26,127		27,476		272,011
		Shares repurchased	(79,278)	(870,559)		(68,762)		(876,107)
	Net Decrease in Shares of
		Beneficial Interest	(76,158)	$	(835,020)	(16,704)		$	(276,436)
	Class A Shares		Shares	Amount		Shares		Amount
		Shares sold	1,016	$	8,342	24,642		$	239,099
		Reinvested dividends and distributions	632	5,582		2,833			21,587
		Shares repurchased	(12,844)	(103,624)		(6,400)			(63,904)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(11,196)	$	(89,700)	21,075		$	196,782



See Notes to Financial Statements

Cavalier Tactical Rotation Fund

Financial Highlights
			Institutional Class Shares
For a share outstanding during			May 31,
each of the fiscal years ended				2020		2019		2018		2017		2016

Net Asset Value, Beginning of Year			$	11.61	$	13.76	$	12.78	$	11.26	$	12.23

Income (Loss) from Investment Operations:
	Net investment income (loss)(d)			0.06		0.13		0.09		0.08		(0.00)	(f)
	Net realized and unrealized gain (loss)
		on investments		(0.94)		(0.75)		0.97		1.44		(0.66)

Total from Investment Operations				(0.88)		(0.62)		1.06		1.52		(0.66)

Less Distributions From:
	Net investment income			(0.33)		(0.10)		(0.08)		-		-
	Net realized gains			-		(1.43)		-		-		(0.31)

Total Distributions				(0.33)		(1.53)		(0.08)		-		(0.31)

Net Asset Value, End of Year			$	10.40	$	11.61	$	13.76	$	12.78	$	11.26

Total Return (a)				(7.98)%		(3.38)%		8.28%		13.50%		(5.41)%

Net Assets, End of Year (in thousands)			$	19,027	$	71,697	$	129,034	$	89,872	$	81,866

Ratios of:
Interest Expense to Average Net Assets				0.00%	(g)	-		-		-		-
Gross Expenses to Average Net Assets (b)				1.80%		1.34%		1.30%		1.41%		1.42%
Net Expenses to Average Net Assets (b)				1.25%		1.25%		1.25%		1.40%		1.26%	(e)
Net Investment Income (Loss) to Average
	Net Assets (b)(c)			0.49%		1.03%		0.66%		0.64%		(0.03)%	(e)

Portfolio turnover rate				624.45%		379.14%		80.28%		166.56%		633.50%




(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(d)	Calculated using the average shares method.
(e)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.
(f)	Less than $0.01 per share.
(g)	Less than 0.01% of net assets.


See Notes to Financial Statements

Cavalier Tactical Rotation Fund

Financial Highlights
			Class C Shares
For a share outstanding during			May 31,
each of the fiscal years ended				2020		2019		2018		2017	(f)	2016	(f)

Net Asset Value, Beginning of Year			$	10.91	$	13.16	$	12.36	$	10.99	$	12.06

Income (Loss) from Investment Operations:
	Net investment loss (d)			(0.06)		(0.01)		(0.04)		(0.02)		(0.11)
	Net realized and unrealized gain (loss)
		on investments		(0.89)		(0.71)		0.92		1.39		(0.65)

Total from Investment Operations				(0.95)		(0.72)		0.88		1.37		(0.76)

Less Distributions From:
	Net investment income			(0.19)		(0.10)		(0.08)		-		-
	Net realized gains			-		(1.43)		-		-		(0.31)

Total Distributions				(0.19)		(1.53)		(0.08)		-		(0.31)

Net Asset Value, End of Year			$	9.77	$	10.91	$	13.16	$	12.36	$	10.99

Total Return (a)				(8.96)%		(4.35)%		7.10%		12.47%		(6.33)%

Net Assets, End of Year (in thousands)			$	1,107	$	2,066	$	2,713	$	2,076	$	7,823

Ratios of:
Interest Expense to Average Net Assets				0.00%	(g)	-		-		-		-
Gross Expenses to Average Net Assets (b)				2.80%		2.34%		2.30%		2.41%		2.41%
Net Expenses to Average Net Assets (b)				2.25%		2.25%		2.25%		2.40%		2.25%	(e)
Net Investment Loss to Average
	Net Assets (b)(c)			(0.53)%		(0.10)%		(0.32)%		(0.14)%		(0.99)%	(e)

Portfolio turnover rate				624.45%		379.14%		80.28%		166.56%		633.50%




(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(d)	Calculated using the average shares method.
(e)	Includes reimbursement of acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015. Expense limitation agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.
(f)	As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares. There were no other changes to this class of shares.
(g)	Less than 0.01% of net assets.

See Notes to Financial Statements

Cavalier Tactical Rotation Fund

Financial Highlights
		Class A Shares
For a share outstanding during each		May 31,
of the fiscal years or period ended			2020		2019		2018	(i)

Net Asset Value, Beginning of Period		$	8.42	$	10.49	$	10.00

Income from Investment Operations:
	Net investment income (loss) (f)		0.02		0.05		(0.02)
	Net realized and unrealized gain (loss) on investments		(0.66)		(0.59)		0.51

Total from Investment Operations			(0.64)		(0.54)		0.49

Less Distributions From:
	Net investment income		(0.31)		(0.10)		-
	Net realized gains		-		(1.43)		-

Total Distributions			(0.31)		(1.53)		-

Net Asset Value, End of Period		$	7.47	$	8.42	$	10.49

Total Return (c)(g)			(8.17)%		(3.69)%		4.90%	(b)

Net Assets, End of Period (in thousands)		$	107	$	215	$	47


Ratios of:
Interest Expense to Average Net Assets			0.00%	(j)	-		-
Gross Expenses to Average Net Assets (d)			2.05%		1.59%		1.61%	(a)
Net Expenses to Average Net Assets (d)			1.50%		1.50%		1.50%	(a)
Net Investment Income (Loss) to Average Net Assets (d)(e)			0.23%		0.55%		(1.49)%	(a)

Portfolio turnover rate			624.45%		379.14%		80.28%	(b)(h)

(a)	Annualized.
(b)	Not annualized.
(c)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(d)	Does not include expenses of the investment companies in which the Fund invests.
(e)	Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	Calculated using the average shares method.
(g)	Does not include impact of sales charge, if any.
(h)	Portfolio turnover rate is calculated based on the entire Fund, not the Class A Shares.
(i)	For a share outstanding during the period from April 2, 2018 (Date of Initial Public Investment) through May 31, 2018.
(j)	Less than 0.01% of net assets.




See Notes to Financial Statements

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

1.	Organization and Significant Accounting Policies

The Cavalier Funds (“Funds”) are series of the Starboard Investment Trust (“Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Each Fund is a separate, diversified series of the Trust.

The Cavalier Adaptive Income Fund seeks to achieve its investment objective of total return by investing primarily in fixed income securities.

The Cavalier Fundamental Growth Fund seeks to achieve its investment objective of capital appreciation by principally investing in stocks that the portfolio manager believes to have above-average growth potential relative to their peers.

The Cavalier Growth Opportunities Fund seeks to achieve its investment objective of capital appreciation by investing in exchange-traded funds (“ETFs”) that are registered under the 1940 Act and not affiliated with the Fund that invest in equity securities of issuers from a number of countries throughout the world.

The Cavalier Hedged High Income Fund seeks to achieve its investment objective of current income and real return by investing in other investment companies, including mutual funds and ETFs that are registered under the 1940 Act and not affiliated with the Fund or making direct investments in portfolio securities based upon institutional research.

The Cavalier Tactical Economic Fund seeks to achieve its investment objective of total return by investing in ETFs as well as other funds that are registered under the 1940 Act and not affiliated with the Fund.

The Cavalier Tactical Rotation Fund seeks to achieve its investment objective of capital appreciation by investing in ETFs that are registered under the 1940 Act and not affiliated with the Fund.

Each Fund currently has an unlimited number of authorized shares, which are divided into three classes – Institutional Class Shares, Class C Shares, and Class A Shares. Each class of shares has equal rights to assets of the Funds, and the classes are identical except for differences in ongoing distribution and service fees.

The Class C Shares and Class A Shares are subject to distribution plan fees as described in Note 4. Each Fund’s Class C Shares are sold without an initial sales charge; however, they are subject to a contingent deferred sales charge of 1.00% on shares redeemed within one year of the purchase date. This amount is paid to Capital Investment Group, Inc. (the “Distributor”). Income, expenses (other than distribution and service fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class. Class C Shares held longer than seven years will automatically convert into Institutional Class Shares. Class A Shares have an initial sales charge of 4.50%, but there is no automatic conversion of Class A Shares into any other Class of Shares.

As of May 31, 2020, the Cavalier Fundamental Growth Fund, the Cavalier Growth Opportunities Fund, the Cavalier Tactical Economic Fund, and the Cavalier Tactical Rotation Fund were the only Funds with active Class A Shares.

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

The Date of Initial Public Investment for each Fund and Class of Shares is as follows:

Fund	Institutional Class Shares	Class C Shares	Class A Shares
Cavalier Adaptive Income Fund	October 2, 2009	February 25, 2011	-
Cavalier Fundamental Growth Fund	October 17, 2013	November 4, 2013	March 13, 2018
Cavalier Growth Opportunities Fund	September 20, 2012	September 26, 2012	April 16, 2018
Cavalier Hedged High Income Fund	September 20, 2012	September 26, 2012	-
Cavalier Tactical Economic Fund	September 20, 2012	September 26, 2012	October 18, 2018
Cavalier Tactical Rotation Fund	September 20, 2012	September 26, 2012	April 2, 2018

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds follow the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 “Financial Services – Investment Companies.”

Investment Valuation

Each Fund’s investments in securities are carried at fair value. Securities listed on an exchange or quoted on a national market system are valued at the last quoted sales price provided by a third-party pricing service at the time the valuation is made (generally 4:00 p.m. Eastern Time). Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the portfolio security is principally traded closes early or if trading of the particular portfolio security is halted during the day and does not resume prior to each Fund’s net asset value calculation) or which cannot be accurately valued using each Fund’s normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board of Trustees (the “Trustees”). A portfolio security’s “fair value” price may differ from the price next available for that portfolio security using each Fund’s normal pricing procedures. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value. Unlisted securities for which market quotations are readily available are valued at the latest quoted sales price, if available, at the time of valuation, otherwise, at the latest quoted bid price. Options are valued at the mean of the last quoted bid and ask prices provided by a third-party pricing service from the primary exchange or the board of trade on which such options are traded. Foreign securities listed on foreign exchanges are valued with quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates.

Underlying Funds

Open-End Funds - Open-end funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the boards of directors of the open-end funds. Open-end funds are valued at their respective net asset values as reported by such investment companies.

Fair Value Measurement

Each Fund has adopted ASC Topic 820, Fair Value Measurements. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1: Unadjusted quoted prices in active markets for identical securities

Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

Level 3: Significant unobservable inputs (including each Fund’s own assumptions in determining fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs as of May 31, 2020 for each Fund’s investments measured at fair value:

Cavalier Adaptive Income Fund (a)

Assets		Total		Level 1		Level 2		Level 3
Preferred Stock	$	500,000	$	-	$	500,000	$	-
Asset-Backed Securities		3,777,605		-		3,777,605		-
Corporate Bonds		742,383		-		742,383		-
Collateralized Mortgage Obligations		36,320,733		-		36,320,733		-
U.S. Treasury Note		2,006,064		-		2,006,064		-
Short-Term Investment		2,905,480		2,905,480		-		-
Total Assets	$	46,252,265	$	2,905,480	$	43,346,785	$	-

Cavalier Fundamental Growth Fund (a)

Assets		Total		Level 1		Level 2		Level 3
Common Stocks*	$	67,725,880	$	67,725,880	$	-	$	-
Exchange-Traded Product		3,697,200		3,697,200		-		-
Put Options Purchased		339,571		-		339,571		-
Short-Term Investment		9,247,744		9,247,744		-		-
Total Assets	$	81,010,395	$	80,670,824	$	339,571	$	-

Cavalier Growth Opportunities Fund (a)

Assets		Total		Level 1		Level 2		Level 3
Exchange-Traded Products*	$	63,919,063	$	63,919,063	$	-	$	-
Put Options Purchased		270,474		-		270,474		-
Total Assets	$	64,189,537	$	63,919,063	$	270,474	$	-

Cavalier Hedged High Income Fund (a)

Assets		Total		Level 1		Level 2		Level 3
Exchange-Traded Product*	$	12,557,431	$	12,557,431	$	-	$	-
Open-End Fund*		2,881,397		2,881,397		-		-
Short-Term Investment		2,459,143		2,459,143		-		-
Total Assets	$	17,897,971	$	17,897,971	$	-	$	-

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

Cavalier Tactical Economic Fund (a)

Assets		Total		Level 1		Level 2		Level 3
Exchange-Traded Products*	$	12,204,411	$	12,204,411	$	-	$	-
Short-Term Investment		4,698,796		4,698,796		-		-
Total Assets	$	16,903,207	$	16,903,207	$	-	$	-

Cavalier Tactical Rotation Fund (a)

Assets		Total		Level 1		Level 2		Level 3
Exchange-Traded Products*	$	16,118,839	$	16,118,839	$	-	$	-
Short-Term Investment		5,714,564		5,714,564		-		-
Total Assets	$	21,833,403	$	21,833,403	$	-	$	-

*Refer to the Schedules of Investments for a breakdown by sector.

(a) The Funds held no Level 3 securities during the fiscal year ended May 31, 2020.

Purchased Options

When the Funds purchase an option, an amount equal to the premium paid by the Funds is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

Derivative Financial Instruments

The Funds may invest in derivative financial instruments (derivatives) in order to manage risk or gain exposure to various other investments or markets. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the Funds to gains or losses in excess of the amounts shown on each Funds’ Statement of Assets and Liabilities.

Derivatives are marked to market daily based upon quotations from market makers or the Funds’ independent pricing services and the Funds’ net benefit or obligation under the contract, as measured by the fair market value of the contract, is included in Investments, at value on the Statement of Assets and Liabilities for options purchased. Net realized gains and losses and net change in unrealized appreciation and depreciation on these contracts for the year are included in the Realized and Unrealized Gain on Investments on each Funds’ Statement of Operations for options purchased. The Cavalier Tactical Rotation Fund had no open option positions as of the fiscal year ended May 31, 2020.

The following table sets forth the effect of the derivative instruments on the Statement of Assets and Liabilities as of May 31, 2020 for each applicable Fund as follows:

Cavalier Fundamental Growth Fund

Derivative Type	Location	Market Value

Equity Contracts – purchased options	Assets – Investments, at value	$339,571

Cavalier Growth Opportunities Fund

Derivative Type	Location	Market Value

Equity Contracts – purchased options	Assets – Investments, at value	$270,474

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

The following table sets forth the effect of the derivative instruments on the Statement of Operations for the fiscal year ended May 31, 2020 for each applicable Fund as follows:

Cavalier Fundamental Growth Fund

Derivative Type	Location	Gains/Losses

Equity Contracts – purchased options	Net realized loss from investments	$ (1,843,661)

Equity Contracts – purchased options	Net change in unrealized appreciation on investments	$ (864,465)

Cavalier Growth Opportunities Fund

Derivative Type	Location	Gains/Losses

Equity Contracts – purchased options	Net realized gain from investments	$ (1,494,248)

Equity Contracts – purchased options	Net change in unrealized appreciation on investments	$ (684,569)

Cavalier Tactical Rotation Fund

Derivative Type	Location	Gains/Losses

Equity Contracts – purchased options	Net realized loss from investments	$ (452,618)

The following table represents the total premiums received or paid on options, which serve as an indicator of volume for options during the fiscal year ended May 31, 2020 for each applicable Fund as follows:

Cavalier Fundamental Growth Fund

Derivative Type	Type	Total Value
Equity Contracts – purchased options	Premiums Paid	$ 2,289,798

Cavalier Growth Opportunities Fund

Derivative Type	Type	Total Value
Equity Contracts – purchased options	Premiums Paid	$ 1,849,551

Cavalier Tactical Rotation Fund

Derivative Type	Type	Total Value
Equity Contracts – purchased options	Premiums Paid	$ 457,620

Investments in the Funds are subject to the following options risks:

Risks from Purchasing Options. If a call or put option purchased by the Funds is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the Funds will lose its entire investment in the option. Since many factors influence the value of an option, including the price of the underlying security, the exercise price, the time to expiration, the interest rate, and the dividend rate of the underlying security, the Advisor’s success in implementing the Funds’ strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets, and movements in interest rates. There is no assurance that a liquid market will exist when the Funds seek to close out an option position. Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

Investments in the Funds may also be subject to counterparty risk on derivatives. This risk refers to the risk that an issuer or counterparty will fail to pay its obligations to the Funds when they are due. As a result, the Funds’ income might be reduced, the value of the Funds’ investment might fall, and/or the Funds could lose the entire amount of their investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social, or political conditions that affect a particular type of security or other instrument or an issuer, and changes to economic, social, or political conditions in general can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as a Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion and amortization of discounts and premiums. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes.

Expenses

Each Fund bears expenses incurred specifically on its behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

Distributions

The Funds may declare and distribute dividends from net investment income (if any) monthly. Distributions from capital gains (if any) are generally declared and distributed annually. Dividends and distributions to shareholders are recorded on ex-date.

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

Federal Income Taxes

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise continue to comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

2.	Transactions with Related Parties and Service Providers

Advisor

Each Fund pays a monthly advisory fee to Cavalier Investments, LLC (the “Advisor”) based upon the average daily net assets and calculated at an annual rate.

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

See the table below for the advisory fee rates and amounts earned by the Advisor from each Fund during fiscal year ended May 31, 2020:

Fund	Advisory Fee Rate June 1, 2019 - May 31, 2020	Amount Earned	Amount Waived by Advisor	Expenses Reimbursed by Advisor
Cavalier Adaptive Income Fund	1.00%	$ 434,811	$255,524	$ -
Cavalier Fundamental Growth Fund	1.00%	820,915	162,047	-
Cavalier Growth Opportunities Fund	1.00%	643,993	208,689	-
Cavalier Hedged High Income Fund	1.00%	214,674	176,657	-
Cavalier Tactical Economic Fund	1.00%	167,968	167,968	41,615
Cavalier Tactical Rotation Fund	1.00%	399,481	215,409	-

The Advisor has engaged sub-advisors to provide day to day portfolio management for some of the Funds. Each sub-advisor is paid directly by the Advisor based upon the average daily net assets and calculated at an annual rate. See the table below for the sub-advisory fee rates and amounts paid by the Advisor to the Sub-Advisor for each sub-advised Fund during the fiscal year ended May 31, 2020:

Fund	Sub-Advisors	Sub-Advisory Fee Rate	Sub-Advisory Fee Received
Cavalier Adaptive Income Fund	Buckhead Capital Management, LLC	0.10% (on AUM above $10M) and 0.32% (on AUM over $20M)	$109,233

Cavalier Fundamental Growth Fund	Navellier & Associates, Inc.	0.30% (on AUM over $20M)	186,233

Cavalier Growth Opportunities Fund	Bluestone Capital Management, LLC	0.30%	193,260

Cavalier Tactical Rotation Fund	Julex Capital Management, LLC*	0.20%	49,371

*As of January 13, 2020, Julex Capital Management, LLC no longer manages the assets of the Cavalier Tactical Rotation Fund. Cavalier Investments, LLC continues to serve as Advisor to the Fund and has taken over management of the Fund’s assets.

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

Expense Limitation

The Advisor has entered into a contractual expense limitation agreement (the “Expense Limitation Agreement”) with the Trust, on behalf of the Funds, under which it has agreed to waive or reduce its fees and to assume other expenses of the Funds, if necessary, in amounts that limit the Funds’ total operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than the following percentages of the average daily net assets of the Institutional Class Shares, Class C Shares, and Class A Shares of the Funds:

Fund	Institutional Class Shares	Class C Shares	Class A Shares
Cavalier Adaptive Income Fund	1.25%	2.25%	1.50%
Cavalier Fundamental Growth Fund	1.25%	2.25%	1.50%
Cavalier Growth Opportunities Fund	1.25%	2.25%	1.50%
Cavalier Hedged High Income Fund	1.25%	2.25%	1.50%
Cavalier Tactical Economic Fund	1.25%	2.25%	1.50%
Cavalier Tactical Rotation Fund	1.25%	2.25%	1.50%

Administrator

Each Fund pays a monthly fee to The Nottingham Company (the “Administrator”) based upon the average daily net assets of each Fund and calculated at the annual rates as shown in the schedule below subject to a minimum of $2,000 per month. The Administrator also receives a fee as to procure and pay the Fund’s custodian, additional compensation for fund accounting and recordkeeping services, and additional compensation for certain costs involved with the daily valuation of securities and as reimbursement for out-of-pocket expenses. The Administrator also receives a miscellaneous reporting expense for peer group, comparative analysis, and compliance support totaling $150 per month.

A breakdown of these fees is provided in the following table:

Administration Fees*		Custody Fees*		Fund Accounting Fees (base fee) (monthly fee)	Fund Accounting Fees (asset-based fee)	Blue Sky Administration Fees (annual)
Average Net Assets	Annual Rate	Average Net Assets	Annual Rate	Fund Accounting Fees (base fee) (monthly fee)	Fund Accounting Fees (asset-based fee)	Blue Sky Administration Fees (annual)
First $250 million	0.100%	First $200 million	0.020%	$2,250 plus $500/additional share class	0.01%	$150 per state
Next $250 million	0.080%	Over $200 million	0.009%
Next $250 million	0.060%
Next $250 million	0.050%	*Minimum monthly fees of $2,000 and $417 for Administration and Custody, respectively.
On the next $1 billion	0.040%
On all assets over $2 billion	0.035%

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

The Fund incurred the following amounts in Administration fees for the fiscal year ended May 31, 2020:

Fund
Cavalier Adaptive Income Fund					$ 45,955
Cavalier Fundamental Growth Fund					84,170
Cavalier Growth Opportunities Fund					66,478
Cavalier Hedged High Income Fund					26,264
Cavalier Tactical Economic Fund					26,072
Cavalier Tactical Rotation Fund					42,799

The Funds incurred the following amounts in Fund Accounting fees for the fiscal year ended May 31, 2020:

Fund
Cavalier Adaptive Income Fund					$ 37,316
Cavalier Fundamental Growth Fund					47,314
Cavalier Growth Opportunities Fund					45,545
Cavalier Hedged High Income Fund					35,344
Cavalier Tactical Economic Fund					40,785
Cavalier Tactical Rotation Fund					43,100

The Funds incurred the following amounts in Custody fees for the fiscal year ended May 31, 2020:

Fund
Cavalier Adaptive Income Fund					$ 21,049
Cavalier Fundamental Growth Fund					20,677
Cavalier Growth Opportunities Fund					17,338
Cavalier Hedged High Income Fund					6,632
Cavalier Tactical Economic Fund					6,950
Cavalier Tactical Rotation Fund					24,081

Compliance Services

Cipperman Compliance Services, LLC provides services as the Trust’s Chief Compliance Officer. Cipperman Compliance Services, LLC is entitled to receive customary fees from the Funds for their services pursuant to the Compliance Services agreement with the Funds.

Effective March 31, 2020, The Nottingham Company, Inc. replaced Cipperman Compliance Services, LLC as the Trust’s compliance services provider including services as the Trust’s Chief Compliance Officer.

Transfer Agent

Nottingham Shareholder Services, LLC (“Transfer Agent”), an affiliate of the Administrator, serves as transfer, dividend paying, and shareholder servicing agent for the Funds. For its services, the Transfer Agent is entitled to receive compensation from the Funds pursuant to the Transfer Agent’s fee arrangements with the Funds.

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

The Funds incurred the following amounts in Transfer Agent fees for the fiscal year ended May 31, 2020:

Fund
Cavalier Adaptive Income Fund					$ 27,000
Cavalier Fundamental Growth Fund					33,000
Cavalier Growth Opportunities Fund					33,705
Cavalier Hedged High Income Fund					27,000
Cavalier Tactical Economic Fund					33,000
Cavalier Tactical Rotation Fund					34,240

The Shareholder Fulfillment Fees disclosed on the Statement of Operations for the Funds include fees paid by the Fund to a Sub-Transfer Agent for certain services.

Distributor

Capital Investment Group, Inc. (the “Distributor”) serves as the Funds’ principal underwriter and distributor. For its services, the Distributor is entitled to receive compensation from the Funds pursuant to the Funds’ fee arrangements with the Distributor.

3.	Trustees and Officers

The Trust is governed by the Board of Trustees, which is responsible for the management and supervision of the Funds. The Trustees meet periodically throughout the year to review contractual agreements with companies that furnish services to the Funds; review performance of the Advisor and the Funds; and oversee activities of the Funds. Officers of the Trust and Trustees who are interested persons of the Trust or the Advisor will receive no salary or fees from the Trust. Effective April 1, 2020, a new compensation schedule was implemented for the Independent Trustees. Each Trustee will receive $2,000 per series per year, $200 per meeting attended, and $500 per series per special meeting related to contract renewal issues. The Trust will reimburse each Trustee and officer of the Trust for his or her travel and other expenses related to attendance of Board meetings. Prior to April 1, 2020, Trustees who were not “interested persons” of the Trust or the Advisor within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) received $2,000 each year from each Fund. The Trust reimbursed each Trustee and officer of the Trust for his or her travel and other expenses related to attendance of Board meetings. Additional fees were incurred during the year as special meetings were necessary in addition to the regularly scheduled meetings of the Board of Trustees.

Certain officers of the Trust may also be officers of the Administrator.

4.	Distribution and Service Fees

The Board of Trustees, including a majority of the Independent Trustees, adopted a distribution and service plan pursuant to Rule 12b-1 of the 1940 Act (the “Plan”) for the Class C Shares and Class A Shares. The 1940 Act regulates the manner in which a registered investment company may assume costs of distributing and promoting the sales of its shares and servicing of its shareholder accounts. The Plan provides that each Fund may incur certain costs, which may not exceed 1.00% per annum of the average daily net assets of the Class C Shares and 0.25% per annum of the average daily net assets of the Class A Shares for each year elapsed subsequent to adoption of the Plan, for payment to the Distributor and others for items such as advertising expenses, selling expenses, commissions, travel, or other expenses reasonably intended to result in sales of Class C Shares or Class A Shares or servicing of Class C or Class A shareholder accounts.

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

See the table below for the Distribution and Service Fees of the Class C Shares and Class A Shares for each Fund during the fiscal year ended May 31, 2020:

Fund	Amount Incurred
	Class C Shares	Class A Shares
Cavalier Adaptive Income Fund	$ 42,124	$ -
Cavalier Fundamental Growth Fund	25,472	1,935
Cavalier Growth Opportunities Fund	10,898	1,357
Cavalier Hedged High Income Fund	5,909	-
Cavalier Tactical Economic Fund	8,367	54
Cavalier Tactical Rotation Fund	16,273	402

5.	Purchases and Sales of Investment Securities

For the fiscal year ended May 31, 2020, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

	Purchases of Securities	Proceeds from Sales of Securities
Cavalier Adaptive Income Fund	$ 40,024,326	$ 3,756,291
Cavalier Fundamental Growth Fund	57,442,007	75,981,454
Cavalier Growth Opportunities Fund	193,164,575	187,504,034
Cavalier Hedged High Income Fund	26,976,015	26,569,362
Cavalier Tactical Economic Fund	22,145,893	24,187,614
Cavalier Tactical Rotation Fund	233,719,710	291,041,121

There were no long-term purchases or sales of U.S. Government Obligations during the fiscal year ended May 31, 2020.

6.	Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which may differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

Management has reviewed all taxable years / periods that are open for examination (i.e., not barred by the applicable statute of limitations) by taxing authorities of all major jurisdictions, including the Internal Revenue Service. As of May 31, 2020, open taxable years consisted of the taxable years ended May 31, 2017 through May 31, 2020. No examination of tax returns is currently in progress for any of the Funds.

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

Distributions during the fiscal years ended below were characterized for tax purposes as follows:

		Distributions from
Fund	Fiscal year ended	Ordinary Income	Long-Term Capital Gains
Cavalier Adaptive Income Fund	05/31/2020	$ 1,394,755	$ -
	05/31/2019	454,738	-
Cavalier Fundamental Growth Fund	05/31/2020	31,002	-
	05/31/2019	1,046,710	5,804,179
Cavalier Growth Opportunities Fund	05/31/2020	1,837,000	-
	05/31/2019	2,848,714	564,594
Cavalier Hedged High Income Fund	05/31/2020	722,934	-
	05/31/2019	1,434,166	-
Cavalier Tactical Economic Fund	05/31/2020	218,000	-
	05/31/2019	1,149,074	790,938
Cavalier Tactical Rotation Fund	05/31/2020	931,000	-
	05/31/2019	949,396	14,091,743

Reclassifications relate primarily to differing book/tax treatment of ordinary net investment losses and taxable overdistributions and have no impact on the net assets of the Funds.

For the year ended May 31, 2020, the following reclassifications were necessary:

	Paid-In- Capital	Distributable Earnings/Accumulated Loss
Cavalier Adaptive Income Fund	$ (8,653)	$ 8,653
Cavalier Fundamental Growth Fund	(230,509)	230,509
Cavalier Tactical Economic Fund	(121,899)	121,899

At May 31, 2020, the tax-basis cost of investments and components of distributable earnings were as follows:

	Cavalier Adaptive Income Fund	Cavalier Fundamental Growth Fund	Cavalier Growth Opportunities Fund
Cost of Investments	$48,723,087	$66,184,229	$60,475,660

Gross Unrealized Appreciation	153,779	17,034,566	4,248,646
Gross Unrealized Depreciation	(2,624,601)	(2,208,400)	(534,769)
Net Unrealized Appreciation (Depreciation)	(2,470,822)	14,826,166	3,713,877
Undistributed Net Investment Income	-	-	802,791
Capital Loss Carryforward	(170,300)	(10,134,285)	-

Distributable Earnings/Accumulated Deficit	$(2,641,122)	$4,691,881	$4,516,668

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

	Cavalier Hedged High Income Fund	Cavalier Tactical Economic Fund	Cavalier Tactical Rotation Fund
Cost of Investments	$17,968,772	$16,501,899	$20,557,552

Gross Unrealized Appreciation	-	1,348,096	2,030,393
Gross Unrealized Depreciation	(70,801)	(946,788)	(754,542)
Net Unrealized Appreciation (Depreciation)	(70,801)	401,308	1,275,851

Undistributed Net Investment Income	7,159	-	176,141
Capital Loss Carryforward	(2,596,277)	-	(5,748,340)
Post-October Losses	-	(1,758,818)	(3,769,653)

Accumulated Deficit	$(2,659,919)	$(1,357,510)	$(8,066,001)

The difference between book-basis and tax-basis net unrealized appreciation (depreciation) is attributable to the deferral of losses from wash sales. Accumulated capital losses noted above represent net capital loss carryovers as of May 31, 2020 that are available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. The Cavalier Adaptive Income Fund has a capital loss carryforward of $170,300, of which $23,857 is short-term in nature and $146,443 is long-term in nature. The Cavalier Fundamental Growth Fund has a capital loss carryforward of $10,134,285, all of which is short-term in nature. The Cavalier Hedged High Income Fund has a capital loss carryforward of $2,596,277, of which $1,815,546 is short-term in nature and $780,731 is long-term in nature. The Cavalier Tactical Rotation Fund has a capital loss carryforward of $5,748,340, all of which is short-term in nature. The capital loss carryforwards have no expiration date.

In addition, realized losses reflected in the accompanying financial statements include net capital losses realized between November 1 and the Funds’ fiscal year-end that have not been recognized for tax purposes (Deferred Post-October Losses).

7. Concentration of Risk

The Cavalier Hedged High Income Fund currently invests a significant portion of its assets in the Goldman Sachs Access High Yield Corporate Bond ETF (“Goldman”). The Cavalier Hedged High Income Fund may redeem its investment from Goldman at any time if the Advisor determines that it is in the best interest of the Cavalier Hedged High Income Fund and its shareholders to do so. The performance of the Cavalier Hedged High Income Fund may be directly affected by the performance of Goldman. The financial statements of Goldman, including the portfolio of investments, can be found at Goldman’s website, www.gsam.com, or the Securities and Exchange Commission’s website, www.sec.gov, and should be read in conjunction with the Cavalier Hedged High Income’s financial statements. As of May 31, 2020, the Cavalier Hedged Income Fund’s net assets invested in Goldman were 69.94%.

8. Beneficial Ownership

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the Investment Company Act of 1940.

As of May 31, 2020, Pershing LLC held 26.14% of the Adaptive Income Fund, 31.79% of the Tactical Economic Fund, and 42.61% of the Tactical Rotation Fund.

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

As of May 31, 2020, Charles Schwab & Co. held 25.06% of the Adaptive Income Fund and 27.98% of the Fundamental Growth Fund.

As of May 31, 2020, LPL Financial held 40.43% of the Growth Opportunities Fund and 26.59% of the Tactical Economic Fund.

The Funds have no knowledge as to whether all or any portion of the shares of record owned by Pershing LLC, Charles Schwab & Co., and LPL Financial are also owned beneficially.

9. Commitments and Contingencies

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Funds, and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. The Funds expect the risk of loss to be remote.

10. Borrowings

The Funds established a borrowing agreement with Interactive Brokers, LLC for investment purposes subject to the limitations of the 1940 Act for borrowings by registered investment companies. Interest expense in the Funds relates to the negative daily cash balance held at Interactive Brokers, LLC. The Cavalier Fundamental Growth Fund, Cavalier Growth Opportunities Fund, and Cavalier Tactical Rotation Fund each had negative daily cash balances at Interactive Brokers, LLC during the fiscal year ended May 31, 2020. The interest expense that accrued is reflected on the Statement of Operations for each Fund and is deemed immaterial based on the average net assets of each Fund.

11. Subsequent Events

Distributions

Per share distributions during the subsequent period were as follows:


Fund	Class	Record Date	Pay Date	Ordinary Income
Cavalier Adaptive Income Fund	Institutional	6/25/2020	6/26/2020	$ 0.02345
Cavalier Adaptive Income Fund	Class C	6/25/2020	6/26/2020	0.01548


	Institutional	6/25/2020	6/26/2020	0.02131
Cavalier Hedged High Income Fund	Class C	6/25/2020	6/26/2020	0.01316

Termination of Navellier as Sub-Advisor

As of June 2, 2020, Navellier and Associates, Inc. (“Navellier”) was no longer being compensated for managing the assets of the Cavalier Fundamental Growth Fund under the Sub-Advisor Agreement and ceased providing services under the Sub-Advisory Agreement as of June 15, 2020. Cavalier Investments, LLC continues to serve as Advisor to the Fund and has taken over management of the Fund’s assets.

(Continued)

Cavalier Funds

Notes to Financial Statements

As of May 31, 2020

Management is currently evaluating the impact of the COVID-19 virus on the financial services industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the fair value of the Company’s investments and results of operations, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. Management has concluded there are no additional matters, other than those noted above, requiring recognition or disclosure.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Starboard Investment Trust

and the Shareholders of Cavalier Adaptive Income Fund, Cavalier Fundamental Growth Fund, Cavalier Growth Opportunities Fund, Cavalier Hedged High Income Fund, Cavalier Tactical Economic Fund, and Cavalier Tactical Rotation Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Cavalier Adaptive Income Fund, Cavalier Fundamental Growth Fund, Cavalier Growth Opportunities Fund, Cavalier Hedged High Income Fund, Cavalier Tactical Economic Fund, and Cavalier Tactical Rotation Fund, each a series of shares of beneficial interest in Starboard Investment Trust (the “Funds”), including the schedules of investments, as of May 31, 2020, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the financial highlights as noted in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of May 31, 2020, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the periods noted in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fund	Financial Highlights Presented
Cavalier Adaptive Income Fund	For each of the years in the five-year period ended May 31, 2020
Cavalier Fundamental Growth Fund	For each of the years in the five-year period ended May 31, 2020 for Institutional Class Shares and Class C Shares and for each of the years in the two-year period ended May 31, 2020 and for the period from March 13, 2018 (Date of Initial Public Investment) through May 31, 2018 for Class A Shares
Cavalier Growth Opportunities Fund	For each of the years in the five-year period ended May 31, 2020 for Institutional Class Shares and Class C Shares and for each of the years in the two-year period ended May 31, 2020 and for the period from April 16, 2018 (Date of Initial Public Investment) through May 31, 2018 for Class A Shares
Cavalier Hedged High Income Fund	For each of the years in the five-year period ended May 31, 2020
Cavalier Tactical Economic Fund	For each of the years in the five-year period ended May 31, 2020 for Institutional Class Shares and Class C Shares and for the year ended May 31, 2020 and the period from October 18, 2018 (Date of Initial Public Investment) through May 31, 2019 for Class A Shares

Cavalier Tactical Rotation Fund

For each of the years in the five-year period ended May 31, 2020 for Institutional Class Shares and Class C Shares and for each of the years in the two-year period ended May 31, 2020 and for the period from April 2, 2018 (Date of Initial Public Investment) through May 31, 2018 for Class A Shares

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020 by correspondence with the custodian and brokers or by other appropriate auditing procedures where responses from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

BBD, LLP

We have served as the auditor of one or more of the Funds in the Starboard Investment Trust since 2012.

Philadelphia, Pennsylvania

July 28, 2020

Cavalier Funds

Additional Information

(Unaudited)

As of May 31, 2020

1.	Proxy Voting Policies and Voting Record

A copy of the Advisor’s Disclosure Policy is included as Appendix B to the Fund’s Statement of Additional Information and is available, without charge, upon request, by calling 800-773-3863, and on the website of the Securities and Exchange Commission (“SEC”) at http://www.sec.gov. Information regarding how each Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, is available (1) without charge, upon request, by calling the Funds at the number above and (2) on the SEC’s website at http://www.sec.gov.

2.	Quarterly Portfolio Holdings

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Form N-PORT is available on the SEC’s website at http://www.sec.gov. You may also obtain copies without charge, upon request, by calling the Fund at 800-773-3863.

3.	Tax Information

We are required to advise you within 60 days of each Fund’s fiscal year-end regarding the federal tax status of certain distributions received by shareholders during each fiscal year.

Each of the funds listed below had the following distribution information for the fiscal year ended May 31, 2020.

	Ordinary Income	Long-Term Capital Gains
Cavalier Adaptive Income Fund	$ 1,394,755	$ -
Cavalier Fundamental Growth Fund	31,002	-
Cavalier Growth Opportunities Fund	1,837,000	-
Cavalier Hedged High Income Fund	722,934	-
Cavalier Tactical Economic Fund	218,000	-
Cavalier Tactical Rotation Fund	931,000	-

Dividend and distributions received by retirement plans such as IRAs, Keogh-type plans, and 403(b) plans need not be reported as taxable income. However, many retirement plans may need this information for their annual information meeting.

4. Schedule of Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from December 1, 2019 through May 31, 2020.

Actual Expenses – The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

(Continued)

101

Cavalier Funds

Additional Information

(Unaudited)

As of May 31, 2020

Hypothetical Example for Comparison Purposes – The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Cavalier Adaptive Income Fund	Beginning Account Value December 1, 2019	Ending Account Value May 31, 2020	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$ 968.26	$6.15	1.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.75	$6.31	1.25%
Class C Shares
Actual	$1,000.00	$ 963.60	$11.05	2.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,013.75	$11.33	2.25%

Cavalier Fundamental Growth Fund	Beginning Account Value December 1, 2019		Ending Account Value May 31, 2020	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual		$1,000.00	$ 964.30	$6.14	1.25%
Hypothetical (5% annual return before expenses)		$1,000.00	$1,018.75	$6.31	1.25%
Class C Shares
Actual		$1,000.00	$ 959.30	$11.02	2.25%
Hypothetical (5% annual return before expenses)		$1,000.00	$1,013.75	$11.33	2.25%
Class A Shares
Actual		$1,000.00	$ 963.90	$7.36	1.50%
Hypothetical (5% annual return before expenses)		$1,000.00	$1,017.50	$7.57	1.50%

Cavalier Growth Opportunities Fund	Beginning Account Value December 1, 2019	Ending Account Value May 31, 2020	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$1,050.10	$6.41	1.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.75	$6.31	1.25%
Class C Shares
Actual	$1,000.00	$1,044.90	$11.50	2.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,013.75	$11.33	2.25%
Class A Shares
Actual	$1,000.00	$1,049.20	$7.68	1.50%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,017.50	$7.57	1.50%

(Continued)

102

Cavalier Funds

Additional Information

(Unaudited)

As of May 31, 2020

Cavalier Hedged High Income Fund	Beginning Account Value December 1, 2019	Ending Account Value May 31, 2020	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$ 993.70	$6.23	1.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.75	$6.31	1.25%
Class C Shares
Actual	$1,000.00	$ 989.00	$11.19	2.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,013.75	$11.33	2.25%

Cavalier Tactical Economic Fund	Beginning Account Value December 1, 2019	Ending Account Value May 31, 2020	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$ 878.80	$5.87	1.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.75	$6.31	1.25%
Class C Shares
Actual	$1,000.00	$ 873.60	$10.54	2.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,013.75	$11.33	2.25%
Class A Shares
Actual	$1,000.00	$ 878.30	$7.04	1.50%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,017.50	$7.57	1.50%

Cavalier Tactical Rotation Fund	Beginning Account Value December 1, 2019	Ending Account Value May 31, 2020	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$ 863.60	$5.82	1.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.75	$6.31	1.25%
Class C Shares
Actual	$1,000.00	$ 859.20	$10.46	2.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,013.75	$11.33	2.25%
Class A Shares
Actual	$1,000.00	$ 862.00	$6.98	1.50%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,017.50	$7.57	1.50%

*Expenses are equal to the average account value over the period multiplied by each Fund’s annualized expense ratio, multiplied by the number of days in the most recent period divided by the number of days in the fiscal year (to reflect the six month period).

(Continued)

103

Cavalier Funds

Additional Information

(Unaudited)

As of May 31, 2020

5. Approval of Investment Advisory Agreement and Sub-Advisory Agreements

Investment Advisory Agreement with the Advisor

In connection with the regular Board meeting held on March 12, 2020, the Board, including a majority of the Independent Trustees, discussed the approval of a management agreement between the Trust and the Advisor, with respect to the Funds (the "Investment Advisory Agreement").

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Advisory Agreement. In connection with their deliberations regarding approval of the Investment Advisory Agreement, the Trustees reviewed materials prepared by the Advisor.

In deciding on whether to approve the Investment Advisory Agreement, the Trustees considered numerous factors, including:

(i) Nature, Extent, and Quality of Services. The Trustees considered the responsibilities of the Advisor under the Investment Advisory Agreement. The Trustees reviewed the services being provided by the Advisor to the Funds including, without limitation, the quality of its investment advisory services since the Advisor began managing the Funds (including research and recommendations with respect to portfolio securities); its procedures for formulating investment recommendations and assuring compliance with the Funds’ investment objectives, policies and limitations; its coordination of services for the Funds among the Funds’ service providers; and its efforts to promote the Funds, grow the Funds’ assets, and assist in the distribution of Fund shares (although no portion of the investment advisory fee was targeted to pay distribution expenses). The Trustees evaluated the Advisor’s staffing, personnel, and methods of operating; the education and experience of the Advisor’s personnel; the Advisor’s compliance program; and the financial condition of the Advisor. It was noted that there had been no change in personnel.

After reviewing the foregoing information and further information in the memorandum from the Advisor (e.g., descriptions of the Advisor’s business, compliance program, and Form ADV), the Board concluded that the nature, extent, and quality of the services provided by the Advisor were satisfactory and adequate for the Funds.

(ii) Performance. The Trustees compared the performance of the Funds with the performance of comparable funds with similar strategies managed by other investment advisers, and applicable peer group data (e.g., Morningstar/Lipper peer group average). The Trustees also considered the consistency of the Advisor’s management of the Funds with its investment objective, policies, and limitations. The Trustees made the following observations regarding the performance of each of the Funds.

Cavalier Adaptive Income Fund: The Trustees noted that the Fund had underperformed the peer group and category for the 1-year and since inception periods and had outperformed the peer group and the category for the 5-year period. The Trustees noted that the Advisor believed that the underperformance was largely because the Fund offered less risk than the peer group and the category. the Advisor also noted that the Fund was a 2019 Lipper Award winner in the General Bond Category.

Cavalier Fundamental Growth Fund: The Trustees noted that the Fund underperformed the category but outperformed the peer group for the 1-year period, underperformed the category and the peer group for the 5-year period and outperformed the peer group and the category for the since inception period. The Trustees noted that the Advisor believed that the Fund’s portfolio holdings possessed excellent sales and earnings growth fundamentals.

(Continued)

104

Cavalier Funds

Additional Information

(Unaudited)

As of May 31, 2020

Cavalier Growth Opportunities Fund: The Trustees noted that the Fund had outperformed the peer group for all periods and had outperformed the category for the 5-year and since inception periods while slightly underperforming for the 1-year period.

Cavalier Hedged High Income Fund: The Trustees noted that the Fund underperformed the peer group but outperformed the category for the 1-year period, outperformed the category and the peer group for the 5-year period and outperformed the peer group but underperformed the category for the since inception period. The Trustees considered the Advisor’s explanation that the strategy of the Fund may lose some performance as compared to the category in short-term down markets but should offer enhanced returns over full market cycles.

Cavalier Tactical Economic Fund: The Trustees noted that the Fund had outperformed the peer group for all periods and had underperformed the category for all periods. The Trustees noted that the Advisor believes that the Fund is miscategorized by Lipper, which is why it underperformed the category.

Cavalier Tactical Rotation Fund: The Trustees noted that the Fund underperformed the category for all periods and underperformed the peer group for the 1-year period but outperformed the peer group for the 5-year and since inception periods. the Advisor noted that the under performance of the peer group for the 1-year period was due to defensive positioning and the underperformance of the category was due to a misalignment between the Fund’s strategy and the category.

After reviewing the investment performance of the Funds, the Advisor’s experience managing the Funds, the historical investment performance, and other factors, the Board concluded that the investment performance of the Funds and the Advisor was satisfactory.

(iii) Fees and Expenses. The Trustees noted the management fees for the Funds were under the Investment Advisory Agreement. The Trustees noted that the management fee for each Fund was above the average of the peer group and category. They further discussed that the Advisor believed this was due primarily to the small size of the Funds relative to those comparison groups. The Trustees considered the Advisor’s unique research and investment process in evaluating the reasonableness of its management fee.

Following this comparison, and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Advisor by the Funds were not unreasonable in relation to the nature and quality of the services provided by the Advisor and that they reflected charges that were within a range of what could have been negotiated at arm’s length.

(iv) Profitability. The Board reviewed the Advisor’s profitability analysis in connection with its management of the Fund over the past twelve months. The Board noted that the Advisor did not retain a profit for the prior twelve months of operations for each Fund except the Cavalier Hedged High Income Fund and Cavalier Tactical Rotation Fund, which each generated a nominal profit for the Advisor. The Trustees discussed the profitability level of the Advisor, noting, among other factors and circumstances, that the level of profitability was a function of current and expected expenses, and it was important for the Advisor to make a profit in order to have adequate resources to operate the Funds until the Funds reached scale.

After discussion, the Trustees concluded that the Advisor’s level of profitability was not excessive.

(v) Economies of Scale. In this regard, the Trustees reviewed the Funds’ operational history and noted that the size of the Funds had not provided an opportunity to realize economies of scale. The Trustees then reviewed the Funds’ fee arrangements for breakpoints or other provisions that would allow the Funds’ shareholders to benefit from economies of scale in the future as the Funds grow. The Trustees determined that the maximum management fee would stay the same regardless of the Funds’ asset levels but noted the Advisor’s willingness to consider breakpoints in the future as assets grow. The Trustees noted that the Funds were a relatively small size and economies of scale were unlikely to be achievable in the near future. It was pointed out that breakpoints in the advisory fee could be reconsidered in the future as the Funds grow.

(Continued)

105

Cavalier Funds

Additional Information

(Unaudited)

As of May 31, 2020

Conclusion. Having reviewed and discussed in depth such information from the Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Investment Advisory Agreement and as assisted by the advice of legal counsel, the Trustees concluded that approval of the Investment Advisory Agreement was in the best interest of the shareholders of the Fund.

6. Information about Trustees and Officers

The business and affairs of the Funds and the Trust are managed under the direction of the Board of Trustees of the Trust. Information concerning the Trustees and officers of the Trust and Funds is set forth below. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as their resignation, death, or otherwise as specified in the Trust’s organizational documents. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Trust’s organizational documents. The Statement of Additional Information of the Funds includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll-free at 1-800-773-3863. The address of each Trustee and officer, unless otherwise indicated below, is 116 South Franklin Street, Rocky Mount, North Carolina 27804. The Independent Trustees each received aggregate compensation of $29,262 during the fiscal year ended May 31, 2020 for their services to the Funds and Trust.

Name and Date of Birth	Position held with Funds or Trust	Length of Time Served	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
James H. Speed, Jr. (06/1953)	Independent Trustee, Chairman	Trustee since 7/09, Chair since 5/12	Previously President and CEO of NC Mutual Life Insurance Company (insurance company) from 2003 to 2015.	14	Independent Trustee of the Brown Capital Management Mutual Funds for all its series from 2011 to present, Hillman Capital Management Investment Trust for all its series from 2009 to present, Centaur Mutual Funds Trust for all its series from 2013 to present, Chesapeake Investment Trust for all its series from 2016 to present, Leeward Investment Trust for all its series from 2018 to present, and WST Investment Trust for all its series (all registered investment companies) from 2013 to present. Member of Board of Directors of Communities in Schools of N.C. from 2001 to present. Member of Board of Directors of Investors Title Company from 2010 to present. Member of Board of Directors of AAA Carolinas from 2011 to present. Previously, member of Board of Directors of M&F Bancorp Mechanics & Farmers Bank from 2009 to 2019. Previously, member of Board of Visitors of North Carolina Central University School of Business from 1990 to 2016. Previously, Board of Directors of NC Mutual Life Insurance Company from 2004 to 2016. Previously, President and CEO of North Carolina Mutual Life Insurance Company from 2003 to 2015..

(Continued)

106

Cavalier Funds

Additional Information

(Unaudited)

As of May 31, 2020

Name and Date of Birth	Position held with Funds or Trust	Length of Time Served	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Theo H. Pitt, Jr. (04/1936)	Independent Trustee	Since 9/10	Senior Partner, Community Financial Institutions Consulting (financial consulting) since 1999.	14	Independent Trustee of World Funds Trust for all its series from 2013 to present, Chesapeake Investment Trust for all its series from 2002 to present, Leeward Investment Trust for all its series from 2011 to present, and Hillman Capital Management Investment Trust for all its series from 2000 to present (all registered investment companies). Senior Partner of Community Financial Institutions Consulting from 1997 to present. Previously, Partner at Pikar Properties from 2001 to 2017.
Michael G. Mosley (01/1953)	Independent Trustee	Since 7/10	Owner of Commercial Realty Services (real estate) since 2004.	14	None.
J. Buckley Strandberg (03/1960)	Independent Trustee	Since 7/09	President of Standard Insurance and Realty since 1982.	14	None.

(Continued)

107

Cavalier Funds

Additional Information

(Unaudited)

As of May 31, 2020

Name and Date of Birth	Position held with Funds or Trust	Length of Time Served	Principal Occupation During Past 5 Years
Officers
Katherine M. Honey (09/1973)	President and Principal Executive Officer	Since 05/15	President of The Nottingham Company since 2018. EVP of The Nottingham Company from 2008 to 2018.
Ashley H. Lanham (03/1984)	Treasurer, Assistant Secretary and Principal Financial Officer	Since 05/15	Head of Fund Administration, The Nottingham Company since 2008.
Tracie A. Coop (12/1976)	Secretary	Since 12/19	General Counsel, The Nottingham Company since 2019. Formerly, Vice President and Managing Counsel, State Street Bank and Trust Company from 2015 to 2019. Formerly, General Counsel for Santander Asset Management USA, LLC from 2013 to 2015.
Matthew Baskir (07/1979)	Chief Compliance Officer	Since 04/20	Compliance Director, The Nottingham Company, Inc., since 2020. Formerly, Consultant at National Regulatory Services from 2019 to 2020. Formerly, Counsel at Financial Industry Regulatory Authority (FINRA), Member Supervision from 2016-2019. Formerly Counsel at FINRA, Market Regulation Enforcement from 2014 – 2016.

(Continued)

108

The Cavalier Funds

are a series of

The Starboard Investment Trust

For Shareholder Service Inquiries:	For Investment Advisor Inquiries:

Nottingham Shareholder Services	Cavalier Investments
116 South Franklin Street	12600 Deerfield Parkway
Post Office Box 69	Suite #100
Rocky Mount, North Carolina 27802-0069	Alpharetta, GA 30004

Telephone:	Telephone:

800-773-3863	770-777-8277

World Wide Web @:	World Wide Web @:

ncfunds.com	cavalierfunds.com

Cavalier Adaptive Income Fund

Statements of Changes in Net Assets

For the fiscal year ended May 31,							2020		2019

Operations:
	Net investment income					$	1,288,811	$	438,926
	Net realized gain (loss) from investment transactions						98,087		(2,625)
	Net change in unrealized appreciation (depreciation) on investments						(2,690,319)		219,919

Net Increase (Decrease) in Net Assets Resulting from Operations							(1,303,421)		656,220

Distributions to Shareholders:
		Institutional Class Shares					(1,295,673)		(351,384)
		Class C Shares					(99,082)		(103,354)

Net Decrease in Net Assets Resulting from Distributions							(1,394,755)		(454,738)

Beneficial Interest Transactions:
	Shares sold						44,009,006		13,338,216
	Reinvested dividends and distributions						1,001,462		422,827
	Shares repurchased						(14,580,727)		(2,764,346)
Increase from Beneficial Interest Transactions							30,429,741		10,996,697

Net Increase in Net Assets							27,731,565		11,198,179

Net Assets:
	Beginning of Period						18,769,263		7,571,084
	End of Period					$	46,500,828	$	18,769,263

			Year Ended				Year Ended
Share Information:			May 31, 2020				May 31, 2019
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	4,240,660	$	43,282,368		1,146,746	$	11,711,912
		Reinvested dividends and distributions	89,737		903,862		31,399		320,801
		Shares repurchased	(1,440,502)		(14,115,308)		(218,811)		(2,235,931)
	Net Increase in Shares of
	Beneficial Interest		2,889,895	$	30,070,922		959,334	$	9,796,782

	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	73,427	$	726,638		165,567	$	1,626,304
		Reinvested dividends and distributions	10,037		97,600		10,383		102,026
		Shares repurchased	(47,637)		(465,419)		(53,866)		(528,415)
	Net Increase in Shares of
	Beneficial Interest		35,827	$	358,819		122,084	$	1,199,915


See Notes to Financial Statements

	Starboard Investment Trust


By:	/s/ Katherine M. Honey
	Katherine M. Honey President and Principal Executive Officer

	Date: August 6, 2020


By:	/s/ Ashley H. Lanham
	Ashley H. Lanham Treasurer and Principal Financial Officer

	Date: August 6, 2020