Starboard Investment Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22298

Starboard Investment Trust(Exact name of registrant as specified in charter)

116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina  27802

(Address of principal executive offices)                         (Zip code)

Matthew J. Beck

 116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina  27802

 (Name and address of agent for service)

Registrant's telephone number, including area code: 252-972-9922

Date of fiscal year end: May 31

Date of reporting period: May 31, 2017

Item 1. REPORTS TO STOCKHOLDERS.

Cavalier Funds

ANNUAL REPORT

May 31, 2017

Cavalier Adaptive Income Fund

Cavalier Dividend Income Fund

Cavalier Dynamic Growth Fund

Cavalier Fundamental Growth Fund

Cavalier Global Opportunities Fund

Cavalier Hedged High Income Fund

Cavalier Multi Strategist Fund

Cavalier Tactical Rotation Fund

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 Dividend Income Fund	12
Cavalier Dynamic Growth Fund	20
Cavalier Fundamental Growth Fund	31
Cavalier Global Opportunities Fund	42
Cavalier Hedged High Income Fund	50
Cavalier Multi Strategist Fund	58
Cavalier Tactical Rotation Fund	67
Notes to Financial Statements	77
Auditor Opinion	91
Additional Information	92

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 investment in the Funds is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Funds will be successful in meeting their investment objectives. Investment in the Funds is also subject to the following risks: Fund of Funds Risk, Control of Portfolio Funds Risk, Market Risk, Management Style Risk, Common Stock Risk, Other Equity Securities Risk, Large-Cap Securities Risk, Small-Cap and Mid-Cap Securities Risk, Sector Risk, Foreign Securities and Emerging Markets Risk, Short Sales Risk, Leverage Risk, Portfolio Turnover Risk, Investment Advisor Risk, Fixed Income Risk, Interest Rate Risk, Inflation Risk, High-Yield Risk, Corporate Debt Securities Risk, Convertible Securities Risk, Risks from Treasury Inflation-Protected Securities, Derivatives Risk, Futures Risk, Swaps Risk, Risk from Purchasing Options, Risk from Writing Options, Fixed-Income Market Risk, Commodities Risk, Real Estate Risk, Mortgage and Asset-Backed Securities Risk, General Market Risk, Foreign Investment Risk, Currency Risk, Emerging Markets Risk, Depository Receipts Risk, and Micro-Cap Securities Risk. More information about these risks and other risks can be found in the Funds' prospectus.

The performance information quoted in this Annual Report represents past performance, which is not a guarantee of 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.  An investor may obtain performance data current to the most recent month-end by visiting ncfunds.com.

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.

This Annual Report was first distributed to shareholders on or about August 15, 2017.

For More Information on Your Cavalier Funds:

See Our Web site @ ncfunds.com

or

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

Dear Investor,

We appreciate the opportunity to present to you the annual report for the period ending May 31^st 2017. As we enter the mid-point of 2017 the markets continue a period of historically low volatility. The VIX (CBOE Volatility Index) which measures the equity markets expectations of 30-day volatility has remained at a historically very low level for 2017. Also, the standard deviation so far in 2017 has measured less than 5%, another extremely low measure of volatility for the markets. This bull market that began in 2009 now becomes the second longest bull market in history only surpassed by the 1987 to 2000 bull market. Since the financial crisis ended in 2009 stocks have moved consistently higher. Just observing all Morningstar size and style categories, the 5-year returns ending May 31^st, 2017 every single category has appreciated at a double-digit annualized rate. This has brought a level of complacency in the markets where prices may become disconnected from fundamentals. This risk will be most prevalent in businesses that have not had the fundamental earnings growth to support their share price appreciation. With markets today trading at higher valuations, high level of complacency, and heightened geopolitical risks, 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 gradually, but quickly, reallocating assets to where they will be most effective. Our goal is not to completely avoid downside in a severe bear market, but have portfolios that can mitigate downside volatility.  The ability to adapt to a changing market will be critical. We believe we are entering an era where risk management and the effective use of tactical risk management will serve investors well, and help them meet their goals.

Macro Commentary

With the first half of 2017 nearly complete, the global equity markets have been very kind for the bulls. The S&P 500 has posted 24 all-time closing highs since the year started. Even with heighted geopolitical risks, tightening monetary policy stance by the Federal Reserve, and modest GDP growth from the US economy, the stock market has quietly climbed higher. The first half of 2017 has been so easy for the bulls, the largest drawdown for the S&P 500 was only -2.80% from March 1^st to April 15^th.  Statistically this is the second smallest drawdown in history for the S&P 500 dating back to 1928. The only year with a smaller drawdown than 2017 was 1995, and that year the S&P 500 performed very well in the second half of the year with about a 13% return. History has shown that years with a lower than average drawdown, market performance has been strong in the second half on the year.  As a recap for market performance as of May 31st, the S&P 500 is up 8.66% from the beginning of 2017, and on a total return basis, the Barclays U.S. Aggregate Bond index is up 2.38%. There has been large performance divergence among sectors within the S&P 500. The energy sector is down about 12% and on the contrary the technology sector is up about 20% from the beginning of 2017. Additionally, there is divergence among large cap and small cap US equites, as US large caps have outperformed US small caps with the Russell 2000 up only 1.48% from the beginning of 2017. The YTD% returns for international developed markets have rebounded in 2017 with the S&P Global BMI up 10.20% since the beginning of 2017 through the end of May. High Yield bonds continue to offer attractive income and yields with modest total return. The Markit iBoxx USD Liquid High Yield Index was up 4.3% for the year through the end of May.

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In summary, it has been a strong start for U.S. equities as market volatility has remained low through the first half of 2017, and markets have benefited with low drawdowns and strong performance. History has shown that markets ending the first half of the year with a steady increase also tend to rise steady in the second half of the year. For the S&P 500 going back to 1961, the index has averaged a gain of 5.41% in the second half when the market has been up in the first half of the year.

Cavalier Adaptive Income Fund

For the fiscal year ended May 31, 2017 in the Cavalier Adaptive Income Fund, the return on the Institutional Class Shares was 8.54%, and the return on the Class C Shares was 7.46%. This compares to 1.58% for the Barclays Capital US Aggregate Bond Index over the same period.

Cavalier Dividend Income Fund

For the fiscal year ended May 31, 2017 in the Cavalier Dividend Income Fund, the return on the Institutional Class Shares was 4.09%, and the return on the Class C Shares was 3.03%.  This compares to 14.80% for the MSCI ACWI High Dividend Yield NR Index and 14.62% for the Russell 1000 Value Index over the same period.

Cavalier Dynamic Growth Fund

For the fiscal year ended May 31, 2017 in the Cavalier Dynamic Growth Fund, the return on the Institutional Class Shares was 16.50%, and the return on the Class C Shares was 15.42%.  This compares to 18.13% for the S&P Global Broad Market Index and 17.16% for the S&P 500 Total Return Index over the same period.

Cavalier Fundamental Growth Fund

For the fiscal year ended May 31, 2017 in the Cavalier Fundamental Growth Fund, the return on the Institutional Class Shares was 18.42%, and the return on the Class C Shares was 17.37%.  This compares to 18.13% for the S&P Global Broad Market Index over the same period.

Cavalier Global Opportunities Fund

For the fiscal year ended May 31, 2017 in the Cavalier Global Opportunities Fund, the return on the Institutional Class Shares was 23.53%, and the return on the Class C Shares was 22.73%.  This compares to 18.13% for the S&P Global Broad Market Index over the same period.

Cavalier Hedged High Income Fund

For the fiscal year ended May 31, 2017 in the Cavalier Hedged High Income Fund, the return on the Institutional Class Shares was 12.45%, and the return on the Class C Shares was 11.38%.  This compares to 12.74% for the Barclays Capital Global High-Yield Index over the same period.

Cavalier Multi Strategist Fund

For the fiscal year ended May 31, 2017 in the Cavalier Multi Strategist Fund, the return on the Institutional Class Shares was 11.82%, and the return on the Class C Shares was 10.72%.  This compares to 18.13% for the S&P Global Broad Market Index over the same period.

Cavalier Tactical Rotation Fund

For the fiscal year ended May 31, 2017 in the Cavalier Tactical Rotation Fund, the return on the Institutional Class Shares was 13.50%, and the return on the Class C Shares was 12.47%.  This compares to 18.13% for the S&P Global Broad Market Index over the same period.  The return on the Class P Shares was 12.00% for the period from July 1, 2016 (Date of Initial Public Investment) through May 31, 2017, which compares to a return of 21.60% for the S&P Global Broad Market Index for the same time period.

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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 markets climb higher and reach new highs in 2017, 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.

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.

The inception date of the Institutional Class Shares for the Cavalier Adaptive Income Fund and Cavalier Dynamic Growth Fund is October 2, 2009.  The inception date of the Institutional Class Shares for the Cavalier Dividend Income Fund, Cavalier Global Opportunities Fund, Cavalier Hedged High Income Fund, Cavalier Multi Strategist Fund, and Cavalier Tactical Rotation Fund is September 20, 2012.  The inception date of the Institutional Class Shares of the Cavalier Fundamental Growth Fund is October 17, 2013.

The inception dates of the Class C Shares for the Cavalier Adaptive Income Fund and Cavalier Dynamic Growth Fund are February 25, 2011 and February 18, 2011, respectively.  The inception date of the Institutional Class Shares for the Cavalier Dividend Income Fund, Cavalier Global Opportunities Fund, Cavalier Hedged High Income Fund, Cavalier Multi Strategist Fund, and Cavalier Tactical Rotation Fund is September 26, 2012.  The inception date of the Institutional Class Shares of the Cavalier Fundamental Growth Fund is November 4, 2013.

(RCCAV0617001)

3

Cavalier Adaptive Income Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from October 2, 2009 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  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
							Gross
		As of	One	Five	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Institutional Class Shares	8.54%	3.17%	2.84%	10/02/09	2.45%
		Barclays Capital US Aggregate Bond Index	1.58%	2.24%	3.62%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
Performance quoted above 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. 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.

4

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, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  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
							Gross
		As of	One	Five	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Class C Shares**	7.46%	2.15%	1.79%	02/25/11	3.45%
		Barclays Capital US Aggregate Bond Index	1.58%	2.24%	3.36%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
**	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.  Class C Shares held longer than 7 years will automatically convert to Institutional  Class Shares.  Institutional Class Shares are not subject to the distribution and service plan (Rule 12b-1) fees of 1.00%.
Performance quoted above 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. 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.

5

Cavalier Adaptive Income Fund
Schedule of Investments
As of May 31, 2017
					Shares		Value (Note 1)
CLOSED-END FUNDS - 39.44%
	Advent Claymore Convertible Securities and Income Fund				30,784	$	499,932
	Avenue Income Credit Strategies Fund				36,667		529,105
	First Trust/Aberdeen Global Opportunity Income Fund				84,037		1,010,965
	Tortoise Pipeline & Energy Fund, Inc.				30,174		602,574
	Total Closed-End Funds (Cost $2,534,177)						2,642,576
EXCHANGE-TRADED PRODUCTS - 22.84%
	Deutsche X-trackers High Yield Corporate Bond ETF				31,402		734,807
	PowerShares Senior Loan Portfolio				34,151		796,060
	Total Exchange-Trade Products (Cost $1,531,848)						1,530,867
SHORT-TERM INVESTMENT - 37.25%
§	Fidelity Investments Money Market Government Portfolio -
	Institutional Class, 0.69%				2,496,129		2,496,129
	Total Short-Term Investment (Cost $2,496,129)						2,496,129
Total Value of Investments (Cost $6,562,154) - 99.53%						$	6,669,572
Other Assets Less Liabilities  - 0.47%							31,592
	Net Assets - 100.00%					$	6,701,164
§	Represents 7 day effective yield
		Summary of Investments
			% of Net Assets		Value
		Closed-End Funds	39.44%	$	2,642,576
		Exchange-Traded Products	22.84%		1,530,867
		Short-Term Investment	37.25%		2,496,129
		Other Assets Less Liabilities	0.47%		31,592
		Total Net Assets	100.00%	$	6,701,164
See Notes to Financial Statements

6

Cavalier Adaptive Income Fund
Statement of Assets and Liabilities
As of May 31, 2017
Assets:
	Investments, at value (cost $6,562,154)		$	6,669,572
	Receivables:
		Fund shares sold		281
		Dividends		572
		Due from Advisor		31,873
	Prepaid expenses:
		Registration and filing expenses		17,607
		Fund accounting fees		2,783
		Compliance fees		16
	Total assets			6,722,704
Liabilities:
	Accrued expenses:
		Professional fees		15,000
		Distribution and service fees - Class C Shares		1,760
		Shareholder fulfillment fees		1,751
		Trustee fees and meeting expenses		1,337
		Custody and banking fees		913
		Insurance fees		646
		Security pricing fees		92
		Administration fees		41
	Total liabilities			21,540
Total Net Assets			$	6,701,164
Net Assets Consist of:
	Paid in capital		$	6,785,560
	Accumulated net realized loss on investments			(191,814)
	Net unrealized appreciation on investments			107,418
Total Net Assets			$	6,701,164
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				431,604
	Net Assets		$	4,497,634
	Net Asset Value, Offering Price and Redemption Price Per Share		$	10.42
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				218,848
	Net Assets		$	2,203,530
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	10.07
(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

7

Cavalier Adaptive Income Fund
Statement of Operations
For the year ended May 31, 2017
Investment Income:
	Dividends	$	340,684
	Total Investment Income		340,684
Expenses:
	Advisory fees (note 2)		45,351
	Professional fees		41,193
	Fund accounting fees (note 2)		38,896
	Registration and filing expenses		38,055
	Transfer agent fees (note 2)		31,973
	Administration fees (note 2)		24,026
	Distribution and service fees - Class C Shares (note 3)		16,701
	Shareholder fulfillment fees		16,432
	Compliance fees		13,056
	Trustee fees and meeting expenses		10,367
	Custody and banking fees (note 2)		5,115
	Insurance fees		2,241
	Other operating expenses		1,907
	Security pricing fees		1,674
	Total Expenses		286,987
	Fees waived and reimbursed by Advisor (note 2)		(183,169)
	Net Expenses		103,818
Net Investment Income			236,866
Realized and Unrealized Gain (Loss) on Investments:
	Net realized gain from investment transactions		393,578
	Capital gain distributions from underlying funds		1,157
	Net change in unrealized appreciation on investments		(66,415)
Net Realized and Unrealized Gain on Investments			328,320
Net Increase in Net Assets Resulting from Operations		$	565,186
See Notes to Financial Statements

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Cavalier Adaptive Income Fund
Statements of Changes in Net Assets
For the years ended May 31,							2017		2016
Operations:
	Net investment income					$	236,866	$	131,548
	Net realized gain (loss) from investment transactions						393,578		(372,540)
	Net realized gain from underlying funds						1,157		3,021
	Net change in unrealized appreciation (depreciation) on investments						(66,415)		230,506
Net Increase (Decrease) in Net Assets Resulting from Operations							565,186		(7,465)
Distributions to Shareholders From:
	Net investment income
		Institutional Class Shares					(183,339)		(145,755)
		Class C Shares					(55,795)		(3,706)
Decrease in Net Assets Resulting from Distributions							(239,134)		(149,461)
Beneficial Interest Transactions:
	Shares sold						1,578,382		30,206,617
	Reinvested dividends and distributions						236,830		100,209
	Shares repurchased						(3,925,408)		(42,233,840)
Decrease from Beneficial Interest Transactions							(2,110,196)		(11,927,014)
Net Decrease in Net Assets							(1,784,144)		(12,083,940)
Net Assets:
	Beginning of Year						8,485,308		20,569,248
	End of Year					$	6,701,164	$	8,485,308
Accumulated Net Investment Loss						$	-	$	(4,764)
			Year Ended				Year Ended
Share Information:			May 31, 2017				May 31, 2016
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	59,686	$	609,864		2,899,776	$	28,753,137
		Reinvested dividends and distributions	17,834		182,579		9,849		96,642
		Shares repurchased	(353,628)		(3,617,139)		(4,186,536)		(41,431,319)
	Net Decrease in Shares of
	Beneficial Interest		(276,108)	$	(2,824,696)		(1,276,911)	$	(12,581,540)
	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	97,493	$	968,518		152,538	$	1,453,480
		Reinvested dividends and distributions	5,458		54,251		378		3,567
		Shares repurchased	(31,198)		(308,269)		(83,726)		(802,521)
	Net Increase  in Shares of
	Beneficial Interest		71,753	$	714,500		69,190	$	654,526
See Notes to Financial Statements

9

Cavalier Adaptive Income Fund
Financial Highlights
For a share outstanding during each				Institutional Class Shares
of the fiscal years ended May 31,				2017		2016		2015		2014		2013
Net Asset Value, Beginning of Year			$	9.98	$	9.98	$	10.15	$	10.19	$	10.16
Income (Loss) from Investment Operations
	Net investment income			0.38	(c)	0.10	(c)	0.17	(c)	0.17	(c)	0.39
	Net realized and unrealized gain (loss) on
		investments		0.46		(0.00)	(g)(h)	(0.17)		(0.05)		0.14
Total from Investment Operations				0.84		0.10		-		0.12		0.53
Less Distributions:
	From net investment income			(0.40)		(0.10)		(0.16)		(0.16)		(0.48)
	From net realized gains			-		-		(0.01)		-		(0.02)
Total Distributions				(0.40)		(0.10)		(0.17)		(0.16)		(0.50)
Net Asset Value, End of Year			$	10.42	$	9.98	$	9.98	$	10.15	$	10.19
Total Return (a)				8.54%		1.02%		(0.04)%		1.25%		5.33%
Net Assets, End of Year (in thousands)			$	4,498	$	7,063	$	19,813	$	9,280	$	7,679
Ratios of:
Gross Expenses to Average Net Assets (b)				3.90%		2.04%		1.72%		0.70%		0.86%
Net Expenses to Average Net Assets (b)				1.29%		0.94%	(f)	0.88%	(e)	0.70%		0.84%
Net Investment Income to Average
	Net Assets (d)			3.68%		0.98%	(f)	1.72%	(e)	1.73%		3.14%
Portfolio turnover rate				110.84%		246.74%		106.26%		127.64%		82.95%
(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America  and, consequently, the net asset value 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)	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.
(e)	Includes reimbursement of acquired fund fees.
(f)	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 note 2).
(g)	Less than $0.01 per share.
(h)	The amount of net realized and unrealized gain (loss) on investments per share for the year ended May 31, 2016 does not accord with the amount in the Statement of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values.
See Notes to Financial Statements												(Continued)

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Cavalier Adaptive Income Fund
Financial Highlights
For a share outstanding during each				Class C Shares (h)
of the fiscal years ended May 31,				2017		2016		2015		2014		2013
Net Asset Value, Beginning of Year			$	9.67	$	9.70	$	9.87	$	9.91	$	9.94
Income (Loss) from Investment Operations
	Net investment income (loss)			0.29	(c)	(0.01)	(c)	0.08	(c)	0.07	(c)	0.27
	Net realized and unrealized gain (loss) on
		investments		0.42		0.01	(g)	(0.17)		(0.04)		0.14
Total from Investment Operations				0.71		(0.00)		(0.09)		0.03		0.41
Less Distributions:
	From net investment income			(0.31)		(0.03)		(0.07)		(0.07)		(0.42)
	From net realized gains			-		-		(0.01)		-		(0.02)
Total Distributions				(0.31)		(0.03)		(0.08)		(0.07)		(0.44)
Net Asset Value, End of Year			$	10.07	$	9.67	$	9.70	$	9.87	$	9.91
Total Return (a)				7.46%		0.05%		(0.97)%		0.29%		4.16%
Net Assets, End of Year (in thousands)			$	2,204	$	1,422	$	756	$	818	$	760
Ratios of:
Gross Expenses to Average Net Assets (b)				5.27%		3.17%		2.72%		1.70%		1.86%
Net Expenses to Average Net Assets (b)				2.28%		2.12%	(f)	1.88%	(e)	1.70%		1.84%
Net Investment Income (Loss) to Average
	Net Assets (d)			2.96%		(0.14)%	(f)	0.79%	(e)	0.73%		2.14%
Portfolio turnover rate				110.84%		246.74%		106.26%		127.64%		82.95%
(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America  and, consequently, the net asset value 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)	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.
(e)	Includes reimbursement of acquired fund fees.
(f)	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 note 2).
(g)	The amount of net realized and unrealized gain (loss) on investments per share for the year ended May 31, 2016 does not accord with the amount in the Statement of Operations due to the timing of purchases and sales of Fund  shares in relation to fluctuating market values.
(h)	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

11

Cavalier Dividend Income Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Dividend Income Fund - Institutional Class Shares versus the MSCI ACWI High Dividend Yield NR Index and the Russell 1000 Value 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Institutional Class Shares	4.09%	-0.69%	4.14%	09/20/12	8.58%
		MSCI ACWI High Dividend Yield NR Index	14.80%	3.05%	7.30%	N/A	N/A
		Russell 1000 Value Index**	14.62%	7.67%	13.03%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
**The Fund compared its performance against the MSCI ACWI High Dividend Yield NR Index previously, but the Advisor believes the Russell 1000 Index is a more appropriate and accurate index against which to compare the Fund's investment strategies and, therefore, the Russell 1000 Index will replace the MSCI ACWI High Dividend Yield NR Index in future comparisons. The Russell 1000 Index is a market capitalization-weighted index, meaning that the largest companies constitute the largest percentages in the index and will affect performance  more than the smallest index members.
Performance quoted above 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. 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 reinvestment of distributions.

12

Cavalier Dividend Income Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Dividend Income Fund - Class C Shares versus the MSCI AWI High Dividend Yield NR Index and the Russell 1000 Value 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Class C Shares**	3.03%	-1.68%	3.62%	09/26/12	9.58%
		MSCI ACWI High Dividend Yield NR Index	14.80%	3.05%	7.59%	N/A	N/A
		Russell 1000 Value Index***	14.62%	7.67%	13.00%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
**	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.  Class C Shares held longer than 7 years will automatically convert to Institutional Class Shares.  Institutional Class Shares are not subject to the distribution and service plan (Rule 12b-1) fees of 1.00%.
***The Fund compared its performance against the MSCI ACWI High Dividend Yield NR Index previously, but the Advisor believes the Russell 1000 Index is a more appropriate and accurate index against which to compare the Fund's investment strategies and, therefore, the Russell 1000 Index will replace the MSCI ACWI High Dividend Yield NR Index in future comparisons. The Russell 1000 Index is a market capitalization-weighted index, meaning that the largest companies constitute the largest percentages in the index and will affect performance  more than the smallest index members.
Performance quoted above 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. 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 reinvestment of distributions.

13

Cavalier Dividend Income Fund
Schedule of Investments
As of May 31, 2017
						Shares		Value (Note 1)
COMMON STOCKS - 44.48%
	Consumer Discretionary - 6.67%
	*	Cabela's, Inc.				996	$	52,619
	Financials - 20.31%
	*	Berkshire Hathaway, Inc. - Class B				618		102,143
		TD Ameritrade Holding Corp.				1,553		58,020
								160,163
	Industrials - 17.50%
		Union Pacific Corp.				845		93,204
		Valmont Industries, Inc.				306		44,798
								138,002
		Total Common Stocks (Cost $361,287)						350,784
EXCHANGE-TRADED PRODUCTS - 44.50%
		iShares Trust Russell 1000 Value ETF				1,541	$	176,491
		iShares Trust Russell 2000 Value ETF				1,518		174,524
		Total Exchange-Traded Products (Cost $356,967)						351,015
SHORT-TERM INVESTMENT - 5.50%
	§	Fidelity Investments Money Market Government Portfolio -
		Institutional Class, 0.69%				43,344		43,344
		Total Short-Term Investment (Cost $43,344)						43,344
Total Value of Investments (Cost $761,598) - 94.48%							$	745,143
Other Assets Less Liabilities  - 5.52%								43,559
	Net Assets - 100.00%						$	788,702
§	Represents 7 day effective yield
*	Non income-producing investment
			Summary of Investments
			by Sector	% of Net Assets		Value
			Consumer Discretionary	6.67%	$	52,619
			Financials	20.31%		160,163
			Industrials	17.50%		138,002
			Exchange-Traded Products	44.50%		351,015
			Short-Term Investment	5.50%		43,344
			Other Assets Less Liabilities	5.52%		43,559
			Total Net Assets	100.00%	$	788,702
See Notes to Financial Statements

14

Cavalier Dividend Income Fund
Statement of Assets and Liabilities
As of May 31, 2017
Assets:
	Investments, at value (cost $761,598)		$	745,143
	Receivables:
		Fund shares sold		694
		Dividends and interest		537
		Due from Advisor		53,956
	Prepaid expenses:
		Registration and filing expenses		15,534
		Fund accounting fees		2,750
	Total assets			818,614
Liabilities:
	Accrued expenses:
		Professional fees		25,411
		Shareholder fulfillment fees		1,751
		Trustee fees and meeting expenses		1,337
		Custody and banking fees		968
		Insurance fees		299
		Security pricing fees		74
		Distribution and service fees - Class C Shares		62
		Administration fees		10
	Total liabilities			29,912
Total Net Assets			$	788,702
Net Assets Consist of:
	Paid in capital		$	1,047,337
	Accumulated net realized loss on investments			(242,180)
	Net unrealized depreciation on investments			(16,455)
Total Net Assets			$	788,702
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				67,276
	Net Assets		$	707,268
	Net Asset Value, Offering Price and Redemption Price Per Share		$	10.51
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				7,679
	Net Assets		$	81,434
	Net Asset Value, Offering Price and Redemption Price Per Share (a)(b)		$	10.61
(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
(b)	Net Asset Value presented does not recalculate due to rounding on the Class C Shares for Financial Statement purposes.
See Notes to Financial Statements

15

Cavalier Dividend Income Fund
Statement of Operations
For the year ended May 31, 2017
Investment Income:
	Dividends		$	30,652
	Total Investment Income			30,652
Expenses:
	Professional fees			54,667
	Fund accounting fees (note 2)			38,334
	Registration and filing expenses			34,299
	Transfer agent fees (note 2)			31,973
	Administration fees (note 2)			24,026
	Shareholder fulfillment fees			13,644
	Trustee fees and meeting expenses			10,367
	Advisory fees (note 2)			10,261
	Custody and banking fees (note 2)			4,907
	Compliance fees (note 2)			4,434
	Other operating expenses			3,973
	Insurance fees			1,595
	Security pricing fees			1,520
	Distribution and service fees - Class C Shares (note 3)			886
	Total Expenses			234,886
	Fees waived and reimbursed by Advisor (note 2)			(215,913)
	Net Expenses			18,973
Net Investment Income				11,679
Realized and Unrealized Gain (Loss) on Investments:
	Net realized gain from:
		Investment transactions		128,988
		Capital gain distributions from underlying funds		1,301
	Net change in unrealized depreciation on investments			(92,219)
Net Realized and Unrealized Gain on Investments				38,070
Net Increase in Net Assets Resulting from Operations			$	49,749
See Notes to Financial Statements

16

Cavalier Dividend Income Fund
Statements of Changes in Net Assets
For the years ended May 31,							2017		2016
Operations:
	Net investment income					$	11,679	$	19,541
	Net realized gain (loss) from:
		Investment transactions					128,988		(367,643)
		Capital gain distributions from underlying funds					1,301		9,600
	Net change in unrealized appreciation (depreciation) on investments						(92,219)		56,161
Net Increase (Decrease) in Net Assets Resulting from Operations							49,749		(282,341)
Distributions to Shareholders From:
	Net investment income
		Institutional Class Shares					(4,000)		(26,727)
		Class C Shares					(20)		(472)
	Return of Capital
		Institutional Class Shares					(6,232)		-
		Class C Shares					(515)		-
Decrease in Net Assets Resulting from Distributions							(10,767)		(27,199)
Beneficial Interest Transactions:
	Shares sold						66,574		2,618,175
	Reinvested dividends and distributions						10,767		17,044
	Shares repurchased						(1,134,064)		(5,888,112)
Decrease from Beneficial Interest Transactions							(1,056,723)		(3,252,893)
Decrease in Net Assets							(1,017,741)		(3,562,433)
Net Assets:
	Beginning of Year						1,806,443		5,368,876
	End of Year					$	788,702	$	1,806,443
Accumulated net investment loss						$	-	$	(7,659)
			Year Ended				Year Ended
Share Information:			May 31, 2017				May 31, 2016
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	6,267	$	66,015		253,821	$	2,533,046
		Reinvested dividends and distributions	978		10,232		1,610		16,606
		Shares repurchased	(108,624)		(1,124,142)		(568,931)		(5,769,408)
	Net Decrease in Shares of
		Beneficial Interest	(101,379)	$	(1,047,895)		(313,500)	$	(3,219,756)
	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	52	$	559		8,068	$	85,129
		Reinvested dividends and distributions	50		535		42		438
		Shares repurchased	(932)		(9,922)		(11,107)		(118,704)
	Net Decrease in Shares of
		Beneficial Interest	(830)	$	(8,828)		(2,997)	$	(33,137)
See Notes to Financial Statements

17

Cavalier Dividend Income Fund
Financial Highlights
For a share outstanding during each of the				Institutional Class Shares
fiscal years or period ended May 31,				2017		2016		2015		2014		2013	(f)
Net Asset Value, Beginning of Period			$	10.19	$	10.87	$	11.41	$	11.02	$	10.00
Income (Loss) from Investment Operations
	Net investment income			0.12	(g)	0.08	(g)	0.46	(g)	0.55	(g)	0.29
	Net realized and unrealized gain (loss) on
		investments		0.30		(0.68)		(0.51)		0.41		1.02
Total from Investment Operations				0.42		(0.60)		(0.05)		0.96		1.31
Less Distributions:
	From net investment income			(0.04)		(0.08)		(0.46)		(0.49)		(0.29)
	From net realized gains			-		-		(0.03)		(0.08)		-
	From return of capital			(0.06)		-		-		-		-
Total Distributions				(0.10)		(0.08)		(0.49)		(0.57)		(0.29)
Net Asset Value, End of Period			$	10.51	$	10.19	$	10.87	$	11.41	$	11.02
Total Return (c)				4.09%		(5.51)%		(0.43)%		9.03%		13.32%	(b)
Net Assets, End of Period (in thousands)			$	707	$	1,718	$	5,241	$	5,090	$	1,090
Ratios of:
Gross Expenses to Average Net Assets (d)				20.25%		8.23%		3.56%		1.15%		0.70%	(a)
Net Expenses to Average Net Assets (d)				1.58%		1.58%	(i)	1.23%	(h)	1.15%		0.70%	(a)
Net Investment Income to Average
	Net Assets (e)			1.11%		0.75%	(i)	4.19%	(h)	4.97%		4.74%	(a)
Portfolio turnover rate				83.66%		118.07%		23.77%		2.70%		83.50%	(b)
(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 value 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 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	For the period from September 20, 2012 (Date of Initial Public Investment) to May 31, 2013.
(g)	Calculated using the average shares method.
(h)	Includes reimbursement of acquired fund fees.
(i)	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 note 2).
See Notes to Financial Statements												(Continued)

18

Cavalier Dividend Income Fund
Financial Highlights
For a share outstanding during each of the				Class C Shares (k)
fiscal years or period ended May 31,				2017		2016		2015		2014		2013	(f)
Net Asset Value, Beginning of Period			$	10.36	$	11.12	$	11.68	$	11.18	$	10.00
Income (Loss) from Investment Operations
	Net investment income (loss)			(0.01)	(g)	(0.06)	(g)	0.43	(g)	0.43	(g)	0.24
	Net realized and unrealized gain (loss) on
		investments		0.32		(0.65)		(0.60)		0.53		1.17
Total from Investment Operations				0.31		(0.71)		(0.17)		0.96		1.41
Less Distributions:
	From net investment income			-	(j)	(0.05)		(0.36)		(0.38)		(0.23)
	From net realized gains			-		-		(0.03)		(0.08)		-
	From return of capital			(0.06)		-		-		-		-
Total Distributions				(0.06)		(0.05)		(0.39)		(0.46)		(0.23)
Net Asset Value, End of Period			$	10.61	$	10.36	$	11.12	$	11.68	$	11.18
Total Return (c)				3.03%		(6.41)%		(1.45)%		8.79%		14.25%	(b)
Net Assets, End of Period (in thousands)			$	81	$	88	$	128	$	79	$	5
Ratios of:
Gross Expenses to Average Net Assets (d)				23.68%		8.47%		4.56%		2.15%		1.70%	(a)
Net Expenses to Average Net Assets (d)				2.58%		2.66%	(i)	2.23%	(h)	2.15%		1.70%	(a)
Net Investment Income (Loss) to Average
	Net Assets (e)			(0.06)%		(0.61)%	(i)	3.79%	(h)	3.84%		4.68%	(a)
Portfolio turnover rate				83.66%		118.07%		23.77%		2.70%		83.50%	(b)
(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 value 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 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	For the period from September 26, 2012 (Date of Initial Public Investment) to May 31, 2013.
(g)	Calculated using the average shares method.
(h)	Includes reimbursement of acquired fund fees.
(i)	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 note 2).
(j)	Less than $0.01 per share.
(k)	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

19

Cavalier Dynamic Growth Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from October 2, 2009 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Dynamic Growth Fund - Institutional Class Shares versus the S&P Global Broad Market Index and the S&P 500 Total Return Index.  It is important to note that the Fund is a professionally managed mutual fund while the indices are not available for investment and are unmanaged. The comparison is shown for illustrative purposes only.
	Average Annual Total Returns
							Gross
		As of	One	Five	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Institutional Class Shares	16.50%	11.09%	8.35%	10/02/09	1.92%
		S&P Global Broad Market Index	18.13%	12.27%	6.84%	N/A	N/A
		S&P 500 Total Return Index	17.16%	15.41%	3.26%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
Performance quoted above 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. 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.

20

Cavalier Dynamic Growth Fund - Class C Shares

Performance Update (Unaudited)

For the period from February 18, 2011 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Dynamic Growth Fund - Class C Shares versus the S&P Global Broad Market Index and the S&P 500 Total Return Index.  It is important to note that the Fund is a professionally managed mutual fund while the indices are not available for investment and are unmanaged. The comparison is shown for illustrative purposes only.
	Average Annual Total Returns
							Gross
		As of	One	Five	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Class C Shares**	15.42%	9.97%	6.50%	02/18/11	2.92%
		S&P Global Broad Market Index	18.13%	12.27%	7.78%	N/A	N/A
		S&P 500 Total Return Index	17.16%	15.41%	-0.83%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
**	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.  Class C Shares held longer than 7 years will automatically convert to Institutional Class Shares.  Institutional Class Shares are not subject to the distribution and service plan (Rule 12b-1) fees of 1.00%.
Performance quoted above 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. 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.

21

Cavalier Dynamic Growth Fund
Schedule of Investments
As of May 31, 2017
			Shares		Value (Note 1)
COMMON STOCKS - 84.54%
	Consumer Discretionary - 19.17%
		adidas AG	1,346	$	129,149
		Carnival Corp.	1,801		115,390
		Fast Retailing Co. Ltd.	3,301		110,914
	*	IMAX Corp.	4,504		112,825
	μ	Luxottica Group SpA	2,782		167,894
		PulteGroup, Inc.	10,429		236,425
		The Children's Place, Inc.	1,144		123,781
		Toll Brothers, Inc.	6,419		236,925
	*	Ulta Beauty, Inc.	557		169,796
					1,403,099
	Consumer Staples - 2.76%
		Sysco Corp.	3,703		202,036
	Energy - 1.32%
		Noble Energy, Inc.	3,381		97,001
	Financials - 8.78%
		Chubb Ltd.	1,254		179,560
		MSCI, Inc.	1,618		164,599
		The Bank of New York Mellon Corp.	2,784		131,182
		The Goldman Sachs Group, Inc.	791		167,107
					642,448
	Health Care - 14.57%
		Allergan PLC	840		187,950
		AmerisourceBergen Corp.	1,931		177,208
	*	Celgene Corp.	1,749		200,103
	*	ICON PLC	2,060		193,846
	*	Quintiles IMS Holdings, Inc.	1,483		128,191
		Shire PLC	1,037		179,111
					1,066,409
	Industrials - 5.24%
	*	AerCap Holdings NV	3,843		169,169
	*	Axon Enterprise, Inc.	8,924		214,265
					383,434
	Information Technology - 25.99%
	*	Alibaba Group Holding Ltd.	1,575		192,874
	*	Alphabet, Inc.	212		209,263
		Applied Materials, Inc.	5,233		240,090
		Broadcom Ltd.	717		171,707
	*	Check Point Software Technologies Ltd.	2,340		262,197
	*	Facebook, Inc.	1,695		256,725
		NetEase, Inc.	482		137,264
	*	Qorvo, Inc.	2,430		189,418
		Visa, Inc.	2,545		242,360
					1,901,898
					(Continued)

22

Cavalier Dynamic Growth Fund
Schedule of Investments - Continued
As of May 31, 2017
							Shares		Value (Note 1)
COMMON STOCKS - Continued
	Real Estate - 2.41%
		Realogy Holdings Corp.					5,797	$	176,577
	Telecommunication Services - 4.30%
		KDDI Corp.					14,370		199,312
		SoftBank Group Corp.					2,841		115,259
									314,571
		Total Common Stocks (Cost $5,766,492)							6,187,473
			Number of				Expiration
CALL OPTIONS PURCHASED - 0.18%			Contracts (b)		Exercise Price		Date
	*	CBOE Volatility Index	427		$	23.00	6/21/2017		5,338
	*	CBOE Volatility Index	450		22.00		6/21/2017		5,625
	*	SPDR S&P 500 ETF Trust	468		249.00		6/16/2017		2,574
		Total Call Options Purchased (Cost $25,336)							13,537
			Number of				Expiration
PUT OPTIONS PURCHASED - 0.49%			Contracts (b)		Exercise Price		Date
	*	SPDR S&P 500 ETF Trust	18		241.50		6/16/2017		3,483
	*	SPDR S&P 500 ETF Trust	45		226.00		9/15/2017		9,742
	*	SPDR S&P 500 ETF Trust	105		236.00		6/16/2017		5,985
	*	SPDR S&P 500 ETF Trust	132		216.00		9/15/2017		16,302
		Total Put Options Purchased (Cost $118,244)							35,512
EXCHANGE-TRADED PRODUCT - 6.93%							Shares
		SPDR S&P 500 ETF Trust (a)					2,100		507,024
		Total Exchange-Traded Product (Cost $496,520)							507,024
LIMITED PARTNERSHIP - 3.26%							Shares
		The Blackstone Group LP					7,255		238,544
		Total Limited Partnership (Cost $239,200)							238,544
U.S. TREASURY BILL - 6.12%			Principal		Yield		Maturity Date
		United States Treasury Bill (a)	$	450,000	0.000%		11/9/2017		447,925
		Total U.S. Treasury Bill (Cost $448,063)							447,925
Total Value of Investments (Cost $7,093,855) - 101.52%									7,430,015
Options Written (Premiums Received $89,859) - (1.23)%									(89,905)
Liabilities in Excess of Other Assets  - (0.29)%									(21,457)
	Net Assets - 100.00%							$	7,318,653
	*	Non-income producing investment
	μ	American Depositary Receipt
	(a)	All or a portion of this security is held as collateral for options written.
	(b)	Each contract is equivalent to 100 shares of underlying common stock.
									(Continued)

23

Cavalier Dynamic Growth Fund
Schedule of Investments - Continued
As of May 31, 2017
	The following acronyms and abbreviations are used in this portfolio:
	NV - Netherlands security
	PLC - Public Limited Company
		Summary of Investments by Sector
		Sector	% of Net Assets		Value
		Consumer Discretionary	19.17%	$	1,403,099
		Consumer Staples	2.76%		202,036
		Energy	1.32%		97,001
		Financials	8.78%		642,448
		Health Care	14.57%		1,066,409
		Industrials	5.24%		383,434
		Information Technology	25.99%		1,901,898
		Real Estate	2.41%		176,577
		Telecommunication Services	4.30%		314,571
		Call Options Purchased	0.18%		13,537
		Put Options Purchased	0.49%		35,512
		Exchange-Traded Product	6.93%		507,024
		Limited Partnership	3.26%		238,544
		U.S. Treasury Bill	6.12%		447,925
		Call Options Written	-1.23%		(89,905)
		Liabilities in Excess of Other Assets	-0.29%		(21,457)
		Total Net Assets	100.00%	$	7,318,653
						(Continued)

24

Cavalier Dynamic Growth Fund
Schedule of Investments - Continued
As of May 31, 2017
			Number of Contracts (b)	Exercise Price		Expiration Date		Value (Note 1)
CALL OPTIONS WRITTEN - 1.23%
	*	CBOE Volatility Index	450	$	16.00	6/21/2017	$	14,625
	*	CBOE Volatility Index	134	14.00		6/21/2017		6,700
	*	SPDR S&P500 ETF Trust	105	236.00		6/16/2017		65,520
	*	SPDR S&P500 ETF Trust	18	241.50		6/16/2017		3,060
		Total Call Options Written (Premiums Received $89,859)						89,905
	Total Options Written (Premiums Received $89,859)							89,905
See Notes to Financial Statements

25

Cavalier Dynamic Growth Fund
Statement of Assets and Liabilities
As of May 31, 2017
Assets:
	Investments, at value (cost $7,093,855)		$	7,430,015
	Receivables:
		Investments sold		4,048,861
		Fund shares sold		146,898
		Due From Advisor		24,667
		Dividends and interest		1,845
	Prepaid expenses:
		Registration and filing expenses		16,296
		Fund accounting fees		2,694
		Other expense		89
	Total assets			11,671,365
Liabilities:
	Options written, at value (premiums received $89,859)			89,905
	Due to Custodian			159,542
	Due to Broker			161,688
	Payables:
		Securities purchased		3,911,938
		Fund shares repurchased		8,073
	Accrued expenses:
		Professional fees		15,000
		Shareholder fulfillment fees		1,750
		Trustee fees and meeting expenses		1,337
		Distribution and service fees - Class C Shares		961
		Interest expense		918
		Custody and banking fees		826
		Insurance fees		547
		Security pricing fees		227
	Total liabilities			4,352,712
Total Net Assets			$	7,318,653
Net Assets Consist of:
	Paid in capital		$	6,062,125
	Accumulated net realized gain on investments			920,414
	Net unrealized appreciation on investments			336,114
Total Net Assets			$	7,318,653
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				599,432
	Net Assets		$	6,431,227
	Net Asset Value, Offering Price and Redemption Price Per Share		$	10.73
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				87,634
	Net Assets		$	887,426
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	10.13
(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
See Notes to Financial Statements

26

Cavalier Dynamic Growth Fund
Statement of Operations
For the year ended May 31, 2017
Investment Income:
	Dividends (net of foreign tax withheld of $2,284)		$	100,722
	Interest			1,246
	Total Investment Income			101,968
Expenses:
	Advisory fees (note 2)			59,281
	Professional fees			41,326
	Fund accounting fees (note 2)			39,159
	Registration and filing expenses			35,005
	Transfer agent fees (note 2)			31,973
	Administration fees (note 2)			24,026
	Compliance fees (note 2)			23,643
	Shareholder fulfillment fees			21,332
	Trustee fees and meeting expenses			10,367
	Distribution and service fees - Class C Shares (note 3)			9,203
	Custody and banking fees (note 2)			7,051
	Security pricing fees			4,393
	Interest expense			4,131
	Insurance fees			2,338
	Other operating expenses			1,906
	Total Expenses			315,134
	Fees waived and reimbursed by Advisor (note 2)			(185,619)
	Net Expenses			129,515
Net Investment Loss				(27,547)
Realized and Unrealized Gain (Loss) on Investments:
	Net realized gain from:
		Investment transactions		1,117,496
		Options written		22,828
		Total realized gain		1,140,324
	Net change in unrealized appreciation (depreciation) on:
		Investments		136,935
		Options written		(46)
		Total net change in unrealized appreciation		136,889
Net Realized and Unrealized Gain on Investments				1,277,213
Net Increase in Net Assets Resulting from Operations			$	1,249,666
See Notes to Financial Statements

27

Cavalier Dynamic Growth Fund
Statements of Changes in Net Assets
For the years ended May 31,							2017		2016
Operations:
	Net investment loss					$	(27,547)	$	(34,349)
	Net realized gain from investment transactions and options written						1,140,324		1,047,194
	Net change in unrealized appreciation (depreciation) on investments
		and options written					136,889		(2,292,376)
Net Increase (Decrease) in Net Assets Resulting from Operations							1,249,666		(1,279,531)
Distributions to Shareholders From:
	Net realized gains
		Institutional Class Shares					(509,409)		(2,370,611)
		Class C Shares					(65,174)		(214,472)
Decrease in Net Assets Resulting from Distributions							(574,583)		(2,585,083)
Beneficial Interest Transactions:
	Shares sold						753,413		30,327,483
	Reinvested dividends and distributions						567,467		2,495,479
	Shares repurchased						(6,487,245)		(38,078,303)
Decrease from Beneficial Interest Transactions							(5,166,365)		(5,255,341)
Net Decrease in Net Assets							(4,491,282)		(9,119,955)
Net Assets:
	Beginning of Year						11,809,935		20,929,890
	End of Year					$	7,318,653	$	11,809,935
Accumulated Net Investment Loss						$	-	$	(9,025)
			Year Ended				Year Ended
Share Information:			May 31, 2017				May 31, 2016
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	68,630	$	708,322		2,380,984	$	29,141,711
		Reinvested dividends and distributions	52,486		502,292		224,951		2,281,007
		Shares repurchased	(614,025)		(6,221,940)		(3,039,855)		(36,783,431)
	Net Decrease in Shares of Beneficial Interest		(492,909)	$	(5,011,326)		(433,920)	$	(5,360,713)
	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	4,731	$	45,091		102,233	$	1,185,772
		Reinvested dividends and distributions	7,178		65,175		21,997		214,472
		Shares repurchased	(27,399)		(265,305)		(117,134)		(1,294,872)
	Net Increase (Decrease) in Shares
		of Beneficial Interest	(15,490)	$	(155,039)		7,096	$	105,372
See Notes to Financial Statements

28

Cavalier Dynamic Growth Fund
Financial Highlights
For a share outstanding during each				Institutional Class Shares
of the fiscal years ended May 31,				2017		2016		2015		2014		2013
Net Asset Value, Beginning of Year			$	9.92	$	12.92	$	12.15	$	11.55	$	9.42
Income (Loss) from Investment Operations
	Net investment income (loss)			(0.02)	(d)	(0.02)	(d)	(0.06)	(d)	0.11	(d)	0.21
	Net realized and unrealized gain (loss) on
		investments and options written		1.57		(0.93)		1.88		1.08		1.92
Total from Investment Operations				1.55		(0.95)		1.82		1.19		2.13
Less Distributions from:
	Net investment income			-		-		(0.11)		(0.13)		-
	Net realized gains			(0.74)		(2.05)		(0.94)		(0.46)		-
Total Distributions				(0.74)		(2.05)		(1.05)		(0.59)		-
Net Asset Value, End of Year			$	10.73	$	9.92	$	12.92	$	12.15	$	11.55
Total Return (a)				16.50%		(7.71)%		16.26%		10.44%		22.61%
Net Assets, End of Year (in thousands)			$	6,431	$	10,831	$	19,722	$	23,879	$	14,139
Ratios of:
Gross Expenses to Average Net Assets (b)				3.61%	(f)	1.85%	(e)	1.27%		0.70%		0.94%
Net Expenses to Average Net Assets (b)				1.43%	(f)	1.37%	(e)	1.27%		0.70%		0.88%
Net Investment Income (Loss) to Average
	Net Assets (c)			(0.21)%		(0.14)%		(0.47)%		0.91%		1.72%
Portfolio turnover rate				159.52%		312.56%		259.65%		425.39%		453.00%
(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value 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 (see note 2).
(f)	Includes interest expense 0.05%.
See Notes to Financial Statements												(Continued)

29

Cavalier Dynamic Growth Fund
Financial Highlights
For a share outstanding during each				Class C Shares (g)
of the fiscal years ended May 31,				2017		2016		2015		2014		2013
Net Asset Value, Beginning of Year			$	9.49	$	12.57	$	11.97	$	11.48	$	9.48
Income (Loss) from Investment Operations
	Net investment income (loss)			(0.13)	(d)	(0.11)	(d)	(0.18)	(d)	(0.01)	(d)	0.08
	Net realized and unrealized gain (loss)
		on investments and options written		1.51		(0.92)		1.83		1.09		1.92
Total from Investment Operations				1.38		(1.03)		1.65		1.08		2.00
Less Distributions from:
	Net investment income			-		-		(0.11)		(0.13)		-
	Net realized gains			(0.74)		(2.05)		(0.94)		(0.46)		-
Total Distributions				(0.74)		(2.05)		(1.05)		(0.59)		-
Net Asset Value, End of Year			$	10.13	$	9.49	$	12.57	$	11.97	$	11.48
Total Return (a)				15.42%		(8.64)%		15.04%		9.53%		21.10%
Net Assets, End of Year (in thousands)			$	887	$	979	$	1,208	$	1,122	$	865
Ratios of:
Gross Expenses to Average Net Assets (b)				4.82%	(f)	2.95%	(e)	2.27%		1.70%		1.92%
Net Expenses to Average Net Assets (b)				2.43%	(f)	2.40%	(e)	2.27%		1.70%		1.87%
Net Investment Income (Loss) to Average
	Net Assets (c)			(1.32)%		(1.02)%		(1.50)%		(0.09)%		0.88%
Portfolio turnover rate				159.52%		312.56%		259.65%		425.39%		453.00%
(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value 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 (see note 2).
(f)	Includes interest expense 0.05%.
(g)	As of February 24, 2017, the "Advisor Class" Shares were renamed the "Class C" Shares.  There were no other changes to this class of shares.
See Notes to Financial Statements

30

Cavalier Fundamental Growth Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from October 17, 2013 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Fundamental Growth Fund - Institutional Class Shares versus the S&P Global Broad Market 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Institutional Class Shares	18.42%	7.34%	9.15%	10/17/13	1.52%
		S&P Global Broad Market Index	18.13%	5.95%	7.18%	N/A	N/A
* The gross expense ratio shown is from the Fund's prospectus dated September 28, 2016.
Performance quoted above 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. 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 reinvestment of distributions.

31

Cavalier Fundamental Growth Fund - Class C Shares

Performance Update (Unaudited)

For the period from November 4, 2013 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Fundamental Growth Fund - Class C Shares versus the S&P Global Broad Market 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Class C Shares**	17.37%	6.30%	8.58%	11/04/13	2.52%
		S&P Global Broad Market Index	18.13%	5.95%	7.20%	N/A	N/A
* The gross expense ratio shown is from the Fund's prospectus dated September 28, 2016.
**	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.  Class C Shares held longer than 7 years will automatically convert to Institutional Class Shares.  Institutional Class Shares are not subject to the distribution and service plan (Rule 12b-1) fees of 1.00%.
Performance quoted above 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. 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 reinvestment of distributions.

32

Cavalier Fundamental Growth Fund
Schedule of Investments
As of May 31, 2017
			Shares		Value (Note 1)
COMMON STOCKS - 95.61%
	Consumer Discretionary - 15.05%
	*	Amazon.com, Inc.	1,700	$	1,690,854
		Big 5 Sporting Goods Corp.	12,400		172,360
	*	China Lodging Group Ltd.	5,300		404,920
		Domino's Pizza, Inc.	3,500		741,020
		Ferrari NV	8,400		728,448
	*	Fox Factory Holding Corp.	6,000		197,100
	*μ	JD.com, Inc.	16,000		640,480
	*	Netflix, Inc.	2,000		326,140
		Nutrisystem, Inc.	11,600		603,780
	*	SodaStream International Ltd.	19,700		1,043,706
	*	SORL Auto Parts, Inc.	42,300		368,856
		TAL Education Group	4,100		477,527
	*	Ulta Beauty, Inc.	8,100		2,469,204
					9,864,395
	Consumer Staples - 1.69%
		Altria Group, Inc.	14,700		1,108,968
					1,108,968
	Energy - 1.32%
		Devon Energy Corp.	9,300		316,014
	*	Geopark Ltd.	22,700		196,809
		Pioneer Natural Resources Co.	2,100		350,406
					863,229
	Financials - 4.04%
		Arbor Realty Trust, Inc.	37,400		306,680
	μ	Bancolombia SA	11,800		519,318
		First Bank	10,000		116,500
		New Residential Investment Corp.	33,200		534,188
	*	NMI Holdings, Inc.	27,900		290,160
	*	Sunshine Bancorp, Inc.	7,900		174,195
	*	Walker & Dunlop, Inc.	15,100		705,321
					2,646,362
	Health Care - 8.32%
	*	Align Technology, Inc.	5,000		726,000
		Baxter International, Inc.	18,500		1,097,235
	*	CRH Medical Corp.	24,100		145,805
	*	Exelixis, Inc.	22,100		413,491
	*	Glaukos Corp.	19,400		789,774
	*	IDEXX Laboratories, Inc.	4,300		724,077
	*	Intuitive Surgical, Inc.	685		626,556
	*	Mettler-Toledo International, Inc.	1,600		932,496
					5,455,434
					(Continued)

33

Cavalier Fundamental Growth Fund
Schedule of Investments - Continued
As of May 31, 2017
				Shares		Value (Note 1)
COMMON STOCKS - Continued
	Industrials - 9.60%
	*μ	51job, Inc.		7,600	$	331,284
		Argan, Inc.		6,000		354,300
		CSX Corp.		13,700		742,129
		Lockheed Martin Corp.		2,400		674,712
	*	MasTec, Inc.		46,200		1,958,880
		Republic Services, Inc.		8,700		553,407
	μ	Vinci SA		14,000		305,620
		Waste Management, Inc.		13,800		1,006,158
	*	Willdan Group, Inc.		11,000		365,970
						6,292,460
	Information Technology - 44.02%
	*	Advanced Energy Industries, Inc.		3,800		292,334
		Applied Materials, Inc.		22,500		1,032,300
	*	Applied Optoelectronics, Inc.		15,400		1,075,228
	*	Arista Networks, Inc.		3,700		545,306
	*	Asure Software, Inc.		36,700		568,850
	*	Baozun, Inc.		21,300		437,715
		Broadcom Ltd.		5,500		1,317,140
		Cabot Microelectronics Corp.		9,000		679,410
		Cognex Corp.		14,200		1,299,442
	*	Finisar Corp.		18,850		464,841
	*	Finjan Holdings, Inc.		61,200		181,152
		InterDigital, Inc.		3,900		315,900
	*	Intevac, Inc.		18,600		249,240
	*	Kulicke & Soffa Industries, Inc.		29,400		651,210
		Lam Research Corp.	��	2,200		341,374
	*	Micron Technology, Inc.		38,700		1,190,799
		MKS Instruments, Inc.		2,500		204,375
	*	Momo, Inc.		18,300		696,132
	*	Nanometrics, Inc.		10,900		303,020
	*	Nova Measuring Instruments Ltd.		19,200		470,016
		NVIDIA Corp.		20,900		3,016,915
	*	Oclaro, Inc.		219,400		1,948,272
	*	Orbotech Ltd.		30,300		1,081,104
	*	PCM, Inc.		11,800		232,460
		QUALCOMM, Inc.		22,700		1,300,029
	*	Rogers Corp.		1,500		159,315
	*	SINA Corp.		10,400		1,018,888
		STMicroelectronics NV		90,900		1,497,123
		Texas Instruments, Inc.		3,900		321,711
	*	Tower Semiconductor Ltd.		26,000		659,360
	*	Ultra Clean Holdings, Inc.		41,300		943,292
	*	Vantiv, Inc.		10,500		658,560
	*	Vmware, Inc.		4,700		456,605
						(Continued)

34

Cavalier Fundamental Growth Fund
Schedule of Investments - Continued
As of May 31, 2017
			Shares		Value (Note 1)
COMMON STOCKS - Continued
	Information Technology - Continued
	*	Weibo Corp.	35,500	$	2,610,315
		Western Digital Corp.	3,700		333,222
	*	Yirendai Ltd.	13,400		310,612
					28,863,567
	Materials - 5.03%
		Packaging Corp of America	10,300		1,052,248
	μ	Sociedad Quimica y Minera de Chile SA	23,700		853,911
		Teck Resources Ltd.	26,000		464,360
		The Chemours Co.	23,200		927,768
					3,298,287
	Real Estate - 4.08%
		Armada Hoffler Properties, Inc.	21,100		278,731
		CareTrust REIT, Inc.	12,500		228,125
		Digital Realty Trust, Inc.	11,000		1,300,090
		Rexford Industrial Realty, Inc.	31,800		866,550
					2,673,496
	Telecommunications - 0.51%
	*	Zayo Group Holdings, Inc.	10,500		337,680
					337,680
	Utilities - 1.95%
		CMS Energy Corp.	12,000		568,920
		UGI Corp.	13,900		711,402
					1,280,322
		Total Common Stocks (Cost $51,130,471)			62,684,200
LIMITED PARTNERSHIPS - 2.74%
		Cone Midstream Partners LP	50,300		1,067,869
		Enviva Partners LP	14,500		407,450
		Brookfield Infrastructure Partners LP	7,900		319,950
		Total Limited Partnerships (Cost $1,856,404)			1,795,269
SHORT-TERM INVESTMENT - 1.55%
	§	Fidelity Investments Money Market Government Portfolio -
		Institutional Class, 0.69%	1,019,000		1,019,000
		Total Short-Term Investment (Cost $1,019,000)			1,019,000
Total Value of Investments (Cost $54,005,875) - 99.90%				$	65,498,469
Other Assets Less Liabilities  - 0.10%					66,519
	Net Assets - 100.00%			$	65,564,988
					(Continued)

35

Cavalier Fundamental Growth Fund
Schedule of Investments - Continued
As of May 31, 2017
*	Non-income producing investment
§	Represents 7 day effective yield
μ	American Depositary Receipt
The following acronym or abbreviation is used in this portfolio:
	NV - Netherlands Security
		Summary of Investments by Sector
			% of Net
		Sector	Assets		Value
		Consumer Discretionary	15.05%	$	9,864,395
		Consumer Staples	1.69%		1,108,968
		Energy	1.32%		863,229
		Financials	4.04%		2,646,362
		Health Care	8.32%		5,455,434
		Industrials	9.60%		6,292,460
		Information Technology	44.02%		28,863,567
		Materials	5.03%		3,298,287
		Real Estate	4.08%		2,673,496
		Telecommunications	0.51%		337,680
		Utilities	1.95%		1,280,322
		Limited Partnerships	2.74%		1,795,269
		Short-Term Investment	1.55%		1,019,000
		Other Assets Less Liabilities	0.10%		66,519
		Total Net Assets	100.00%	$	65,564,988
See Notes to Financial Statements

36

Cavalier Fundamental Growth Fund
Statement of Assets and Liabilities
As of May 31, 2017
Assets:
	Investments, at value (cost $54,005,875)		$	65,498,469
	Receivables:
		Investments sold		408,152
		Fund shares sold		325,732
		Dividends and interest		41,639
	Prepaid expenses:
		Registration and filing expenses		16,197
		Fund accounting fees		2,788
	Total assets			66,292,977
Liabilities:
	Payables:
		Investments purchased		550,423
		Fund shares repurchased		154,060
	Accrued expenses:
		Professional fees		14,000
		Advisory fees		2,662
		Distribution and service fees - Class C Shares		1,916
		Trustee fees and meeting expenses		1,898
		Shareholder fulfillment fees		1,751
		Administration fees		578
		Custody and banking fees		324
		Insurance fees		298
		Security pricing fees		79
	Total liabilities			727,989
Total Net Assets			$	65,564,988
Net Assets Consist of:
	Paid in capital		$	56,298,883
	Undistributed net investment income			38,981
	Accumulated net realized loss on investments			(2,265,470)
	Net unrealized appreciation on investments			11,492,594
Total Net Assets			$	65,564,988
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				4,610,816
	Net Assets		$	63,142,219
	Net Asset Value, Offering Price and Redemption Price Per Share		$	13.69
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				181,131
	Net Assets		$	2,422,769
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	13.38
(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
See Notes to Financial Statements

37

Cavalier Fundamental Growth Fund
Statement of Operations
For the year ended May 31, 2017
Investment Income:
	Dividends (net of withholding taxes of $7,960)	$	817,883
	Total Investment Income		817,883
Expenses:
	Advisory fees (note 2)		559,904
	Administration fees (note 2)		55,225
	Distribution and service fees - Class C Shares (note 3)		49,014
	Professional fees		43,945
	Fund accounting fees (note 2)		43,676
	Registration and filing expenses		37,720
	Shareholder fulfillment fees		32,654
	Transfer agent fees (note 2)		30,473
	Custody and banking fees (note 2)		18,829
	Trustee fees and meeting expenses		10,367
	Compliance fees (note 2)		9,384
	Security pricing fees		7,472
	Insurance fees		4,032
	Other operating expenses		1,906
	Total Expenses		904,601
	Advisory fees waived (note 2)		(206,022)
	Net Expenses		698,579
Net Investment Income			119,304
Realized and Unrealized Gain on Investments:
	Net realized gain from investment transactions		1,768,352
	Net change in unrealized appreciation on investments		8,024,670
Net Realized and Unrealized Gain on Investments			9,793,022
Net Increase in Net Assets Resulting from Operations		$	9,912,326
See Notes to Financial Statements

38

Cavalier Fundamental Growth Fund
Statements of Changes in Net Assets
For the years ended May 31,							2017		2016
Operations:
	Net investment income (loss)					$	119,304	$	(50,897)
	Net realized gain (loss) from investment transactions						1,768,352		(2,341,481)
	Net change in unrealized appreciation (depreciation) on investments						8,024,670		(3,257,869)
Net Increase (Decrease) in Net Assets Resulting from Operations							9,912,326		(5,650,247)
Distributions to Shareholders From:
	Net Investment income
		Institutional Class Shares					(73,709)		(55,656)
		Class C Shares					(6,614)		(9,691)
Decrease in Net Assets Resulting from Distributions							(80,323)		(65,347)
Beneficial Interest Transactions:
	Shares sold						30,586,438		45,596,054
	Reinvested dividends and distributions						70,120		57,997
	Shares repurchased						(27,958,966)		(47,456,100)
Increase (Decrease) from Beneficial Interest Transactions							2,697,592		(1,802,049)
Net Increase (Decrease) in Net Assets							12,529,595		(7,517,643)
Net Assets:
	Beginning of Year						53,035,393		60,553,036
	End of Year					$	65,564,988	$	53,035,393
Accumulated Net Investment Income						$	38,981	$	-
			Year Ended				Year Ended
Share Information:			May 31, 2017				May 31, 2016
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	2,488,601	$	30,265,015		3,426,443	$	41,336,593
		Reinvested dividends and distributions	5,355		63,507		4,187		48,497
		Shares repurchased	(1,808,777)		(21,986,248)		(3,712,131)		(44,866,358)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	685,179	$	8,342,274		(281,501)	$	(3,481,268)
	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	26,999	$	321,423		351,060	$	4,259,461
		Reinvested dividends and distributions	569		6,613		828		9,500
		Shares repurchased	(510,326)		(5,972,718)		(225,766)		(2,589,742)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(482,758)	$	(5,644,682)		126,122	$	1,679,219
See Notes to Financial Statements

39

Cavalier Fundamental Growth Fund
Financial Highlights
For a share outstanding during each of the			Institutional Class Shares
fiscal years or period ended May 31,				2017		2016		2015		2014	(f)
Net Asset Value, Beginning of Period			$	11.58	$	12.77	$	11.09	$	10.00
Income (Loss) from Investment Operations
	Net investment income (loss) (e)			0.03		0.01		0.03		(0.04)
	Net realized and unrealized gain (loss) on
		investments		2.10		(1.19)		1.65		1.13
Total from Investment Operations				2.13		(1.18)		1.68		1.09
Less Distributions from:
	Net investment income			(0.02)		(0.01)		-		-
Total Distributions				(0.02)		(0.01)		-		-
Net Asset Value, End of Period			$	13.69	$	11.58	$	12.77	$	11.09
Total Return (c)				18.42%		(9.21)%		15.15%		10.90%	(b)
Net Assets, End of Period (in thousands)			$	63,142	$	45,453	$	53,713	$	18,202
Ratios of:
Gross Expenses to Average Net Assets				1.55%		1.51%		1.55%		1.25%	(a)
Net Expenses to Average Net Assets				1.18%		1.11%	(g)	1.13%		1.25%	(a)
Net Investment Income (Loss) to Average Net Assets				0.29%		0.05%	(g)	0.23%		(0.64)%	(a)
Portfolio turnover rate				135.58%		172.08%		95.22%		71.01%	(b)
(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 value 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)	For the period from October 17, 2013 (Date of Initial Public Investment) to May 31, 2014.
(g)	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 note 2).
See Notes to Financial Statements										(Continued)

40

Cavalier Fundamental Growth Fund
Financial Highlights
For a share outstanding during each of the				Class C Shares (h)
fiscal years or period ended May 31,				2017		2016		2015		2014	(f)
Net Asset Value, Beginning of Period			$	11.42	$	12.72	$	11.16	$	10.00
Income (Loss) from Investment Operations
	Net investment loss (e)			(0.06)		(0.11)		(0.11)		(0.10)
	Net realized and unrealized gain (loss) on
		investments		2.04		(1.18)		1.67		1.26
Total from Investment Operations				1.98		(1.29)		1.56		1.16
Less Distributions from:
	Net investment income			(0.02)		(0.01)		-		-
Total from Investment Operations				(0.02)		(0.01)		-		-
Net Asset Value, End of Period			$	13.38	$	11.42	$	12.72	$	11.16
Total Return (c)				17.37%		(10.11)%		13.98%		11.60%	(b)
Net Assets, End of Period (in thousands)			$	2,423	$	7,582	$	6,840	$	233
Ratios of:
Gross Expenses to Average Net Assets				2.49%		2.51%		2.55%		2.25%	(a)
Net Expenses to Average Net Assets				2.13%		2.11%	(g)	2.13%		2.25%	(a)
Net Investment Loss to Average Net Assets				(0.51)%		(0.96)%	(g)	(0.93)%		(1.69)%	(a)
Portfolio turnover rate				135.58%		172.08%		95.22%		71.01%	(b)
(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 value 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)	For the period from November 4, 2013 (Date of Initial Public Investment) to May 31, 2014.
(g)	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 note 2).
(h)	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

41

Cavalier Global Opportunities Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Global Opportunities Fund - Institutional Class Shares versus the S&P Global Broad Market 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Institutional Class Shares	23.53%	5.92%	9.85%	09/20/12	1.49%
		S&P Global Broad Market Index	18.13%	5.95%	10.45%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
Performance quoted above 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. 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 reinvestment of distributions.

42

Cavalier Global Opportunities Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Global Opportunities Fund - Class C Shares versus the S&P Global Broad Market 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Class C Shares**	22.73%	5.00%	9.30%	09/26/12	2.49%
		S&P Global Broad Market Index	18.13%	5.95%	10.46%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
**	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.  Class C Shares held longer than 7 years will automatically convert to Institutional Class Shares.  Institutional Class Shares are not subject to the distribution and service plan (Rule 12b-1) fees of 1.00%.
Performance quoted above 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. 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 reinvestment of distributions.

43

Cavalier Global Opportunities Fund
Schedule of Investments
As of May 31, 2017
						Shares		Value (Note 1)
EXCHANGE-TRADED PRODUCTS - 57.01%
	*	First Trust Dow Jones Internet Index Fund				14,177	$	1,342,420
		iShares India 50 ETF				38,065		1,298,016
		iShares MSCI Taiwan Capped ETF				38,262		1,315,448
		iShares PHLX Semiconductor ETF				9,386		1,389,034
		iShares Russell 1000 Growth ETF				11,003		1,313,098
		iShares U.S. Consumer Services ETF				7,760		1,300,033
		iShares U.S. Medical Devices ETF				8,279		1,331,263
		iShares US Aerospace & Defense ETF				8,344		1,316,767
		SPDR Bloomberg Barclays Convertible Securities ETF				26,012		1,277,970
		SPDR S&P Biotech ETF				18,303		1,239,296
		Total Exchange-Traded Products (Cost $12,234,973)						13,123,345
SHORT-TERM INVESTMENT - 42.78%
	§	Fidelity Investments Money Market Government Portfolio -
		Institutional Class, 0.69%				9,848,669		9,848,669
		Total Short-Term Investment (Cost $9,848,669)						9,848,669
Total Value of Investments (Cost $22,083,642) - 99.79%							$	22,972,014
Other Assets Less Liabilities  - 0.21%								47,917
	Net Assets - 100.00%						$	23,019,931
§	Represents 7 day effective yield
*	Non income-producing investment
			Summary of Investments
				% of Net Assets		Value
			Exchange-Traded Products	57.01%	$	13,123,345
			Short-Term Investment	42.78%		9,848,669
			Other Assets Less Liabilities	0.21%		47,917
			Total Net Assets	100.00%	$	23,019,931
See Notes to Financial Statements

44

Cavalier Global Opportunities Fund
Statement of Assets and Liabilities
As of May 31, 2017
Assets:
	Investments, at value (cost $22,083,642)		$	22,972,014
	Receivables:
		Fund shares sold		22
		Dividends and interest		403
		Due from Advisor		48,091
	Prepaid expenses:
		Registration and filing expenses		16,890
		Fund accounting fees		2,785
	Total assets			23,040,205
Liabilities:
	Payables:
		Fund shares repurchased		72
	Accrued expenses:
		Professional fees		15,000
		Trustee fees and meeting expenses		1,899
		Shareholder fulfillment fees		1,751
		Distribution and service fees - Class C Shares		605
		Custody and banking fees		400
		Insurance fees		305
		Administration fees		163
		Security pricing fees		79
	Total liabilities			20,274
Net Assets			$	23,019,931
Net Assets Consist of:
	Paid in capital		$	23,972,740
	Accumulated net investment income			35,430
	Accumulated net realized loss on investments			(1,876,611)
	Net unrealized appreciation on investments			888,372
	Total Net Assets		$	23,019,931
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
	Net Assets		$	22,149,345
	Net Asset Value, Offering Price and Redemption Price Per Share		$	14.56
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
	Net Assets		$	870,586
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	14.22
(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
See Notes to Financial Statements

45

Cavalier Global Opportunities Fund
Statement of Operations
For the year ended May 31, 2017
Investment Income:
	Dividends	$	235,001
	Total Investment Income		235,001
Expenses:
	Advisory fees (note 2)		96,603
	Professional fees		40,537
	Fund accounting fees (note 2)		39,531
	Distribution and service fees - Class C Shares (note 3)		36,364
	Registration and filing expenses		35,226
	Transfer agent fees (note 2)		31,973
	Administration fees (note 2)		24,027
	Shareholder fulfillment fees		22,850
	Trustee fees and meeting expenses		10,367
	Compliance fees (note 2)		8,707
	Custody and banking fees (note 2)		5,752
	Security pricing fees		2,010
	Insurance fees		2,000
	Other operating expenses		1,906
	Total Expenses		357,853
	Fees waived and reimbursed by the Advisor (note 2)		(158,282)
	Net Expenses		199,571
Net Investment Income			35,430
Realized and Unrealized Gain on Investments:
	Net realized gain from investment transactions		2,409,934
	Net change in unrealized appreciation on investments		312,798
Net Realized and Unrealized Gain on Investments			2,722,732
Net Increase in Net Assets Resulting from Operations		$	2,758,162
See Notes to Financial Statements

46

Cavalier Global Opportunities Fund
Statements of Changes in Net Assets
For the years ended May 31,							2017		2016
Operations:
	Net investment income					$	35,430	$	74,765
	Net realized gain (loss) from investment transactions						2,409,934		(4,267,333)
	Net change in unrealized appreciation (depreciation) on investments						312,798		(721,836)
Net Increase (Decrease) in Net Assets Resulting from Operations							2,758,162		(4,914,404)
Distributions to Shareholders:
	Net investment income
		Institutional Class Shares					(19,937)		-
		Class C Shares					(5,533)		-
	Net realized gains
		Institutional Class Shares					-		(468,463)
		Class C Shares					-		(83,379)
Decrease in Net Assets Resulting from Distributions							(25,470)		(551,842)
Beneficial Interest Transactions:
	Shares sold						16,890,444		19,946,677
	Reinvested dividends and distributions						25,283		312,132
	Shares repurchased						(10,901,469)		(48,797,766)
Increase (Decrease) from Beneficial Interest Transactions							6,014,258		(28,538,957)
Net Increase (Decrease) in Net Assets							8,746,950		(34,005,203)
Net Assets:
	Beginning of Year						14,272,981		48,278,184
	End of Year					$	23,019,931	$	14,272,981
Accumulated Net Investment Income						$	35,430	$	25,470
			Year Ended				Year Ended
Share Information:			May 31, 2017				May 31, 2016
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	1,198,483	$	16,661,021		1,500,145	$	18,703,510
		Reinvested dividends and distributions	1,506		19,750		19,530		232,212
		Shares repurchased	(365,570)		(4,733,933)		(3,959,676)		(47,206,701)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	834,419	$	11,946,838		(2,440,001)	$	(28,270,979)
	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	17,754	$	229,423		103,299	$	1,243,167
		Reinvested dividends and distributions	431		5,533		6,802		79,920
		Shares repurchased	(487,464)		(6,167,536)		(133,864)		(1,591,065)
	Net Decrease in Shares of
		Beneficial Interest	(469,279)	$	(5,932,580)		(23,763)	$	(267,978)
See Notes to Financial Statements

47

Cavalier Global Opportunities Fund
Financial Highlights
For a share outstanding during each of the			Institutional Class Shares
fiscal years or period ended May 31,			2017		2016		2015		2014		2013	(f)
Net Asset Value, Beginning of Period		$	11.81	$	13.13	$	12.93	$	11.19	$	10.00
Income from Investment Operations
	Net investment income		0.05	(g)	0.05	(g)	0.05	(g)	0.09	(g)	0.02
	Net realized and unrealized gain (loss)
	on investments		2.73		(1.22)		0.65		1.74		1.22
Total from Investment Operations			2.78		(1.17)		0.70		1.83		1.24
Less Distributions From:
	Net investment income		(0.03)		-		(0.06)		(0.09)		(0.05)
	Net realized gains		-		(0.15)		(0.44)		-		-
Total Distributions			(0.03)		(0.15)		(0.50)		(0.09)		(0.05)
Net Asset Value, End of Period		$	14.56	$	11.81	$	13.13	$	12.93	$	11.19
Total Return (c)			23.53%		(8.92)%		5.63%		16.36%		12.41%	(b)
Net Assets, End of Period (in thousands)		$	22,149	$	8,113	$	41,049	$	9,080	$	4,536
Ratios of:
Gross Expenses to Average Net Assets (d)			2.56%		1.22%		1.25%		0.70%		0.70%	(a)
Net Expenses to Average Net Assets (d)			1.24%		0.91%	(i)	0.93%	(h)	0.70%		0.70%	(a)
Net Investment Income to Average
	Net Assets (e)		0.39%		0.41%	(i)	0.41%	(h)	0.72%		0.57%	(a)
Portfolio turnover rate			439.72%		284.69%		50.59%		3.26%		0.00%	(b)
(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 value 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 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	For a share outstanding during the period from September 20, 2012 (Date of Initial Public Investment) to May 31, 2013.
(g)	Calculated using the average shares method.
(h)	Includes reimbursement of acquired fund fees.
(i)	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 note 2).
See Notes to Financial Statements											(Continued)

48

Cavalier Global Opportunities Fund
Financial Highlights
For a share outstanding during each of the			Class C Shares (j)
fiscal years or period ended May 31,			2017		2016		2015		2014		2013	(f)
Net Asset Value, Beginning of Period		$	11.61	$	13.04	$	12.97	$	11.28	$	10.00
Income from Investment Operations
	Net investment loss		(0.01)	(g)	(0.07)	(g)	(0.13)	(g)	(0.03)	(g)	(0.01)
	Net realized and unrealized gain (loss)
	on investments		2.65		(1.21)		0.70		1.80		1.32
Total from Investment Operations			2.64		(1.28)		0.57		1.77		1.31
Less Distributions From:
	Net investment income		(0.03)		-		(0.06)		(0.08)		(0.03)
	Net realized gains		-		(0.15)		(0.44)		-		-
Total Distributions			(0.03)		(0.15)		(0.50)		(0.08)		(0.03)
Net Asset Value, End of Period		$	14.22	$	11.61	$	13.04	$	12.97	$	11.28
Total Return (c)			22.73%		(9.84)%		4.64%		15.72%		13.12%	(b)
Net Assets, End of Period (in thousands)		$	871	$	6,160	$	7,229	$	178	$	48
Ratios of:
Gross Expenses to Average Net Assets (d)			2.91%		2.22%		2.25%		1.70%		1.70%	(a)
Net Expenses to Average Net Assets (d)			2.14%		1.84%	(i)	1.93%	(h)	1.70%		1.70%	(a)
Net Investment Income (Loss) to Average
	Net Assets (e)		(0.09)%		(0.56)%	(i)	(1.00)%	(h)	(0.28)%		(0.87)%	(a)
Portfolio turnover rate			439.72%		284.69%		50.59%		3.26%		0.00%	(b)
(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 value 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 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	For a share outstanding during the period from September 26, 2012 (Date of Initial Public Investment) to May 31, 2013.
(g)	Calculated using the average shares method.
(h)	Includes reimbursement of acquired fund fees.
(i)	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 note 2).
(j)	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

49

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, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Institutional Class Shares	12.45%	2.74%	5.23%	09/20/12	2.49%
		Barclays Capital Global High-Yield Index	12.74%	4.05%	6.08%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
Performance quoted above 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. 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 reinvestment of distributions.

50

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, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Class C Shares**	11.38%	1.76%	4.34%	09/26/12	3.49%
		Barclays Capital Global High-Yield Index	12.74%	4.05%	6.29%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
**	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.  Class C Shares held longer than 7 years will automatically convert to Institutional Class Shares.  Institutional Class Shares are not subject to the distribution and service plan (Rule 12b-1) fees of 1.00%.
Performance quoted above 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. 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 reinvestment of distributions.

51

Cavalier Hedged High Income Fund
Schedule of Investments
As of May 31, 2017
						Shares		Value (Note 1)
EXCHANGE-TRADED PRODUCTS - 19.34%
		InfraCap MLP ETF				44,100	$	444,528
		iShares 1-3 Year Treasury Bond ETF				1,595		134,969
	*	VelocityShares Daily Inverse VIX Short Term ETN				8,065		639,635
		Total Exchange-Traded Products (Cost $1,229,969)						1,219,132
MUTUAL FUND - 78.30%
		Vanguard High-Yield Corporate Fund				828,229		4,936,243
		Total Mutual Fund (Cost $4,853,930)						4,936,243
SHORT-TERM INVESTMENT - 1.95%
	§	Fidelity Investments Money Market Government Portfolio -
		Institutional Class, 0.69%				122,644		122,644
		Total Short-Term Investment (Cost $122,644)						122,644
Total Value of Investments (Cost $6,206,543) - 99.59%							$	6,278,019
Other Assets Less Liabilities  - 0.41%								25,876
	Net Assets - 100.00%						$	6,303,895
§	Represents 7 day effective yield
*	Non income-producing investment
			Summary of Investments
				% of Net Assets		Value
			Exchange-Traded Products	19.34%	$	1,219,132
			Mutual Fund	78.30%		4,936,243
			Short-Term Investment	1.95%		122,644
			Other Assets Less Liabilities	0.41%		25,876
			Total Net Assets	100.00%	$	6,303,895
See Notes to Financial Statements

52

Cavalier Hedged High Income Fund
Statement of Assets and Liabilities
As of May 31, 2017
Assets:
	Investments, at value (cost $6,206,543)		$	6,278,019
	Receivables:
		Due from Advisor		28,810
		Dividends		257
	Prepaid expenses:
		Registration and filing expenses		15,153
		Fund accounting fees		2,783
	Total assets			6,325,022
Liabilities:
	Accrued expenses:
		Professional fees		15,000
		Shareholder fulfillment fees		1,751
		Trustee fees and meeting expenses		1,337
		Custody and banking fees		1,188
		Distribution and service fees - Class C Shares		1,145
		Insurance fees		470
		Security pricing fees		230
		Administration fees		6
	Total liabilities			21,127
Net Assets			$	6,303,895
Net Assets Consist of:
	Paid in capital		$	8,077,084
	Accumulated net investment income			76,916
	Accumulated net realized loss on investments			(1,921,581)
	Net unrealized appreciation on investments			71,476
	Total Net Assets		$	6,303,895
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				469,608
	Net Assets		$	4,788,865
	Net Asset Value, Offering Price and Redemption Price Per Share		$	10.20
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				150,168
	Net Assets		$	1,515,030
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	10.09
(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

53

Cavalier Hedged High Income Fund
Statement of Operations
For the year ended May 31, 2017
Investment Income:
	Dividends	$	269,507
	Total Investment Income		269,507
Expenses:
	Advisory fees (note 2)		42,923
	Professional fees		40,537
	Fund accounting fees (note 2)		38,864
	Registration and filing expenses		35,461
	Transfer agent fees (note 2)		31,973
	Administration fees (note 2)		24,027
	Shareholder fulfillment fees		19,645
	Trustee fees and meeting expenses		10,367
	Distribution and service fees - Class C Shares (note 3)		9,564
	Compliance fees		9,328
	Custody and banking fees (note 2)		6,367
	Other operating expenses		2,798
	Insurance expenses		1,621
	Security pricing fees		1,542
	Total Expenses		275,017
	Fees waived and reimbursed by Advisor (note 2)		(175,750)
	Net Expenses		99,267
Net Investment Income			170,240
Realized and Unrealized Gain on Investments:
	Net realized gain from investment transactions		495,629
	Net change in unrealized appreciation on investments		79,485
Realized and Unrealized Gain on Investments			575,114
Net Increase in Net Assets Resulting from Operations		$	745,354
See Notes to Financial Statements

54

Cavalier Hedged High Income Fund
Statements of Changes in Net Assets
For the years ended May 31,							2017		2016
Operations:
	Net investment income					$	170,240	$	400,459
	Net realized gain (loss) from investment transactions						495,629		(1,272,830)
	Net change in unrealized appreciation (depreciation) on investments						79,485		334,139
Net Increase (Decrease) in Net Assets Resulting from Operations							745,354		(538,232)
Distributions to Shareholders From:
	Net investment income
		Institutional Class Shares					(96,075)		(363,742)
		Class C Shares					(19,235)		(9,297)
	Net realized gains
		Institutional Class Shares					-		(146,803)
		Class C Shares					-		(2,865)
Decrease in Net Assets Resulting from Distributions							(115,310)		(522,707)
Beneficial Interest Transactions:
	Shares sold						1,983,128		22,246,469
	Reinvested dividends and distributions						113,557		352,920
	Shares repurchased						(4,664,341)		(46,086,811)
Decrease from Beneficial Interest Transactions							(2,567,656)		(23,487,422)
Net Decrease in Net Assets							(1,937,612)		(24,548,361)
Net Assets:
	Beginning of Year						8,241,507		32,789,868
	End of Year					$	6,303,895	$	8,241,507
Undistributed Net Investment Income						$	76,916	$	21,986
			Year Ended				Year Ended
Share Information:			May 31, 2017				May 31, 2016
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	137,718	$	1,347,627		2,294,138	$	21,514,856
		Reinvested dividends and distributions	9,415		94,322		36,506		341,317
		Shares repurchased	(476,718)		(4,598,222)		(4,875,278)		(45,642,288)
	Net Decrease in Shares of
		Beneficial Interest	(329,585)	$	(3,156,273)		(2,544,634)	$	(23,786,115)
	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	62,807	$	635,501		78,858	$	731,613
		Reinvested dividends and distributions	1,924		19,235		1,238		11,603
		Shares repurchased	(6,685)		(66,119)		(47,518)		(444,523)
	Net Increase in Shares of
		Beneficial Interest	58,046	$	588,617		32,578	$	298,693
See Notes to Financial Statements

55

Cavalier Hedged High Income Fund
Financial Highlights
For a share outstanding during each of the				Institutional Class Shares
fiscal years or period ended May 31,				2017		2016		2015		2014		2013	(f)
Net Asset Value, Beginning of Period			$	9.25	$	9.63	$	10.74	$	10.23	$	10.00
Income from Investment Operations
	Net investment income			0.27	(g)	0.27	(g)	0.38	(g)	0.52	(g)	0.33
	Net realized and unrealized gain (loss)
		on investments		0.88		(0.41)		(0.93)		0.58		0.20
Total from Investment Operations				1.15		(0.14)		(0.55)		1.10		0.53
Less Distributions:
	From net investment income			(0.20)		(0.20)		(0.34)		(0.55)		(0.30)
	From net realized gains			-		(0.04)		(0.22)		(0.04)		-
Total Distributions				(0.20)		(0.24)		(0.56)		(0.59)		(0.30)
Net Asset Value, End of Period			$	10.20	$	9.25	$	9.63	$	10.74	$	10.23
Total Return (c)				12.45%		(1.40)%		(2.19)%		11.18%		5.37%	(b)
Net Assets, End of Period (in thousands)			$	4,789	$	7,392	$	32,214	$	16,552	$	9,366
Ratios of:
Gross Expenses to Average Net Assets (d)				4.06%		2.00%		1.23%		0.70%		0.70%	(a)
Net Expenses to Average Net Assets (d)				1.40%		1.01%	(i)	0.90%	(h)	0.70%		0.70%	(a)
Net Investment Income to Average Net Assets (e)				2.77%		2.89%	(i)	5.40%	(h)	5.26%		6.59%	(a)
Portfolio turnover rate				184.78%		327.01%		64.51%		75.79%		78.00%	(b)
(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 value 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 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	For a share outstanding during the period from September 20, 2012 (Date of Initial Public Investment) to May 31, 2013.
(g)	Calculated using the average shares method.
(h)	Includes reimbursement of acquired fund fees.
(i)	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 note 2).
See Notes to Financial Statements												(Continued)

56

Cavalier Hedged High Income Fund
Financial Highlights
For a share outstanding during each of the				Class C Shares (j)
fiscal years or period ended May 31,				2017		2016		2015		2014		2013	(f)
Net Asset Value, Beginning of Period			$	9.22	$	9.67	$	10.76	$	10.17	$	10.00
Income from Investment Operations
	Net investment income			0.19	(g)	0.01	(g)	0.49	(g)	0.47	(g)	0.24
	Net realized and unrealized gain (loss)
		on investments		0.86		(0.26)		(0.82)		0.61		0.19
Total from Investment Operations				1.05		(0.25)		(0.33)		1.08		0.43
Less Distributions:
	From net investment income			(0.18)		(0.16)		(0.42)		(0.45)		(0.26)
	From net realized gains			-		(0.04)		(0.34)		(0.04)		-
Total Distributions				(0.18)		(0.20)		(0.76)		(0.49)		(0.26)
Net Asset Value, End of Period			$	10.09	$	9.22	$	9.67	$	10.76	$	10.17
Total Return (c)				11.38%		(2.53)%		(3.01)%		11.00%		4.36%	(b)
Net Assets, End of Period (in thousands)			$	1,515	$	850	$	576	$	644	$	48
Ratios of:
Gross Expenses to Average Net Assets (d)				5.48%		3.00%		2.23%		1.70%		1.76%	(a)
Net Expenses to Average Net Assets (d)				2.37%		2.21%	(i)	1.90%	(h)	1.70%		1.76%	(a)
Net Investment Income to Average Net Assets (e)				1.93%		0.08%	(i)	4.40%	(h)	4.26%		5.71%	(a)
Portfolio turnover rate				184.78%		327.01%		64.51%		75.79%		78.00%	(b)
(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 value 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 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	For a share outstanding during the period from September 26, 2012 (Date of Initial Public Investment) to May 31, 2013.
(g)	Calculated using the average shares method.
(h)	Includes reimbursement of acquired fund fees.
(i)	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 note 2).
(j)	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

57

Cavalier Multi Strategist Fund - Institutional Class Shares

Performance Update (Unaudited)

For the period from September 20, 2012 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Multi Strategist Fund - Institutional Class Shares versus the S&P Global Broad Market 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Institutional Class Shares	11.82%	3.02%	7.08%	09/20/12	4.50%
		S&P Global Broad Market Index	18.13%	5.95%	10.45%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
Performance quoted above 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. 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 reinvestment of distributions.

58

Cavalier Multi Strategist Fund - Class C Shares

Performance Update (Unaudited)

For the period from September 26, 2012 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Multi Strategist Fund - Class C Shares versus the S&P  Global Broad Market 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Class C Shares**	10.72%	2.02%	6.29%	09/26/12	5.50%
		S&P Global Broad Market Index	18.13%	5.95%	10.46%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
**	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.  Class C Shares held longer than 7 years will automatically convert to Institutional Class Shares.  Institutional Class Shares are not subject to the distribution and service plan (Rule 12b-1) fees of 1.00%.
Performance quoted above 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. 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 reinvestment of distributions.

59

Cavalier Multi Strategist Fund
Schedule of Investments
As of May 31, 2017
			Shares		Value (Note 1)
COMMON STOCKS - 2.98%
	Financials - 1.16%
		Barclays PLC	6,045	$	65,105
		JPMorgan Chase & Co.	601		49,372
					114,477
	Health Care - 1.11%
		Johnson & Johnson	423		54,250
		Merck & Co., Inc.	839		54,627
					108,877
	Information Technology - 0.71%
		Apple, Inc.	455		69,506
		Total Common Stocks (Cost $251,277)			292,860
EXCHANGE-TRADED PRODUCTS - 85.88%
		Consumer Discretionary Select Sector SPDR Fund	1,741		158,518
		Energy Select Sector SPDR Fund	3,082		201,686
		First Trust Financial AlphaDEX Fund	8,970		247,123
	*	First Trust Health Care AlphaDEX Fund	3,799		244,618
		First Trust Industrials/Producer Durables AlphaDEX Fund	7,377		257,974
		First Trust Large Cap Growth AlphaDEX Fund	7,293		398,490
		First Trust Large Cap Value AlphaDEX Fund	6,806		337,578
		First Trust Materials AlphaDEX Fund	6,902		260,550
		First Trust Mid Cap Core AlphaDEX Fund	5,714		331,298
		First Trust Small Cap Core AlphaDEX Fund	4,051		217,174
		First Trust Technology AlphaDEX Fund	5,944		266,172
		Health Care Select Sector SPDR Fund	1,731		131,694
		Industrial Select Sector SPDR Fund	3,152		212,823
		iShares Core S&P 500 ETF	2,724		661,660
		iShares Core S&P Mid-Cap ETF	2,993		514,287
		iShares Edge MSCI Min Vol USA ETF	13,658		674,159
		iShares Russell 2000 Value ETF	3,221		370,318
		iShares Transportation Average ETF	638		105,551
		iShares US Aerospace & Defense ETF	340		53,655
		SPDR Doubleline Total Return Tactical ETF	7,716		381,247
		SPDR S&P Biotech ETF	731		49,496
		SPDR S&P Oil & Gas Exploration & Production ETF	1,496		48,725
		SPDR S&P Regional Banking ETF	3,387		175,548
		Technology Select Sector SPDR Fund	4,807		271,740
		Vanguard Consumer Staples ETF	919		133,521
		Vanguard Financials ETF	4,352		257,160
		Vanguard Information Technology ETF	753		109,125
					(Continued)

60

Cavalier Multi Strategist Fund
Schedule of Investments - Continued
As of May 31, 2017
						Shares		Value (Note 1)
EXCHANGE-TRADED PRODUCTS - CONTINUED
		Vanguard Mid-Cap Value ETF				2,044	$	209,326
		Vanguard Small-Cap Value ETF				1,060		127,613
		Vanguard Telecommunication Services ETF				539		50,655
	*	VelocityShares Daily Inverse VIX Short Term ETN				12,289		974,641
		Total Exchange-Traded Products (Cost $8,135,554)						8,434,125
SHORT-TERM INVESTMENT - 10.71%
	§	Fidelity Investments Money Market Government Portfolio -
		Institutional Class, 0.69%				1,051,718		1,051,718
		Total Short-Term Investment (Cost $1,051,718)						1,051,718
Total Value of Investments (Cost $9,438,549) - 99.57%							$	9,778,703
Other Assets Less Liabilities  - 0.43%								42,421
	Net Assets - 100.00%						$	9,821,124
*	Non-income producing investment
§	Represents 7 day effective yield
			Summary of Investments by Sector
			Sector	% of Net Assets		Value
			Financials	1.16%	$	114,477
			Health Care	1.11%		108,877
			Information Technology	0.71%		69,506
			Exchange-Traded Products	85.88%		8,434,125
			Short-Term Investment	10.71%		1,051,718
			Other Assets Less Liabilities	0.43%		42,421
			Total Net Assets	100.00%	$	9,821,124
See Notes to Financial Statements

61

Cavalier Multi Strategist Fund
Statement of Assets and Liabilities
As of May 31, 2017
Assets:
	Investments, at value (cost $9,438,549)		$	9,778,703
	Receivables:
		Fund shares sold		337
		Dividends		1,040
		Due from Advisor		42,983
	Prepaid expenses:
		Registration and filing expenses		16,034
		Fund accounting fees		2,784
	Total assets			9,841,881
Liabilities:
	Payables:
		Fund shares repurchased		45
	Accrued expenses:
		Professional fees		15,000
		Trustee fees and meeting expenses		1,899
		Shareholder fulfillment fees		1,751
		Custody and banking fees		1,056
		Distribution and service fees - Class C Shares		485
		Insurance fees		299
		Security pricing fees		180
		Administration fees		42
	Total liabilities			20,757
Total Net Assets			$	9,821,124
Net Assets Consist of:
	Paid in capital		$	9,397,351
	Accumulated net realized gain on investments			83,619
	Net unrealized appreciation on investments			340,154
Total Net Assets			$	9,821,124
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				746,380
	Net Assets		$	9,178,112
	Net Asset Value, Offering Price and Redemption Price Per Share		$	12.30
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				54,136
	Net Assets		$	643,012
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	11.88
(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
See Notes to Financial Statements

62

Cavalier Multi Strategist Fund
Statement of Operations
For the year ended May 31, 2017
Investment Income:
	Dividends		$	83,529
	Total Investment Income			83,529
Expenses:
	Advisory fees (note 2)			47,554
	Professional fees			41,607
	Fund accounting fees (note 2)			38,843
	Compliance fees			35,972
	Registration and filing expenses			35,379
	Transfer agent fees (note 2)			31,973
	Shareholder fulfillment fees			24,102
	Administration fees (note 2)			24,027
	Trustee fees and meeting expenses			10,367
	Custody and banking fees (note 2)			7,505
	Distribution and service fees - Class C Shares (note 3)			6,473
	Security pricing fees			5,225
	Other operating expenses			2,406
	Insurance fees			1,714
	Total Expenses			313,147
	Fees waived and reimbursed by Advisor (note 2)			(217,732)
	Total Expenses			95,415
Net Investment Loss				(11,886)
Realized and Unrealized Gain on Investments:
	Net realized gain from:
		Investment transactions		413,245
		Capital gain distributions from underlying funds		548
	Net change in unrealized appreciation on investments			262,674
Net Realized and Unrealized Gain on Investments				676,467
Net Increase in Net Assets Resulting from Operations			$	664,581
See Notes to Financial Statements

63

Cavalier Multi Strategist Fund
Statements of Changes in Net Assets
For the years ended May 31,							2017		2016
Operations:
	Net investment loss					$	(11,886)	$	(4,663)
	Net realized gain (loss) from:
		Investment transactions					413,245		(306,757)
		Capital gain distributions from underlying funds					548		3,421
	Net change in unrealized appreciation (depreciation) on investments						262,674		(176,712)
Net Increase (Decrease) in Net Assets Resulting from Operations							664,581		(484,711)
Distributions to Shareholders From:
	Net realized gains
		Institutional Class Shares					-		(148,245)
		Class C Shares					-		(12,736)
Decrease in Net Assets Resulting from Distributions							-		(160,981)
Beneficial Interest Transactions:
	Shares sold						8,009,560		7,680,640
	Reinvested dividends and distributions						-		158,722
	Shares repurchased						(3,153,741)		(14,806,374)
Increase (Decrease) from Beneficial Interest Transactions							4,855,819		(6,967,012)
Net Increase (Decrease) in Net Assets							5,520,400		(7,612,704)
Net Assets:
	Beginning of Year						4,300,724		11,913,428
	End of Year					$	9,821,124	$	4,300,724
	Accumulated Net Investment Loss					$	-	$	(14,952)
			Year Ended				Year Ended
Share Information:			May 31, 2017				May 31, 2016
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	525,858	$	6,220,433		645,644	$	7,341,427
		Reinvested dividends and distributions	-		-		13,117		145,986
		Shares repurchased	(135,746)		(1,552,902)		(1,266,456)		(14,605,558)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	390,112	$	4,667,531		(607,695)	$	(7,118,145)
	Class C Shares		Shares		Amount		Shares		Amount
		Shares sold	160,311	$	1,789,127		30,015	$	339,213
		Reinvested dividends and distributions	-		-		1,167		12,736
		Shares repurchased	(141,652)		(1,600,839)		(17,860)		(200,816)
	Net Increase in Shares of
		Beneficial Interest	18,659	$	188,288		13,322	$	151,133
See Notes to Financial Statements

64

Cavalier Multi Strategist Fund
Financial Highlights
For a share outstanding during each of the				Institutional Class Shares
fiscal years or period ended May 31,				2017		2016		2015		2014		2013	(e)
Net Asset Value, Beginning of Period			$	11.00	$	12.09	$	12.09	$	11.06	$	10.00
Income (Loss) from Investment Operations
	Net investment income (loss)			(0.01)	(f)	(0.00)	(f)(i)	0.10	(f)	0.06	(f)	0.12
	Net realized and unrealized gain (loss)
		on investments		1.31		(0.71)		0.35		1.29		1.09
Total from Investment Operations				1.30		(0.71)		0.45		1.35		1.21
Less Distributions:
	From net investment income			-		-		(0.11)		(0.11)		(0.15)
	From net realized gains			-		(0.38)		(0.34)		(0.21)		-
Total Distributions				-		(0.38)		(0.45)		(0.32)		(0.15)
Net Asset Value, End of Period			$	12.30	$	11.00	$	12.09	$	12.09	$	11.06
Total Return				11.82%		(5.89)%		3.91%		12.37%		12.23%	(b)
Net Assets, End of Period (in thousands)			$	9,178	$	3,920	$	11,650	$	5,697	$	1,862
Ratios of:
Gross Expenses to Average Net Assets (c)				4.87%		3.92%		2.12%		0.70%		0.70%	(a)
Net Expenses to Average Net Assets (c)				1.41%		1.20%	(h)	0.94%	(g)	0.70%		0.70%	(a)
Net Investment Income (Loss) to Average													(a)
	Net Assets (d)			(0.09)%		(0.02)%	(h)	0.81%	(g)	0.56%		0.77%	(a)
Portfolio turnover rate				190.49%		173.62%		69.31%		26.97%		8.94%	(b)
(a)	Annualized.
(b)	Not annualized.
(c)	Does not include expenses of the investment companies in which the Fund invests.
(d)	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.
(e)	For a share outstanding during the period from September 20, 2012 (Date of Initial Public Investment) to  May 31, 2013.
(f)	Calculated using the average shares method.
(g)	Includes reimbursement of acquired fund fees.
(h)	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 (note 2).
(i)	Less than $0.01 per share.
See Notes to Financial Statements													(Continued)

65

Cavalier Multi Strategist Fund
Financial Highlights
For a share outstanding during each of the				Class C Shares (i)
fiscal years or period ended May 31,				2017		2016		2015		2014		2013	(e)
Net Asset Value, Beginning of Period			$	10.73	$	11.91	$	12.04	$	11.16	$	10.00
Income (Loss) from Investment Operations
	Net investment income (loss)			(0.12)	(f)	(0.12)	(f)	0.01	(f)	(0.05)	(f)	-
	Net realized and unrealized gain (loss)
		on investments		1.27		(0.68)		0.31		1.24		1.29
Total from Investment Operations				1.15		(0.80)		0.32		1.19		1.29
Less Distributions:
	From net investment income			-		-		(0.11)		(0.10)		(0.13)
	From net realized gains			-		(0.38)		(0.34)		(0.21)		-
Total Distributions				-		(0.38)		(0.45)		(0.31)		(0.13)
Net Asset Value, End of Period			$	11.88	$	10.73	$	11.91	$	12.04	$	11.16
Total Return				10.72%		(6.75)%		2.82%		10.84%		13.04%	(b)
Net Assets, End of Period (in thousands)			$	643	$	381	$	264	$	122	$	9
Ratios of:
Gross Expenses to Average Net Assets (c)				5.85%		5.25%		3.12%		1.70%		1.70%	(a)
Net Expenses to Average Net Assets (c)				2.44%		2.27%	(h)	1.94%	(g)	1.70%		1.70%	(a)
Net Investment Income (Loss) to Average
	Net Assets (d)			(1.06)%		(1.05)%	(h)	0.04%	(g)	(0.43)%		0.68%	(a)
Portfolio turnover rate				190.49%		173.62%		69.31%		26.97%		8.94%	(b)
(a)	Annualized.
(b)	Not annualized.
(c)	Does not include expenses of the investment companies in which the Fund invests.
(d)	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.
(e)	For a share outstanding during the period from September 26, 2012 (Date of Initial Public Investment) to May 31, 2013.
(f)	Calculated using the average shares method.
(g)	Includes reimbursement of acquired fund fees.
(h)	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 (note 2).
(i)	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

66

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, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Tactical Rotation Fund - Institutional Class Shares versus the S&P Global Broad Market 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Institutional Class Shares	13.50%	5.47%	8.37%	09/20/12	1.79%
		S&P Global Broad Market Index	18.13%	5.95%	10.45%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
Performance quoted above 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. 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 reinvestment of distributions.

67

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, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Tactical Rotation Fund - Class C Shares versus the S&P  Global Broad Market 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
							Gross
		As of	One	Three	Since	Inception	Expense
		May 31, 2017	Year	Year	Inception	Date	Ratio*
		Class C Shares**	12.47%	4.44%	7.59%	09/26/12	2.79%
		S&P Global Broad Market Index	18.13%	5.95%	10.46%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
**	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.  Class C Shares held longer than 7 years will automatically convert to Institutional Class Shares.  Institutional Class Shares are not subject to the distribution and service plan (Rule 12b-1) fees of 1.00%.
Performance quoted above 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. 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 reinvestment of distributions.

68

Cavalier Tactical Rotation Fund - Class P Shares

Performance Update (Unaudited)

For the period from July 1, 2016 (Date of Initial Public Investment) through May 31, 2017

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

The graph above assumes an initial $10,000 investment and represents the reinvestment of dividends and capital gains.  This graph depicts the performance of Cavalier Tactical Rotation Fund - Class P Shares versus the S&P Global Broad Market 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
					Gross
		As of	Since	Inception	Expense
		May 31, 2017	Inception**	Date	Ratio*
		Class P Shares	12.00%	07/01/16	1.79%
		S&P Global Broad Market Index	21.60%	N/A	N/A
* The gross expense ratio shown is from the Funds' prospectus dated September 28, 2016.
** Not annualized.
Performance quoted above 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. 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 reinvestment of distributions.

69

Cavalier Tactical Rotation Fund
Schedule of Investments
As of May 31, 2017
						Shares		Value (Note 1)
EXCHANGE-TRADED PRODUCTS - 95.95%
	Consumer Discretionary Select Sector SPDR Fund					99,933	$	9,098,900
	Consumer Staples Select Sector SPDR Fund					158,330		8,967,811
	Financial Select Sector SPDR Fund					353,828		8,226,501
	Health Care Select Sector SPDR Fund					129,241		9,832,655
	Industrial Select Sector SPDR Fund					131,542		8,881,716
	John Hancock Multi-Factor Consumer Discretionary ETF					33,378		934,250
	John Hancock Multi-Factor Consumer Staples ETF					36,255		979,248
	John Hancock Multi-Factor Financials ETF					38,400		1,198,464
	John Hancock Multi-Factor Industrials ETF					36,389		1,128,059
	John Hancock Multi-Factor Materials ETF					31,534		960,368
	John Hancock Multi-Factor Utilities ETF					22,601		632,376
	Materials Select Sector SPDR Fund					165,359		8,777,256
	Real Estate Select Sector SPDR Fund					308,235		9,820,367
	Technology Select Sector SPDR Fund					181,072		10,236,000
	Utilities Select Sector SPDR Fund					174,235		9,380,812
		Total Exchange-Traded Products (Cost $81,444,173)						89,054,783
SHORT-TERM INVESTMENT - 1.98%
§	Fidelity Investments Money Market Government Portfolio -
	Institutional Class, 0.69%					1,840,523		1,840,523
		Total Short-Term Investment (Cost $1,840,523)						1,840,523
Total Value of Investments (Cost $83,284,696) - 97.93%							$	90,895,306
Other Assets Less Liabilities  - 2.07%								1,917,139
	Net Assets - 100.00%						$	92,812,445
§	Represents 7 day effective yield
			Summary of Investments
				% of Net Assets		Value
			Exchange-Traded Products	95.95%	$	89,054,783
			Short-Term Investment	1.98%		1,840,523
			Other Assets Less Liabilities	2.07%		1,917,139
			Total Net Assets	100.00%	$	92,812,445
See Notes to Financial Statements

70

Cavalier Tactical Rotation Fund
Statement of Assets and Liabilities
As of May 31, 2017
Assets:
	Investments, at value (cost $83,284,696)		$	90,895,306
	Receivables:
		Fund shares sold		2,003,986
		Dividends		836
	Prepaid expenses:
		Registration and filing expenses		14,377
		Fund accounting fees		2,804
	Total assets			92,917,309
Liabilities:
	Payables:
		Investments purchased		31,881
		Fund shares repurchased		5,644
	Accrued expenses:
		Advisory fees		45,598
		Professional fees		15,000
		Trustee fees and meeting expenses		1,900
		Shareholder fulfillment fees		1,751
		Distribution and service fees - Class C Shares		1,455
		Administration fees		826
		Custody and banking fees		445
		Insurance fees		296
		Security pricing fees		68
	Total liabilities			104,864
Total Net Assets			$	92,812,445
Net Assets Consist of:
	Paid in capital		$	84,589,222
	Undistributed net investment income			428,202
	Accumulated net realized gain on investments			184,411
	Net unrealized appreciation on investments			7,610,610
Total Net Assets			$	92,812,445
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				7,032,243
	Net Assets		$	89,871,780
	Net Asset Value, Offering Price and Redemption Price Per Share		$	12.78
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				167,923
	Net Assets		$	2,075,697
	Net Asset Value, Offering Price and Redemption Price Per Share (a)		$	12.36
Class P Shares of beneficial interest outstanding, no par value (unlimited authorized shares)				77,232
	Net Assets		$	864,968
	Net Asset Value, Offering Price and Redemption Price Per Share		$	11.20
(a)	Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
See Notes to Financial Statements

71

Cavalier Tactical Rotation Fund
Statement of Operations
For the year ended May 31, 2017
Investment Income:
	Dividends	$	1,770,229
	Total Investment Income		1,770,229
Expenses:
	Advisory fees (note 2)		864,159
	Administration fees (note 2)		86,416
	Shareholder fulfillment fees		58,958
	Distribution and service fees - Class C Shares (note 3)		49,678
	Fund accounting fees (note 2)		46,765
	Professional fees		40,543
	Registration and filing expenses		39,243
	Transfer agent fees (note 2)		33,100
	Custody and banking fees (note 2)		16,892
	Trustee fees and meeting expenses		10,367
	Compliance fees (note 2)		8,712
	Insurance fees		6,157
	Other operating expenses		1,906
	Security pricing fees		1,903
	Total Expenses		1,264,799
	Advisory fees waived (note 2)		(5,023)
	Net Expenses		1,259,776
Net Investment Income			510,453
Realized and Unrealized Gain on Investments:
	Net realized gain from investment transactions		3,641,419
	Net change in unrealized appreciation on investments		6,479,161
Net Realized and Unrealized Gain on Investments			10,120,580
Net Increase in Net Assets Resulting from Operations		$	10,631,033
See Notes to Financial Statements

72

Cavalier Tactical Rotation Fund
Statements of Changes in Net Assets
For the years ended May 31,						2017		2016
Operations:
	Net investment income (loss)					$	510,453	$	(107,575)
	Net realized gain (loss) from investment transactions					3,641,419		(3,457,008)
	Net change in unrealized appreciation (depreciation) on investments					6,479,161		(1,102,291)
Net Increase (Decrease) in Net Assets Resulting from Operations						10,631,033		(4,666,874)
Distributions to Shareholders From:
	Net realized gains
		Institutional Class Shares				-		(1,992,210)
		Class C Shares				-		(247,967)
Decrease in Net Assets Resulting from Distributions						-		(2,240,177)
Beneficial Interest Transactions:
	Shares sold					38,987,429		59,050,378
	Reinvested dividends and distributions					-		1,469,843
	Shares repurchased					(46,495,374)		(65,976,398)
Decrease from Beneficial Interest Transactions						(7,507,945)		(5,456,177)
Net Increase (Decrease) in Net Assets						3,123,088		(12,363,228)
Net Assets:
	Beginning of Year					89,689,357		102,052,585
	End of Year					$	92,812,445	$	89,689,357
Accumulated Net Investment Income (Loss)						$	428,202	$	(82,251)
			Year Ended			Year Ended
Share Information:			May 31, 2017			May 31, 2016
	Institutional Class Shares		Shares	Amount		Shares		Amount
		Shares sold	3,059,108	$	36,852,585	5,029,489		$	57,560,188
		Reinvested dividends and distributions	-	-		108,341		1,229,666
		Shares repurchased	(3,295,426)	(38,933,674)		(5,401,502)		(63,030,610)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(236,318)	$	(2,081,089)	(263,672)		$	(4,240,756)
	Class C Shares		Shares	Amount		Shares		Amount
		Shares sold	80,062	$	940,628	130,774		$	1,490,190
		Reinvested dividends and distributions	-	-		21,579		240,177
		Shares repurchased	(624,035)	(7,143,982)		(266,169)		(2,945,788)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(543,973)	$	(6,203,354)	(113,816)		$	(1,215,421)
	Class P Shares (a)		Shares	Amount
		Shares sold	117,230	$	1,194,216
		Reinvested dividends and distributions	-	-
		Shares repurchased	(39,998)	(417,718)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	77,232	$	776,498
See Notes to Financial Statements

73

Cavalier Tactical Rotation Fund
Financial Highlights
For a share outstanding during each of the				Institutional Class Shares
fiscal years or period ended May 31,				2017		2016		2015		2014		2013	(f)
Net Asset Value, Beginning of Period			$	11.26	$	12.23	$	11.74	$	10.67	$	10.00
Income from Investment Operations
	Net investment income (loss)			0.08	(g)	(0.00)	(g)(j)	0.04	(g)	0.04	(g)	(0.01)
	Net realized and unrealized gain (loss)
		on investments		1.44		(0.66)		1.02		1.60		0.75
Total from Investment Operations				1.52		(0.66)		1.06		1.64		0.74
Less Distributions:
	From net investment income			-		-		(0.06)		(0.04)		(0.07)
	From net realized gains			-		(0.31)		(0.51)		(0.53)		-
Total Distributions				-		(0.31)		(0.57)		(0.57)		(0.07)
Net Asset Value, End of Period			$	12.78	$	11.26	$	12.23	$	11.74	$	10.67
Total Return (c)				13.50%		(5.41)%		9.29%		15.71%		7.46%	(b)
Net Assets, End of Period (in thousands)			$	89,872	$	81,866	$	92,098	$	30,116	$	12,573
Ratios of:
Gross Expenses to Average Net Assets (d)				1.41%		1.42%		1.41%		1.25%		1.20%	(a)
Net Expenses to Average Net Assets (d)				1.40%		1.26%	(i)	1.20%	(h)	1.25%		1.20%	(a)
Net Investment Income (Loss) to Average
	Net Assets (e)			0.64%		(0.03)%	(i)	0.36%	(h)	0.36%		(0.33)%	(a)
Portfolio turnover rate				166.56%		633.50%		323.99%		394.35%		98.01%	(b)
(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 value 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 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	For a share outstanding during the period from September 20, 2012 (Date of Initial Public Investment) to May 31, 2013.
(g)	Calculated using the average shares method.
(h)	Includes reimbursement of acquired fund fees.
(i)	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 note 2).
(j)	Less than $0.01 per share.
See Notes to Financial Statements												(Continued)

74

Cavalier Tactical Rotation Fund
Financial Highlights
For a share outstanding during each of				Class C Shares (j)
the fiscal years or period ended May 31,				2017		2016		2015		2014		2013	(f)
Net Asset Value, Beginning of Period			$	10.99	$	12.06	$	11.69	$	10.65	$	10.00
Income from Investment Operations
	Net investment loss			(0.02)	(g)	(0.11)	(g)	(0.11)	(g)	(0.09)	(g)	(0.02)
	Net realized and unrealized gain (loss)
		on investments		1.39		(0.65)		1.04		1.69		0.73
Total from Investment Operations				1.37		(0.76)		0.93		1.60		0.71
Less Distributions:
	From net investment income			-		-		(0.05)		(0.03)		(0.06)
	From net realized gains			-		(0.31)		(0.51)		(0.53)		-
Total Distributions				-		(0.31)		(0.56)		(0.56)		(0.06)
Net Asset Value, End of Period			$	12.36	$	10.99	$	12.06	$	11.69	$	10.65
Total Return (c)				12.47%		(6.33)%		8.24%		15.37%		7.15%	(b)
Net Assets, End of Period (in thousands)			$	2,076	$	7,823.29	$	9,955	$	558	$	126
Ratios of:
Gross Expenses to Average Net Assets (d)				2.41%		2.41%		2.41%		2.25%		2.20%	(a)
Net Expenses to Average Net Assets (d)				2.40%		2.25%	(i)	2.20%	(h)	2.25%		2.20%	(a)
Net Investment Loss to Average
	Net Assets (e)			(0.14)%		(0.99)%	(i)	(0.95)%	(h)	(0.78)%		(2.19)%	(a)
Portfolio turnover rate				166.56%		633.50%		323.99%		394.35%		98.01%	(b)
(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 value 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 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)	For a share outstanding during the period from September 26, 2012 (Date of Initial Public Investment) to May 31, 2013.
(g)	Calculated using the average shares method.
(h)	Includes reimbursement of acquired fund fees.
(i)	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 note 2).
(j)	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												(Continued)

75

Cavalier Tactical Rotation Fund
Financial Highlights
For a share outstanding for the period from
July 1, 2016 (Date of Initial Public Investment) through May 31, 2017			Class P Shares
Net Asset Value, Beginning of Period		$	10.00
Income from Investment Operations
	Net investment income		0.03	(f)
	Net realized and unrealized gain on investments		1.17
Total from Investment Operations			1.20
Net Asset Value, End of Period		$	11.20
Total Return (c)			12.00%	(b)
Net Assets, End of Period (in thousands)		$	865
Ratios of:
Gross Expenses to Average Net Assets (d)			1.47%	(a)
Net Expenses to Average Net Assets (d)			1.40%	(a)
Net Investment Income to Average Net Assets (e)			0.35%	(a)
Portfolio turnover rate			166.56%	(b)
(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 value 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 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.
See Notes to Financial Statements

76

Cavalier Funds

Notes to Financial Statements

1.     Organization and Significant Accounting Policies

The Cavalier Funds ("Funds") are a 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 Funds seek to achieve each Fund's investment objective by principally investing in no-load, institutional, and exchange-traded products registered under the Investment Company Act of 1940 ("Underlying Funds"), common stocks, preferred stocks, and fixed income securities.  Although most Funds principally invest in Underlying Funds with no sales related expenses or very low sales related expenses, the Funds are not precluded from investing in Underlying Funds with sales-related expenses, and/or service fees in excess of 0.25%.

Each Fund currently has an unlimited number of authorized shares, which are divided into three classes – Institutional Class Shares, Class C Shares (formerly known as the "Advisor Class" Shares), and Class P 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.

As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares, but there have been no other changes to this class of shares.  The Class C Shares are subject to distribution plan fees as described in Note 3.  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 P Shares have no initial sales charge but are only available through certain financial firms.  There is also no conversion of the Class P Shares into other Shares of the Funds.

As of May 31, 2017, the Cavalier Tactical Rotation Fund was the only Fund with active Class P Shares, which commenced operations on July 1, 2016.

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

Fund	Institutional Class Shares	Class C Shares	Class P Shares
Cavalier Adaptive Income Fund	October 2, 2009	February 25, 2011	-
(formerly known as    "Cavalier Stable Income Fund")
Cavalier Dividend Income Fund	September 20, 2012	September 26, 2012	-
Cavalier Dynamic Growth Fund	October 2, 2009	February 18, 2011	-
Cavalier Fundamental Growth Fund	October 17, 2013	November 4, 2013	-
Cavalier Global Opportunities Fund	September 20, 2012	September 26, 2012	-
Cavalier Hedged High Income Fund	September 20, 2012	September 26, 2012	-
Cavalier Multi Strategist Fund	September 20, 2012	September 26, 2012	-
Cavalier Tactical Rotation Fund	September 20, 2012	September 26, 2012	July 1, 2016

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."

(Continued)

77

Cavalier Funds

Notes to Financial Statements

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 price as of 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 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.

Underlying Funds

Open-End Funds - Each Fund may invest in portfolios of open-end investment companies. The 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.

Closed-End Funds - Each Fund may invest in portfolios of closed-end portfolios.  Closed-end funds are valued a discount or premium to their net asset value based on supply and demand of investors in the market and the risk and return profile of the closed-end portfolio.

Limited Partnerships - Each Fund may also invest in limited partnerships.  Limited partnerships are valued at their net asset value as reported by the entity.  In determining the fair value level, the Trust considers the information available on each limited partnership, including, but not limited to, market pricing, selling restrictions, nature of the portfolios of the underlying investment vehicles, and their ability to liquidate their portfolio investments.

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.)

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.

(Continued)

78

Cavalier Funds

Notes to Financial Statements

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, 2017 for each Fund's investments measured at fair value:

Cavalier Adaptive Income Fund

Assets		Total		Level 1		Level 2		Level 3
Closed-End Funds	$	2,642,576	$	2,642,576	$	-	$	-
Exchange-Traded Products		1,530,867		1,530,867		-		-
Short-Term Investment		2,496,129		2,496,129		-		-
Total	$	6,669,572	$	6,669,572	$	-	$	-

Cavalier Dividend Income Fund

Assets		Total		Level 1		Level 2		Level 3
Common Stocks*	$	350,784	$	350,784	$	-	$	-
Exchange-Traded Products		351,015		351,015		-		-
Short-Term Investment		43,344		43,344		-		-
Total	$	745,143	$	745,143	$	-	$	-

Cavalier Dynamic Growth Fund

Assets		Total		Level 1		Level 2		Level 3
Common Stocks*	$	6,187,473	$	6,187,473	$	-	$	-
Call Options Purchased		13,537		-		13,537		-
Put Options Purchased		35,512		-		35,512		-
Exchange-Traded Product		507,024		507,024		-		-
Limited Partnership		238,544		238,544		-		-
U.S. Treasury Bill		447,925		-		447,925		-
Total Assets	$	7,430,015	$	6,933,041	$	496,974	$	-
Liabilities
Call Options Written	$	89,905	$	-	$	89,905	$	-
Total Liabilities	$	89,905	$	-	$	89,905	$	-

Cavalier Fundamental Growth Fund

Assets		Total		Level 1		Level 2		Level 3
Common Stocks*	$	62,684,200	$	62,684,200	$	-	$	-
Limited Partnerships		1,795,269		1,795,269		-		-
Short-Term Investment		1,019,000		1,019,000		-		-
Total	$	65,498,469	$	65,498,469	$	-	$	-

(Continued)

79

Cavalier Funds

Notes to Financial Statements

Cavalier Global Opportunities Fund

Assets		Total		Level 1		Level 2		Level 3
Exchange-Traded Products	$	13,123,345	$	13,123,345	$	-	$	-
Short-Term Investment		9,848,669		9,848,669		-		-
Total	$	22,972,014	$	22,972,014	$	-	$	-

Cavalier Hedged High Income Fund

Assets		Total		Level 1		Level 2		Level 3
Exchange-Traded Products	$	1,219,132	$	1,219,132	$	-	$	-
Mutual Fund		4,936,243		4,936,243		-		-
Short-Term Investment		122,644		122,644		-		-
Total	$	6,278,019	$	6,278,019	$	-	$	-

Cavalier Multi Strategist Fund

Assets		Total		Level 1		Level 2		Level 3
Common Stocks*	$	292,860	$	292,860	$	-	$	-
Exchange-Traded Products		8,434,125		8,434,125		-		-
Short-Term Investment		1,051,718		1,051,718		-		-
Total	$	9,778,703	$	9,778,703	$	-	$	-

Cavalier Tactical Rotation Fund

Assets		Total		Level 1		Level 2		Level 3
Exchange-Traded Products	$	89,054,783	$	89,054,783	$	-	$	-
Short-Term Investment		1,840,523		1,840,523		-		-
Total	$	90,895,306	$	90,895,306	$	-	$	-

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

The Funds had no significant transfers into or out of Level 1, 2, or 3 during the year ended May 31, 2017.  It is the Funds' policy to recognize transfers at the end of the reporting period.

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 the 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

The 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

Each Fund will distribute its income and realized gains to its shareholders every year.  Income dividends paid by the Funds derived from net investment income, if any, will generally be paid monthly or quarterly and capital gains distributions, if any, will be made at least 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.

(Continued)

80

Cavalier Funds

Notes to Financial Statements

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 comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

Purchased Options

When one of the Funds purchases an option, an amount equal to the premium paid by the Fund 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 Fund enters 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.  As of the fiscal year ended May 31, 2017, the Cavalier Dynamic Growth Fund is the only fund that purchased options during the year.

Option Writing

When one of the Funds writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written.  Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from options written.  The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss (depending on if the premium is less than the amount paid for the closing purchase transaction).  If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss.  If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund.  The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.  Written options are non-income producing securities.  As of the fiscal year ended May 31, 2017, the Cavalier Dynamic Growth Fund is the only Fund that held options written during the year.

A summary of option contracts written by the Cavalier Dynamic Growth Fund during the fiscal year ended May 31, 2017 were as follows:

		Call Options
Option Contracts Written	Number of Contracts		Premiums Received
Options Outstanding, Beginning of Year	-		$	-
Options written	2,153		275,593
Options closed	(1,446)		(185,734)
Options exercised	-		-
Options expired	-		-
Options Outstanding, End of Year	707		$	89,859

Derivative Financial Instruments

The Cavalier Dynamic Growth Fund 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 Fund to gains or losses in excess of the amounts shown on the Statement of Assets and Liabilities.

(Continued)

81

Cavalier Funds

Notes to Financial Statements

Derivatives are marked to market daily based upon quotations from market makers or the Fund's independent pricing services and the Fund's 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.  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 Loss on Investments on the Statement of Operations.

The derivative instruments outstanding as of May 31, 2017 are disclosed below and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed below serve as indicators of the volume of derivative activity for the Cavalier Dynamic Growth Fund.

The following table sets forth the effect of the derivative instruments on the Statement of Assets and Liabilities as of May 31, 2017 for the Cavalier Dynamic Growth Fund:

Derivative Type	Location	Value
Equity Contracts – purchased options	Assets-Investments, at value	$	49,049
Equity Contracts – written options	Liabilities-Options written, at value	$	89,905

The following table sets forth the effect of the derivative instruments on the Statement of Operations for the fiscal year ended May 31, 2017 for the Cavalier Dynamic Growth Fund:

Derivative Type	Location	Gains/Losses
Equity Contracts – purchased options	Net realized gain from investment transactions	$	(128,703)
Equity Contracts – written options	Net realized gain from options written	$	22,828
Equity Contracts – purchased options	Net change in unrealized appreciation on investments	$	(94,531)
Equity Contracts – written options	Net change in unrealized depreciation on options written	$	(46)

The following table presents the Fund's liabilities available for offset under a master netting arrangement of collateral pledged as of May 31, 2017 for the Cavalier Dynamic Growth Fund:

Gross Amounts of Assets Presented in the Statement of Assets & Liabilities
	Gross Amounts of Recognized Liabilities	Financial Instruments Pledged	Cash Collateral Pledged	Net Amount of Assets
Description of Assets:
Options Written	$89,905	$89,905	$          -	$          -
Total	$89,905	$89,905	$          -	$          -

(Continued)

82

Cavalier Funds

Notes to Financial Statements

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.  See the table below for the advisory fee rates and amounts paid to the Advisor for each Fund during fiscal year ended May 31, 2017:

Fund	Advisory Fee Rate June 1, 2016 - December 28, 2016	Advisory Fee Rate December 29 2016 - May 31, 2017	Amount      Incurred		Amount           Waived           by           Advisor		Expenses     Reimbursed      by Advisor
Cavalier Adaptive Income Fund	0.45%	1.00%	$	45,351	$	45,351	$	137,818
Cavalier Dividend Income Fund	0.90%	0.90%	10,261		10,261		205,652
Cavalier Dynamic Growth Fund	0.45%	1.15%	59,281		59,281		126,338
Cavalier Fundamental Growth Fund	1.00%	1.00%	559,904		206,022		-
Cavalier Global Opportunities Fund	0.45%	1.10%	96,603		96,603		61,679
Cavalier Hedged High Income Fund	0.45%	1.00%	42,923		42,923		132,827
Cavalier Multi Strategist Fund	0.45%	1.00%	47,554		47,554		170,178
Cavalier Tactical Rotation Fund	1.00%	1.00%	864,159		5,023		-

The Advisor has engaged sub-advisors to provide day to day portfolio management for the Funds.  Each sub-advisor is paid directly by the Advisor.  The Advisor has engaged sub-advisors for the following Funds:

Fund	Sub-Advisors
Cavalier Dynamic Growth Fund	Stratifi, LLC	Validus Growth Investors, LLC	-
Cavalier Fundamental Growth Fund	-	Navellier & Associates, Inc.	-
Cavalier Global Opportunities Fund	-	Beaumont Capital Management, LLC	-
Cavalier Hedged High Income Fund	-	Carden Capital, LLC	-
Cavalier Multi Strategist Fund	Carden Capital, LLC	Bluestone Capital Management, LLC	Julex Capital, LLC
Cavalier Tactical Rotation Fund	-	Beaumont Capital Management, LLC	-

All Due from Advisor amounts indicated in each Fund's Statement of Assets and Liabilities were paid prior to July 31, 2017.

(Continued)

83

Cavalier Funds

Notes to Financial Statements

Expense Limitation

The Advisor entered into a contractual agreement (the "Expense Limitation Agreement") with the Trust, on behalf of the Funds, under which it had 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 interest, taxes, brokerage commissions, borrowing costs, other expenditures which are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Funds' business, and amounts, if any, payable under a Rule 12b-1 distribution plan, and acquired fund fees and expenses) to not more than the following percentages of the average daily net assets of the Institutional Class Shares and Class C Shares of the Funds:

Fund	June 1, 2016 – December 28, 2016	December 29,    2016 – February          26, 2017	February 27, 2017 – May 31, 2017
Cavalier Adaptive Income Fund	1.30%	1.30%	1.25%
Cavalier Dividend Income Fund	1.88%	0.99%	0.99%
Cavalier Dynamic Growth Fund	1.40%	1.40%	1.40%
Cavalier Fundamental Growth Fund	1.10%	1.35%	1.25%
Cavalier Global Opportunities Fund	1.10%	1.40%	1.35%
Cavalier Hedged High Income Fund	1.44%	1.44%	1.25%
Cavalier Multi Strategist Fund	1.48%	1.48%	1.25%
Cavalier Tactical Rotation Fund	1.45%	1.45%	1.25%

For the period from July 1, 2016 (Date of Initial Public Investment) through February 26, 2017, the Expense Limitation for the Class P Shares in the Cavalier Tactical Rotation Fund was limited to not more than 1.60% of average daily net assets of the Class P Shares of the Fund.  For the period from February 27, 2017 through May 31, 2017, the percentage was limited to not more than 1.40% of the average daily net assets of the Class P Shares of the Cavalier Tactical Rotation Fund.

There shall be no recoupment of fees waived or reimbursed by the Advisor.  The Advisor reimbursed the Funds for the acquired fund fees and expenses for the period from June 1, 2015 through December 17, 2015.  The Expense Limitation Agreement was updated to exclude acquired fund fees and expenses from the waiver effective December 18, 2015.  (Please refer to the Financial Highlights section of each Funds' Financial Statements for additional information on the expense ratios during this period.)

(Continued)

84

Cavalier Funds

Notes to Financial Statements

Administrator

Each Fund pays a monthly fee to the Administrator, The Nottingham Company, 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.  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
First $250 million	0.100%	First $100 million	0.020%	$2,250 plus $500/additional share class	0.01%	$150 per state
Next $250 million	0.080%	Over $100 million	0.009%
Next $250 million	0.060%
Next $250 million	0.050%	*Minimum monthly fees of $2,000 and $416 for Administration and Custody, respectively.
On the next $1  billion	0.040%
On all assets over $2 billion	0.035%

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.

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.

Distributor

Capital Investment Group, Inc. 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.

Certain officers of the Trust are also officers of the Administrator.

3.     Distribution and Service Fees

The Board of Trustees, including a majority of the Trustees who are not "interested persons" as defined in the 1940 Act, adopted a distribution and service plan pursuant to Rule 12b-1 of the 1940 Act (the "Plan") for the Class C 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 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 servicing of Class C shareholder accounts.

(Continued)

85

Cavalier Funds

Notes to Financial Statements

See the table below for the Distribution and Service Fees of the Class C Shares for each Fund during the fiscal year ended May 31, 2017:

Fund	Amount Incurred
Cavalier Adaptive Income Fund	$	16,701
Cavalier Dividend Income Fund	886
Cavalier Dynamic Growth Fund	9,203
Cavalier Fundamental Growth Fund	49,014
Cavalier Global Opportunities Fund	36,364
Cavalier Hedged High Income Fund	9,564
Cavalier Multi Strategist Fund	6,473
Cavalier Tactical Rotation Fund	49,678

4.     Purchases and Sales of Investment Securities

For the fiscal year ended May 31, 2017, 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	$	6,516,426	$	9,051,056
Cavalier Dividend Income Fund	901,140		1,908,406
Cavalier Dynamic Growth Fund	13,080,652		19,471,581
Cavalier Fundamental Growth Fund	76,831,688		74,436,053
Cavalier Global Opportunities Fund	57,799,982		60,831,233
Cavalier Hedged High Income Fund	10,924,099		13,003,051
Cavalier Multi Strategist Fund	13,827,047		9,871,580
Cavalier Tactical Rotation Fund	140,689,868		143,791,104

There were no long-term purchases or sales of U.S. Government Obligations during the fiscal year ended May 31, 2017.

5.     Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which 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, 2017, open taxable years consisted of the taxable years ended May 31, 2014 through May 31, 2017.  No examination of tax returns is currently in progress for any of the Funds.

(Continued)

86

Cavalier Funds

Notes to Financial Statements

Reclassifications relate primarily to differing book/tax treatment of ordinary net investment losses, dividends paid/received, partnership adjustments, and PFIC mark-to-market adjustments and have no impact on the net assets of the Funds.  For the year ended May 31, 2017, the following reclassifications were necessary:

	Paid-In- Capital		Accumulated Net Investment Income		Accumulated Net Realized Loss on Investments
Cavalier Adaptive Income Fund	$	(7,032)	$	7,032	$	-
Cavalier Dynamic Growth Fund	-		36,572		(36,572)
Cavalier Multi Strategist Fund	-		26,838		(26,838)
Cavalier Tactical Rotation Fund	(4)		-		4

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

		Distributions from
Fund	Fiscal year ended	Ordinary Income		Long-Term Capital Gains		Return of Capital
Cavalier Adaptive Income Fund	05/31/2017	$	239,134	$	-	$	-
	05/31/2016	149,461		-		-
Cavalier Dividend Income Fund	05/31/2017	4,020		-		6,747
	05/31/2016	27,199		-		-
Cavalier Dynamic Growth Fund	05/31/2017	-		574,583		-
	05/31/2016	-		2,585,083		-
Cavalier Fundamental Growth Fund	05/31/2017	80,323		-		-
	05/31/2016	65,347		-		-
Cavalier Global Opportunities Fund	05/31/2017	25,470		-		-
	05/31/2016	-		551,842		-
Cavalier Hedged High Income Fund	05/31/2017	115,310		-		-
	05/31/2016	373,039		149,668		-
Cavalier Multi Strategist Fund	05/31/2017	-		-		-
	05/31/2016	-		160,981		-
Cavalier Tactical Rotation Fund	05/31/2017	-		-		-
	05/31/2016	-		2,240,177		-

 

(Continued)

87

Cavalier Funds

Notes to Financial Statements

At May 31, 2017, the tax-basis cost of investments and components of distributable earnings were as follows:

	Cavalier Adaptive Income Fund		Cavalier Dividend Income Fund		Cavalier Dynamic Growth Fund		Cavalier Fundamental Growth Fund
Cost of Investments	$	6,562,154	$	761,598	$	7,023,179	$	54,005,875
Gross Unrealized Appreciation	117,476		10,664		494,597		12,403,763
Gross Unrealized Depreciation	(10,058)		(27,119)		(177,666)		(911,169)
Net Unrealized Appreciation (Depreciation)	107,418		(16,455)		316,931		11,492,594
Undistributed Ordinary Income	-		-		817,634		38,981
Undistributed Long-Term Capital Gains	-		-		121,963		-
Accumulated Net Capital Losses	(166,160)		(242,180)		-		(2,265,470)
Deferred Post October Capital Losses	(25,654)		-		-		-
Distributable Earnings (Accumulated Deficit)	$	(84,396)	$	(258,635)	$	1,256,528	$	9,266,105

	Cavalier Global Opportunities Fund		Cavalier Hedged High Income Fund		Cavalier Multi Strategist Fund		Cavalier Tactical Rotation Fund
Cost of Investments	$	22,083,642	$	6,259,824	$	9,520,280	$	83,339,720
Gross Unrealized Appreciation	903,229		84,959		396,666		7,627,673
Gross Unrealized Depreciation	(14,857)		(66,764)		(138,243)		(72,087)
Net Unrealized Appreciation (Depreciation)	888,372		18,195		258,423		7,555,586
Undistributed Ordinary Income	35,430		76,916		165,350		667,637
Accumulated Net Capital Losses	(1,876,611)		(1,868,300)		-		-
Distributable Earnings (Accumulated Deficit)	$	(952,809)	$	(1,773,189)	$	423,773	$	8,223,223

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, 2017 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 loss carryforward of $166,160, of which $47,717 is short term in nature and $118,443 is long term in nature.  The Cavalier Dividend Income Fund has a loss carryforward of $242,180, of which $115,040 is short term in nature and $127,140 is long term in nature. The Cavalier Fundamental Growth Fund has a loss carryforward of $2,265,470, all of which is short-term in nature.  The Cavalier Global Opportunities Fund has a loss carryforward of $1,876,611, of which $1,865,725 is short term in nature and $10,886 is long term in nature.  The Cavalier Hedged High Income Fund has a loss carryforward of $1,868,300, of which $1,417,250 is short term in nature and $451,050 is long term in nature.  The capital loss carryforwards have no expiration date.

(Continued)

88

Cavalier Funds

Notes to Financial Statements

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 Capital Losses).

6.     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.

7.     Underlying Investment in Other Investment Company

Some of the Funds currently invest a significant portion of their assets in the Fidelity Investments Money Market Government Portfolio ("Fidelity Portfolio").  The Funds may redeem their investment from the Fidelity Portfolio at any time if the Advisor determines that it is in the best interest of the Funds and their shareholders to do so.  The performance of the Funds may be directly affected by the performance of the Fidelity Portfolio.  The financial statements of the Fidelity Portfolio, including the portfolio of investments, can be found at Fidelity's website www.fidelity.com or the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the Funds' financial statements.

As of May 31, 2017, the Funds with a significant amount of net assets invested in the Fidelity Portfolio consisted of the following:

	Percentage (%) of Net Assets at May 31, 2017
Cavalier Adaptive Income Fund	37.25%
Cavalier Global Opportunities Fund	42.78%

The Cavalier Hedged High Income Fund currently seeks to achieve its investment objective by investing a portion of its assets in the Vanguard High-Yield Corporate Fund (the "Vanguard Fund").  The Vanguard Fund is a registered open-end management investment company organized as a Delaware statutory trust. The Cavalier Hedged High Income Fund may redeem its investments from the Vanguard Fund at any time if the Advisor determines that it is in the best interest of the Cavalier Hedged High Income Fund and the Fund's shareholders to do so.  The financial statements for the Vanguard Fund can be found at www.sec.gov. The performance of the Cavalier Hedged High Income Fund may be directly affected by the performance of the Vanguard Fund.  As of May 31, 2017, the percentage of net assets invested in the Vanguard Fund by the Cavalier Hedged High Income Fund was 78.30%.

9.     New Accounting Pronouncement

In October 2016, the U.S. Securities and Exchange Commission ("SEC") issued a new rule, Investment Company Reporting Modernization, which, among other provisions, amends Regulation S-X to require standardized enhanced disclosures, particularly related to derivatives, in investment company financial statements. The compliance date for the amendments to Regulation S-X is for reporting periods ending after August 1, 2017. Management has reviewed the requirements and believes the adoption of the amendments to Regulation S-X will not have a material impact on the Funds' financial statements and related disclosures.

10.   Subsequent Events

The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements.

(Continued)

89

Cavalier Funds

Notes to Financial Statements

Distributions

Per share distributions during the subsequent period were as follows:

Fund	Class	Record Date	Pay Date	Ordinary Income
Cavalier Adaptive Income Fund	Institutional	6/27/2017	6/28/2017	$	0.017165
	Class C	6/27/2017	6/28/2017	0.023632
	Institutional	7/26/2017	7/27/2017	0.036743
	Class C	7/26/2017	7/27/2017	0.027408
	Institutional	6/27/2017	6/28/2017	0.018168
Cavalier Hedged High Income Fund	Class C	6/27/2017	6/28/2017	0.024351
	Institutional	7/26/2017	7/27/2017	0.059780
	Class C	7/26/2017	7/27/2017	0.050419

Cavalier Dividend Income Fund

At a special meeting of the Board of Trustees on February 24, 2017, the Trustees approved the name change of the Cavalier Dividend Income Fund to the Nebraska Index Fund.  Subsequent to the February 24, 2017 meeting, through written consent on August 7, 2017, the name of the Fund has been approved to be changed from the Nebraska Index Fund to the Nebraska Fund, to take effect as of the date of the effectiveness of the next post-effective amendment to the registration statement.

Liquidation of the Class P Shares

At a meeting held on June 8, 2017, the Funds' Board of Trustees, in consultation with the Funds' investment advisor, Cavalier Investments, LLC, determined that the dissolution and liquidation of the Class P Shares of the Funds was in the best interests of the Funds and their shareholders. In accordance with the decision, the Board of Trustees directed that (i) all of the Class P Shares' portfolio securities be liquidated in an orderly manner and (ii) all outstanding shareholder accounts on August 11, 2017 be closed and the proceeds of each account sent to the shareholder's address of record or to such other address as directed by the shareholder. As of June 12, 2017, the Funds were no longer accepting the sale of new Class P Shares and will no longer accept purchase orders. The Funds accepted redemption orders until August 11, 2017 and agreed to waive any redemption fees that would otherwise be imposed by the Funds.  As of the closing date of the Class P Shares on August 11, 2017, the only Fund with investors in the Class P Shares was the Cavalier Tactical Rotation Fund.

Management has concluded there are no additional matters, other than those noted above, requiring recognition or disclosure.

90

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 Dividend Income Fund, Cavalier Dynamic Growth Fund, Cavalier Fundamental Growth Fund, Cavalier Global Opportunities Fund, Cavalier Hedged High Income Fund, Cavalier Multi Strategist Fund, and Cavalier Tactical Rotation Fund

We have audited the accompanying statements of assets and liabilities of Cavalier Adaptive Income Fund (formerly Cavalier Stable Income Fund), Cavalier Dividend Income Fund, Cavalier Dynamic Growth Fund, Cavalier Fundamental Growth Fund, Cavalier Global Opportunities Fund, Cavalier Hedged High Income Fund, Cavalier Multi Strategist Fund, and Cavalier Tactical Rotation Fund, each a series of shares of beneficial interest in Starboard Investment Trust (the "Funds"), including the schedulesof investments, as of May 31, 2017, 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 and the financial highlights for each of the years or periods in the five-year period then ended.  These financial statements and financial highlights are the responsibility of the Funds' management.  Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  Our procedures included confirmation of securities owned as of May 31, 2017 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Cavalier Adaptive Income Fund, Cavalier Dividend Income Fund, Cavalier Dynamic Growth Fund, Cavalier Fundamental Growth Fund, Cavalier Global Opportunities Fund, Cavalier Hedged High Income Fund, Cavalier Multi Strategist Fund, and Cavalier Tactical Rotation Fund as of May 31, 2017, 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 years or periods in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

BBD, LLP

Philadelphia, Pennsylvania

August 15, 2017

91

Cavalier Funds

Additional Information

(Unaudited)

1.     Proxy Voting Policies and Voting Record

A copy of the Trust's Proxy Voting and Disclosure Policy and the Advisor's Disclosure Policy are included as Appendix B to the Funds' Statement of Additional Information and are available, without charge, upon request, by calling 800-773-3863, and on the website of the Securities and Exchange Commission ("SEC") at sec.gov.  Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 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 sec.gov.

2.     Quarterly Portfolio Holdings

Distributions are determined in accordance with Federal income tax regulations, which 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.

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, 2017.

	Ordinary Income		Long-Term Capital Gains		Return of Capital
Cavalier Adaptive Income Fund	$	239,134	$	-	$	-
Cavalier Dividend Income Fund	4,020		-		6,747
Cavalier Dynamic Growth Fund	-		574,583		-
Cavalier Fundamental Growth Fund	80,323		-		-
Cavalier Global Opportunities Fund	25,470		-		-
Cavalier Hedged High Income Fund	115,310		-		-
Cavalier Multi Strategist Fund	-		-		-
Cavalier Tactical Rotation Fund	-		-		-

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, 2016 through May 31, 2017.

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)

92

Cavalier Funds

Additional Information

(Unaudited)

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, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$1,031.37	$6.35	1.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.70	$6.31	1.25%
Class C Shares
Actual	$1,000.00	$1,025.88	$11.43	2.25%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,013.79	$11.36	2.25%

Cavalier Dividend Income Fund	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$1,014.26	$5.67	1.13%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,019.30	$5.69	1.13%
Class C Shares
Actual	$1,000.00	$1,009.00	$10.67	2.13%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,014.31	$10.70	2.13%

Cavalier Dynamic Growth Fund	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expense  Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$1,123.20	$7.41	1.40%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,017.95	$7.04	1.40%
Class C Shares
Actual	$1,000.00	$1,042.27	$12.22	2.40%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,012.96	$12.04	2.40%

(Continued)

93

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Additional Information

(Unaudited)

Cavalier Fundamental Growth Fund	Beginning Account Value December 1, 2016		Ending Account Value May 31, 2017	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual		$1,000.00	$1,177.10	$6.84	1.26%
Hypothetical (5% annual return before expenses)		$1,000.00	$1,018.65	$6.34	1.26%
Class C Shares
Actual		$1,000.00	$1,171.60	$12.24	2.26%
Hypothetical (5% annual return before expenses)		$1,000.00	$1,013.66	$11.35	2.26%

Cavalier Global Opportunities Fund	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$1,124.00	$7.03	1.33%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.31	$6.68	1.33%
Class C Shares
Actual	$1,000.00	$1,122.90	$12.40	2.33%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,013.32	$11.76	2.33%

Cavalier Hedged High Income Fund	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$1,096.10	$7.01	1.34%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.24	$6.75	1.34%
Class C Shares
Actual	$1,000.00	$1,091.12	$12.72	2.44%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,012.76	$12.24	2.44%

Cavalier Multi Strategist Fund	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$1,078.00	$7.05	1.36%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.14	$6.85	1.36%
Class C Shares
Actual	$1,000.00	$1,072.20	$12.20	2.36%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,013.16	$11.85	2.36%

(Continued)

94

Cavalier Funds

Additional Information

(Unaudited)

Cavalier Tactical Rotation Fund	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period*	Annualized Expense Ratio*
Institutional Class Shares
Actual	$1,000.00	$1,083.10	$6.80	1.31%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,018.40	$6.59	1.31%
Class C Shares
Actual	$1,000.00	$1,078.53	$11.97	2.31%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,013.38	$11.60	2.31%
Class P Shares
Actual	$1,000.00	$1,082.13	$7.58	1.46%
Hypothetical (5% annual return before expenses)	$1,000.00	$1,017.60	$7.34	1.46%

*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).

5.     Approval of Advisory and Sub-Advisory Agreements

Shareholder Votes

At a special meeting of the Shareholders on December 29, 2016, Matthew J. Beck, Secretary of the Trust, served as Chairman of the meeting and recorded the minutes.  Kristen Wisdom, Assistant Vice President of Broadridge Financial Solutions, Inc., served as Inspector of Election for the meeting.  Mr. Beck served as a proxy holder representing shares of the Fund.

The Chairman noted that as of the Record Date, there were 624,880.891 shares of the Cavalier Adaptive Income Fund, 101,504.421 shares of the Cavalier Dividend Income Fund, 803,541.188 shares of the Cavalier Dynamic Growth Fund, 4,131,308.198 shares of the Cavalier Fundamental Growth Fund, 985,234.171 shares of the Cavalier Global Opportunities Fund, 704,967.977 shares of the Cavalier Hedged High Income Fund, 528,698.053 shares of the Cavalier Multi Strategist Fund and 7,125,639.732 shares of the Cavalier Tactical Rotation Fund that were outstanding and entitled to vote at the meeting.

The Chairman first stated that 344,793.648 shares of the Cavalier Adaptive Income Fund were present by proxy at the meeting, 50,789.630 shares of the Cavalier Dividend Income Fund were present by proxy at the meeting, 438,033.339 shares of the Cavalier Dynamic Growth Fund were present by proxy at the meeting, 2,286,847.625 shares of the Cavalier Fundamental Growth Fund were present by proxy at the meeting, 555,479.708 shares of the Cavalier Global Opportunities Fund were present by proxy at the meeting, 362,233.247 shares of the Cavalier Hedged High Income Fund were present by proxy at the meeting, 316,494.442 shares of the Cavalier Multi Strategist Fund were present by proxy at the meeting, and 4,037,413.154 shares of the Cavalier Tactical Rotation Fund were present by proxy at the meeting. The Chairman noted that the shares present by proxy at the meeting exceeded a majority of the outstanding shares of the Funds as of the Record Date and, accordingly, a quorum was present for the Funds for purposes of transaction of business at the meeting.

The Chairman stated that approval of the proposals submitted to the Funds' shareholders required the approval of a "majority of the outstanding voting shares" entitled to vote thereon, which meant the affirmative vote of the lesser of: (i) more than 50% of the outstanding shares of the Funds; or (ii) 67% or more of the shares of the Funds present at the meeting, provided more than 50% of the Funds' outstanding shares are present in person or by proxy at the meeting.  Thereafter, upon motion duly made and seconded, the item was submitted to the shareholders of the Funds for consideration.

The Chairman stated that the first item of business was to consider a proposal to shareholders of the Cavalier Funds to approve an Investment Advisory Agreement with Cavalier Investments, LLC, the Funds' proposed investment advisor, including proposed increases in the management fee for the Cavalier Adaptive Income Fund, the Cavalier Dynamic Growth Fund, the Cavalier Global Opportunities Fund, the Cavalier Hedged High Income Fund and the Cavalier Multi Strategist Fund.  The Chairman announced that, for the Cavalier Adaptive Income Fund, 252,129.430 shares had been voted in favor of the item, 16,389.683 shares had been voted against the item, and 8,539.535 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Dividend Income Fund, 47,263.457 shares had been voted in favor of the item, 884.173 shares had been voted against the item, and no shares has abstained from voting on the item. The Chairman then announced that, for the Cavalier Dynamic Growth Fund, 355,426.230 shares had been voted in favor of the item, 6,560.609 shares has been voted against the item, and 1,206.500 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Fundamental Growth Fund, 1,627,478.422 shares have been voted in favor of the item, 271,640.492 shares had been voted against the item, and 47,338.711 shares has abstained from voting on the item. The Chairman then announced that, for the Cavalier Global Opportunities Fund, 389,505.721 shares had voted in favor of the item, 2,935.411 shares has voted against the item, and 11,578.576 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Hedged High Income Fund, 292,407.122 shares had been voted in favor of the item, 5,505.579 shares had been voted against the item, and 5,209.546 shares had abstained from voting on the item. The Chairman then announce that, for the Cavalier Multi Strategist Fund, 261,128.840 shares has voted in favor of the item, 2,038.916 shares has voted against the item, and 12,504.686 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Tactical Rotation Fund, 2,837,889.066 shares had voted for the item, 114,105.950 shares has voted against the item, and 40,974.138 shares has abstained from voting on the item.  Since both a majority of the shares of the Funds and more than 67% of the shares of the Funds present voted in favor of the item, the proposal to approve the Investment Advisory Agreement for the Cavalier Funds, including increases in the management fees for the Cavalier Adaptive Income Fund, Cavalier Dynamic Growth Fund, Cavalier Global Opportunities Fund, Cavalier Hedged High Income Fund and Cavalier Multi Strategist Fund was approved.

(Continued)

95

Cavalier Funds

Additional Information

(Unaudited)

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Fundamental Growth Fund to approve an Investment Sub-Advisory Agreement with Cavalier Investments, LLC, the Fund's proposed investment advisor, and Navellier & Associates, Inc., the Fund's proposed investment sub-advisor. The Chairman announced that 1,845,041.776 shares had been voted in favor of the item, 54,077.138 shares had been voted against the item, and 47,338.771 shares had abstained from voting on the item.  Since both a majority of the shares of the Fund and more than 67% of the shares of the Fund present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Fundamental Growth Fund was approved.

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Global Opportunities Fund and Cavalier Tactical Rotation Fund to approve an Investment Sub-Advisory Agreement with Cavalier Investments, LLC, the Funds' proposed investment advisor, and Beaumont Financial Partners, LLC, the Funds' proposed investment sub-advisor. The Chairman announced that, for the Cavalier Global Opportunities Fund, 391,426.756 shares had been voted in favor of the item, 1,014.376 shares had been voted against the item, and 11,578.576 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Tactical Rotation Fund, 2,843,927.656 shares voted in favor of the item, 108,067.360 shares voted against the item, and 40,974.138 shares abstained from voting on the item.  Since both a majority of the shares of the Funds and more than 67% of the shares of the Funds present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Global Opportunities Fund and Cavalier Tactical Rotation Fund was approved.

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Multi Strategist Fund to approve an Investment Sub-Advisory Agreement with Cavalier Investments, LLC, the Fund's proposed investment advisor, and Bluestone Capital Management, LLC, the Fund's proposed investment sub-advisor. The Chairman announced that 262,891.565 shares had been voted in favor of the item, 276.191 shares had been voted against the item, and 12,504.686 shares had abstained from voting on the item.  Since both a majority of the shares of the Fund and more than 67% of the shares of the Fund present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Multi Strategist Fund was approved.

(Continued)

96

Cavalier Funds

Additional Information

(Unaudited)

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Hedged High Income Fund and Cavalier Multi Strategist Fund to approve an Investment Sub-Advisory Agreement with Cavalier Investments, LLC, the Funds' proposed investment advisor, and Carden Capital LLC, the Funds' proposed investment sub-advisor. The Chairman announced that, for the Cavalier Hedged High Income Fund, 292,988.831 shares had been voted in favor of the item, 5,488.446 shares had been voted against the item, and 4,644.970 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Multi Strategist Fund, 262,891.565 shares had been voted in favor of the item, 276.191 shares had been voted against the item, and 12,504.686 shares had abstained from voting on the item.  Since both a majority of the shares of the Funds and more than 67% of the shares of the Funds present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Hedged High Income Fund and Cavalier Multi Strategist Fund was approved.

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Multi Strategist Fund to approve an Investment Sub-Advisory Agreement with Cavalier Investments, LLC, the Fund's proposed investment advisor, and Julex Capital Management, LLC, the Fund's proposed investment sub-advisor. The Chairman announced that 262,891.565 shares had been voted in favor of the item, 276.191 shares had been voted against the item, and 12,504.686 shares had abstained from voting on the item.  Since both a majority of the shares of the Fund and more than 67% of the shares of the Fund present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Multi Strategist Fund was approved.

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Multi Strategist Fund to approve an Investment Sub-Advisory Agreement with Cavalier Investments, LLC, the Fund's proposed investment advisor, and Parasol Capital Management, LLC, the Fund's proposed investment sub-advisor. The Chairman announced that 261,014.104 shares had been voted in favor of the item, 2,153.652 shares had been voted against the item, and 12,504.686 shares had abstained from voting on the item.  Since both a majority of the shares of the Fund and more than 67% of the shares of the Fund present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Multi Strategist Fund was approved.

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Dynamic Growth Fund to approve an Investment Sub-Advisory Agreement with Cavalier Investments, LLC, the Fund's proposed investment advisor, and Stratifi, LLC, the Fund's proposed investment sub-advisor. The Chairman announced that 355,512.884 shares had been voted in favor of the item, 1,734.544 shares had been voted against the item, and 5,945.911 shares had abstained from voting on the item.  Since both a majority of the shares of the Fund and more than 67% of the shares of the Fund present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Dynamic Growth Fund was approved.

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Dynamic Growth Fund to approve an Investment Sub-Advisory Agreement with Cavalier Investments, LLC, the Fund's proposed investment advisor, and Validus Growth Investors, LLC, the Fund's proposed investment sub-advisor. The Chairman announced that 355,512.884 shares had been voted in favor of the item, 1,734.544 shares had been voted against the item, and 5,945.911 shares had abstained from voting on the item.  Since both a majority of the shares of the Fund and more than 67% of the shares of the Fund present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Dynamic Growth Fund was approved.

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Adaptive Income Fund to approve an Investment Sub-Advisory Agreement with Cavalier Investments, LLC, the Fund's proposed investment advisor, and Efficient Market Advisors, LLC, the Fund's proposed investment sub-advisor. The Chairman announced that 264,457.592 shares had been voted in favor of the item, 656.852 shares had been voted against the item, and 11,944.204 shares had abstained from voting on the item.  Since both a majority of the shares of the Fund and more than 67% of the shares of the Fund present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Adaptive Income Fund was approved.

(Continued)

97

Cavalier Funds

Additional Information

(Unaudited)

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Funds to approve a reliance on an order by the Securities and Exchange Commission for which the Trust and Advisor have applied for exemption from Section 15(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), which shall allow the Funds' investment advisor to hire sub-advisors without shareholder approval. The Chairman announced that, for the Cavalier Adaptive Income Fund, 255,784.782 shares had been voted in favor of the item, 12,734.331 shares had been voted against the item, and 8,539.535 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Dividend Income Fund, 47,263.457 shares had been voted in favor of the item, 884.173 shares had been voted against the item, and no shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Dynamic Growth Fund, 355,159.619 shares had been voted in favor of the item, 6,827.220 shares had been voted against the item, and 1,206.500 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Fundamental Growth Fund, 1,826,219.394 shares had been voted in favor of the item, 78,102.192 shares had been voted against the item, and 42,136.039 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Global Opportunities Fund, 390,337.142 shares had been voted in favor of the item 2,103.990 shares had been voted against the item, and 11,578.576 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Hedged High Income Fund, 292,599.122 shares had been voted in favor of the item, 5,895.288 shares had been voted against the item, and 4,627.837 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Multi Strategist Fund, 260,922.925 shares had been voted in favor of the item, 2,244.831 shares had been voted against the item, and 12,504.686 shares had abstained from voting on the item. The Chairman then announced that, for the Cavalier Tactical Rotation Fund, 2,860,972.168 shares had been voted in favor of the item, 97,936.047 shares had been voted against the item, and 34,060.939 shares had abstained from voting on the item. Since both a majority of the shares of the Funds and more than 67% of the shares of the Funds present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Funds was approved.

The Chairman stated that the next item of business was to consider a proposal of shareholders of the Cavalier Dividend Income Fund to approve a change in the diversification status of the Fund from diversified to non-diversified. The Chairman announced that 47,263.457 shares had been voted in favor of the item, 884.173 shares had been voted against the item, and no shares had abstained from voting on the item.  Since both a majority of the shares of the Fund and more than 67% of the shares of the Fund present voted in favor of the item, the proposal to approve the Investment Sub-Advisory Agreement for the Cavalier Dividend Income Fund was approved.

There being no further business to come before the meeting, the same, upon motion duly made and seconded, was adjourned.

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 $20,945 during the fiscal year ended May 31, 2017 for their services to the Funds and Trust.

(Continued)

98

Cavalier Funds

Additional Information

(Unaudited)

Name, Ageand Address	Positionheld withFund or Trust	Length of Time Served	Principal OccupationDuring Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other DirectorshipsHeld by TrusteeDuring Past 5 Years
Independent Trustees
James H. Speed, Jr.Date of Birth:  06/1953	Independent Trustee, Chairman	Trustee since 7/09, Chair since 5/12	Previously President and CEO of NC Mutual Insurance Company (insurance company) from 2003 to 2015.	17	Independent Trustee of the Brown Capital Management Mutual Funds for its four series, Hillman Capital Management Investment Trust for its one series, Centaur Mutual Funds Trust for its one series, Chesapeake Investment Trust, previously known as Gardner Lewis Trust, for its one series and WST Investment Trust for its two series (all registered investment companies). Member of Board of Directors of M&F Bancorp. Member of Board of Directors of Investors Title Company. Previously, Board of Directors of NC Mutual Life Insurance Company.
Theo H. Pitt, Jr.Date of Birth:  04/1936	Independent Trustee	Since 9/10	Senior Partner, Community Financial Institutions Consulting (financial consulting) since 1999; Partner, Pikar Properties (real estate) since 2001.	17	Independent Trustee of World Funds Trust for its forty nine series, Chesapeake Investment Trust, previously known as Gardner Lewis Investment Trust, for its one series, Leeward Investment Trust for its two series and Hillman Capital Management Investment Trust for its one series (all registered investment companies).
Michael G. MosleyDate of Birth:   01/1953	Independent Trustee	Since 7/10	Owner of Commercial Realty Services (real estate) since 2004.	17	None.
J. Buckley StrandbergDate of Birth:  03/1960	Independent Trustee	Since 7/09	President of Standard Insurance and Realty (insurance and property management) since 1982.	17	None.
Other Officers
Katherine M. HoneyDate of Birth:  09/1973	President and Principal Executive Officer	Since 05/15	EVP of The Nottingham Company since 2008.	n/a	n/a
Matthew J. BeckDate of Birth:  06/1988	Secretary	Since 05/15	General Counsel of The Nottingham Company since 2014.	n/a	n/a
Ashley E. Harris Date of Birth:  03/1984	Treasurer, Assistant Secretary and Principal Financial Officer	Since 05/15	Fund Accounting Manager and Financial Reporting, The Nottingham Company since 2008.	n/a	n/a

(Continued)

99

Cavalier Funds

Additional Information

(Unaudited)

Name, Ageand Address	Positionheld withFund or Trust	Length of Time Served	Principal OccupationDuring Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other DirectorshipsHeld by TrusteeDuring Past 5 Years
Stacey Gillespie Date of Birth:  05/1974	Chief Compliance Officer	Since 03/16	Compliance Director, Cipperman Compliance Services, LLC (09/15-present). Formerly, Chief Compliance Officer of Boenning & Scattergood, Inc. (2013-2015) and Director of Investment Compliance at Boenning & Scattergood, Inc. (2007-2013).	n/a	n/a

100

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	50 Braintree Hill Office Park
Post Office Box 69	Suite 105
Rocky Mount, North Carolina  27802-0069	Braintree, Massachusetts  02184
Telephone:	Telephone:
800-773-3863	800-773-3863
World Wide Web @:	World Wide Web @:
ncfunds.com	ncfunds.com

Item 2.	CODE OF ETHICS.
(a)	The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to its Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(c)	There have been no substantive amendments during the period covered by this report.
(d)	The registrant has not granted, during the period covered by this report, any waivers, including an implicit waiver.
(f)(1)	A copy of the code of ethics that applies to the registrant's Principal Executive Officers and Principal Financial Officers is filed pursuant to Item 12.(a)(1) below.
Item 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	The registrant's Board of Trustees has determined that the registrant has an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee.  As of the date of this report, May 31, 2017, the registrant's audit committee financial expert is Mr. James H. Speed, Jr. Mr. Speed is "independent" for purposes of Item 3 of Form N-CSR.
Item 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a)	Audit Fees – Audit fees billed for the registrant for the last two fiscal years are reflected in the table below.  These amounts represent aggregate fees billed by the registrant's independent accountant, BBD, LLP ("Accountant"), in connection with the annual audits of the registrant's financial statements and for services normally provided by the Accountant in connection with the registrant's statutory and regulatory filings for those fiscal years.

Fund	2016	2017
Cavalier Adaptive Income Fund	$11,750	$12,000
Cavalier Dividend Income Fund	$11,750	$12,000
Cavalier Dynamic Growth Fund	$11,750	$12,000
Cavalier Fundamental Growth Fund	$11,750	$12,000
Cavalier Global Opportunities Fund	$11,750	$12,000
Cavalier Hedged High Income Fund	$11,750	$12,000
Cavalier Multi Strategist Fund	$11,750	$12,000
Cavalier Tactical Rotation Fund	$11,750	$12,000

(b)   Audit-Related Fees – There were no additional fees billed in the fiscal years ended May 31, 2016 and May 31, 2017 for assurance and related services by the Accountant that were reasonably related to the performance of the audit of the registrant's financial statements that were not reported under paragraph (a) of this Item.

(c) Tax Fees – The tax fees billed in each of the last two fiscal years ended for professional services rendered by the Accountant for tax compliance, tax advice, and tax planning are reflected in the table below.  These services were for the completion of the fund's federal and state income tax returns, excise tax returns, and assistance with distribution calculations.

Fund	2016	2017
Cavalier Adaptive Income Fund	$2,000	$2,000
Cavalier Dividend Income Fund	$2,000	$2,000
Cavalier Dynamic Growth Fund	$2,000	$2,000
Cavalier Fundamental Growth Fund	$2,000	$2,000
Cavalier Global Opportunities Fund	$2,000	$2,000
Cavalier Hedged High Income Fund	$2,000	$2,000
Cavalier Multi Strategist Fund	$2,000	$2,000
Cavalier Tactical Rotation Fund	$2,000	$2,000

(d)	All Other Fees – There were no other fees paid to the Accountant which were not disclosed in Items (a) through (c) above during the last two fiscal years.
(e)(1)	The registrant's Board of Trustees pre-approved the engagement of the Accountant for the last two fiscal years at an audit committee meeting of the Board of Trustees called for such purpose;and will pre-approve the Accountant for each fiscal year thereafter at an audit committee meeting called for such purpose.  The charter of the audit committee states that the audit committee should pre-approve any audit services and, when appropriate, evaluate and pre-approve any non-audit services provided by the Accountant to the registrant and to pre-approve, when appropriate, any non-audit services provided by the Accountant to the registrant's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if the engagement relates directly to the operations and financial reporting of the registrant.
(2)	There were no services as described in each of paragraph (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)	Not Applicable.
(g)	Aggregate non-audit fees billed by the Accountant to the registrant for services rendered for the fiscal years ended May 31, 2016 and May 31, 2017 were $2,000 and $2,000, respectively.  There were no fees billed by the Accountant for non-audit services rendered to the registrant's investment adviser, or any other entity controlling, controlled by, or under common control with the registrant's investment adviser.
(h)	Not applicable.

Item 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.
Item 6.	SCHEDULE OF INVESTMENTS.
	A copy of the schedule of investments of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR   CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
Item 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
Item 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.
Item 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
	None.
Item 11.	CONTROLS AND PROCEDURES.
(a)	The Principal Executive Officer and the Principal Financial Officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.
(b)	There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

   

Item 12.	EXHIBITS.
(a)(1)	Code of Ethics required by Item 2 of Form N-CSR is filed herewith as Exhibit 12.(a)(1).
(a)(2)	Certifications required by Item 12.(a)(2) of Form N-CSR are filed herewith as Exhibit 12.(a)(2).
(a)(3)	Not applicable.
(b)	Certifications required by Item 12.(b) of Form N-CSR are filed herewith as Exhibit 12.(b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Starboard Investment Trust

By: (Signature and Title)	/s/ Katherine M. Honey
	Katherine M. Honey President and Principal Executive Officer Cavalier Funds
Date: August 22, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: (Signature and Title)	/s/ Katherine M. Honey
	Katherine M. Honey President and Principal Executive Officer Cavalier Funds
Date: August 22, 2017

By: (Signature and Title)	/s/ Ashley E. Harris
	Ashley E. Harris Treasurer and Principal Financial Officer Cavalier Funds
Date: August 22, 2017