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Form N-CSRS Starboard Investment For: Nov 30

February 8, 2021 12:25 PM EST


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, 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, Rocky Mount, North Carolina  27804
(Address of principal executive offices)  (Zip code)


Paracorp Inc.
2140 South Dupont Hwy., Camden, DE  19934
 (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:   November 30, 2020

Item 1. REPORTS TO STOCKHOLDERS.



Adaptive Funds






SEMI-ANNUAL REPORT
(Unaudited)
For the fiscal period from June 1, 2020
through November 30, 2020



Adaptive Fundamental Growth Fund
Adaptive Growth Opportunities Fund
Adaptive Hedged High Income Fund
Adaptive Hedged Income Fund
Adaptive Tactical Economic Fund
Adaptive Tactical Rotation Fund



Institutional Class
Class C Shares
Class A Shares



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Adaptive 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 Adaptive 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 Adaptive Funds, including their principals, and Capital Investment Group, Inc.

Table of Contents

Adaptive Fundamental Growth Fund
……………………………………………………………………………………
1
Adaptive Growth Opportunities Fund
……………………………………………………………………………………
10
Adaptive Hedged High Income Fund
……………………………………………………………………………………
18
Adaptive Hedged Income Fund
……………………………………………………………………………………
24
Adaptive Tactical Economic Fund
……………………………………………………………………………………
33
Adaptive Tactical Rotation Fund
……………………………………………………………………………………
40
Notes to Financial Statements
……………………………………………………………………………………
48
Additional Information
……………………………………………………………………………………
62


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


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


For More Information on the Adaptive Funds:

See Our Web site @ adaptivefunds.com
or
Call Our Shareholder Services Group at 800-773-3863.












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

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

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

 Adaptive Fundamental Growth Fund
         
                   
Schedule of Investments
         
(Unaudited)
           
                   
As of November 30, 2020
         
             

Shares
 
 Value
(Note 1)
                   
COMMON STOCKS - 91.66%
         
                   
 
Business Services - 7.55%
         
   
Accenture PLC
   
5,282
$
    1,315,693
   
Apple, Inc.
     
12,116
 
    1,442,410
 

PayPal Holdings, Inc.
   
6,439
 
    1,378,719
                 
    4,136,822
 
Communication Services - 16.97%
         
 

Alphabet, Inc. - Class C
   
733
 
    1,290,622
   
Cisco Systems, Inc.
   
24,480
 
    1,053,130
 

Facebook, Inc.
   
4,518
 
    1,251,350
 

Netflix, Inc.
     
2,384
 
    1,169,829
 

The Trade Desk, Inc.
   
2,591
 
    2,334,672
 

The Walt Disney Co.
   
8,881
 
    1,314,477
 

Zoom Video Communications, Inc.
   
1,861
 
       890,228
                 
    9,304,308
 
Consumer Discretionary - 9.13%
         
 

JD.com, Inc.
   
6,496
 
       554,434
 

Lululemon Athletica, Inc.
   
3,488
 
    1,291,327
   
NIKE, Inc.
     
8,397
 
    1,131,076
   
Starbucks Corp.
   
8,718
 
       854,538
   
The Home Depot, Inc.
   
4,240
 
    1,176,218
                 
    5,007,593
 
Consumer Staples - 2.99%
         
 

Monster Beverage Corp.
   
14,772
 
    1,252,370
   
The Clorox Co.
   
1,900
 
       385,624
                 
    1,637,994
 
Financials - 10.83%
         
   
MarketAxess Holdings, Inc.
   
         2,107
 
    1,136,052
   
Mastercard, Inc.
   
         3,488
 
    1,173,747
   
MSCI, Inc.
     
         3,259
 
    1,334,300
   
S&P Global, Inc.
   
         3,251
 
    1,143,637
   
Visa, Inc.
     
         5,482
 
    1,153,139
                 
    5,940,875
 
Health Care - 11.29%
         
   
Abbott Laboratories
   
10,784
 
    1,167,044
   
Danaher Corp.
   
6,028
 
    1,354,070
   
Merck & Co., Inc.
   
14,039
 
    1,128,595
   
UnitedHealth Group, Inc.
   
3,676
 
    1,236,386
   
Zoetis, Inc.
     
8,119
 
    1,302,125
                 
    6,188,220
 
Industrials - 2.04%
         
 

Copart, Inc.
     
9,705
 
    1,120,442
                 
    1,120,442
 
Information Technology - 30.86%
         
 

Adobe, Inc.
     
2,744
 
    1,312,922
 

Cadence Design Systems, Inc.
   
10,802
 
    1,256,273
 

Digital Turbine, Inc.
   
16,035
 
       721,254
                 
 (Continued)

 Adaptive Fundamental Growth Fund
         
                   
Schedule of Investments - Continued
         
(Unaudited)
           
                   
As of November 30, 2020
         
             

Shares
 
 Value
(Note 1)
                   
COMMON STOCKS - Continued
         
                   
 
Information Technology - Continued
         
 

DocuSign, Inc.
   
6,062
$
    1,381,409
 

Enphase Energy, Inc.
   
9,193
 
    1,255,488
 
 * 
Fair Isaac Corp.
   
2,509
 
    1,186,205
 

Fortinet, Inc.
   
8,516
 
    1,049,427
   
Intuit, Inc.
     
3,789
 
    1,333,804
   
KLA Corp.
     
3,527
 
       888,698
   
Microsoft Corp.
   
5,458
 
    1,168,394
   
NVIDIA Corp.
   
2,140
 
    1,147,168
 

salesforce.com, Inc.
   
5,743
 
    1,411,630
 

ServiceNow, Inc.
   
2,775
 
    1,483,376
 

Shopify, Inc. - Class A
   
1,216
 
    1,325,902
                 
  16,921,950
                   
   
Total Common Stocks (Cost $40,884,257)
     
  50,258,204
                   
EXCHANGE-TRADED PRODUCT - 7.60%
         
                   
 
Large-Cap - 7.60%
         
   
Invesco QQQ Trust Series 1
   
13,899
 
    4,164,418
                   
   
Total Exchange-Traded Product (Cost $3,475,608)
   
    4,164,418
                   
SHORT-TERM INVESTMENT - 0.76%
         
 
§ 
 Fidelity Investments Money Market Government Portfolio -
     
   
     Class I, 0.01%
   
418,056
 
       418,056
                   
   
Total Short-Term Investment (Cost $418,056)
     
       418,056
                   
Investments, at Value (Cost $44,777,921) - 100.02%
   
$
  54,840,678
                   
Liabilities in Excess of Other Assets  - (0.02)%
     
       (10,234)
                   
 
Net Assets - 100.00%
     
$
  54,830,444
                   

Non-income producing investment
         
§ 
Represents 7 day effective yield as of November 30, 2020.
     
The following acronym or abbreviation is used in this Schedule:
     
 
PLC - Public Limited Company
         
                   
                   
                   
                   
                   
                   
                   
                   
                 
 (Continued)

 Adaptive Fundamental Growth Fund
         
                   
Schedule of Investments - Continued
         
(Unaudited)
           
                   
As of November 30, 2020
         
                   
                   
     
Summary of Investments
         
         
% of Net
       
     
by Industry
Assets
 
Value
   
     
Common Stocks:
         
     
Business Services
7.55%
$
   4,136,822
   
     
Communication Services
16.97%
 
   9,304,308
   
     
Consumer Discretionary
9.13%
 
   5,007,593
   
     
Consumer Staples
2.99%
 
   1,637,994
   
     
Financials
10.83%
 
   5,940,875
   
     
Health Care
11.29%
 
   6,188,220
   
     
Industrials
2.04%
 
   1,120,442
   
     
Information Technology
30.86%
 
 16,921,950
   
     
Exchange-Traded Product
         
     
Large-Cap
7.60%
 
   4,164,418
   
     
Short-Term Investment
0.76%
 
      418,056
   
     
Liabilities in Excess of Other Assets
-0.02%
 
       (10,234)
   
     
Total Net Assets
100.00%
$
 54,830,444
   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
See Notes to Financial Statements
         

 Adaptive Fundamental Growth Fund
   
               
Statement of Assets and Liabilities
   
(Unaudited)
       
               
As of November 30, 2020
     
               
Assets:
         
 
Investments, at value (cost $44,777,921)
$
  54,840,678
 
Receivables:
     
   
Fund shares sold
   
       367,195
   
Dividends and interest
   
         16,135
 
Prepaid expenses:
     
   
Registration and filing expenses
 
         26,750
   
Professional fees
   
         21,915
   
Fund accounting fees
   
          3,094
   
Insurance fees
   
          2,144
               
 
Total assets
   
  55,277,911
               
Liabilities:
         
 
Payables:
       
   
Fund shares repurchased
 
       422,900
 
Accrued expenses:
     
   
Advisory fees
   
         13,137
   
Trustee fees and meeting expenses
 
          4,852
   
Shareholder fulfillment fees
 
          2,474
   
Distribution and service fees - Class C Shares and Class A Shares
 
          2,168
   
Transfer agent fees
   
             569
   
Security pricing fees
   
             541
   
Custody fees
   
             298
   
Compliance fees
   
             186
   
Administration fees
   
             173
   
Miscellaneous reporting expenses
 
             169
               
 
Total liabilities
   
       447,467
               
Total Net Assets
 
 $
  54,830,444
               
Net Assets Consist of:
     
 
Paid in capital
 
 $
  39,925,074
 
Distributable earnings
   
  14,905,370
               
Total Net Assets
 
 $
  54,830,444
               
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
    3,116,729
 
Net Assets
   
 $
  51,164,210
 
Net Asset Value, Offering Price and Redemption Price Per Share
 $
          16.42
               
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
       185,605
 
Net Assets
   
 $
    2,858,221
 
Net Asset Value, Offering Price and Redemption Price Per Share (a)
 $
          15.40
               
Class A Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
         82,385
 
Net Assets
   
 $
       808,013
 
Net Asset Value and Redemption Price Per Share
 $
            9.81
 
Maximum Offering Price Per Share ($9.81 ÷ 95.50%)(b)
 $
          10.27
               
(a)
Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
(b)
The Fund charges a 4.50% maximum sales load on all initial purchases.
   
               
See Notes to Financial Statements
   

 Adaptive Fundamental Growth Fund
   
               
Statement of Operations
   
(Unaudited)
         
               
For the fiscal period ended November 30, 2020
   
               
Investment Income:
   
 
Dividends (net of withholding taxes of $1,621)
$
          168,682
               
 
Total Investment Income
 
          168,682
               
Expenses:
         
 
Advisory fees (note 2)
 
          271,837
 
Professional fees
 
           31,491
 
Administration fees (note 2)
 
           30,420
 
Transfer agent fees (note 2)
 
           25,335
 
Registration and filing expenses
 
           22,932
 
Fund accounting fees (note 2)
 
           22,367
 
Distribution and service fees - Class C Shares (note 4)
 
           12,987
 
Shareholder fulfillment fees
 
           11,529
 
Custody fees (note 2)
 
             9,331
 
Trustee fees and meeting expenses (note 3)
 
             4,392
 
Security pricing fees
 
             3,653
 
Compliance fees (note 2)
 
             2,636
 
Insurance fees
   
             2,588
 
Interest expense
 
             2,459
 
Distribution and service fees - Class A Shares (note 4)
 
             1,185
 
Miscellaneous reporting expenses (note 2)
 
                915
               
 
Total Expenses
   
          456,057
               
 
Fees waived by Advisor (note 2)
 
          (97,943)
               
 
Net Expenses
   
          358,114
               
Net Investment Loss
 
         (189,432)
               
Realized and Unrealized Gain (Loss) on Investments:
   
               
 
Net realized gain from investment transactions
 
     14,274,338
 
Net change in unrealized depreciation on investments
 
      (3,871,417)
               
Net Realized and Unrealized Gain on Investments
 
     10,402,921
               
Net Increase in Net Assets Resulting from Operations
$
     10,213,489
               
               
               
               
               
               
               
               
See Notes to Financial Statements
   

 Adaptive Fundamental Growth Fund
               
                         
Statements of Changes in Net Assets
               
                 
November 30,
 
May 31,
For the fiscal year or period ended
         
2020
(a)
2020
                         
Operations:
                   
 
Net investment loss
       
 $
(189,432)
 $
(131,463)
 
Net realized gain (loss) from investment transactions
     
14,274,338
 
(2,320,087)
 
Net change in unrealized appreciation (depreciation) on investments
 
(3,871,417)
 
8,708,004
                         
Net Increase in Net Assets Resulting from Operations
     
10,213,489
 
6,256,454
                         
Distributions to Shareholders:
               
   
Institutional Class Shares
         
               -
 
(29,438)
 
Class C Shares
         
               -
 
(991)
   
Class A Shares
         
               -
 
             (573)
                         
Decrease in Net Assets Resulting from Distributions
     
               -
 
(31,002)
                         
Beneficial Interest Transactions:
               
 
Shares sold
           
  20,458,973
 
8,009,809
 
Reinvested dividends and distributions
       
               -
 
29,515
 
Shares repurchased
         
 (54,131,240)
 
(19,521,938)
                         
Decrease from Beneficial Interest Transactions
     
 (33,672,267)
 
(11,482,614)
                         
Net Decrease in Net Assets
         
(23,458,778)
 
(5,257,162)
                         
Net Assets:
                   
 
Beginning of Period
         
  78,289,222
 
   83,546,384
 
End of Period
         
 $
54,830,444
 $
78,289,222
                         
                         
 Share Information:
 
November 30, 2020 (a)
 
May 31, 2020
 
Institutional Class Shares
 
Shares
 
Amount
 
Shares
 
Amount
   
Shares sold
 
1,367,664
 $
19,822,610
 
553,937
 $
7,394,028
   
Reinvested dividends and distributions
             -
 
               -
 
1,980
 
28,056
   
Shares repurchased
 
 (3,758,139)
 
 (53,230,220)
 
   (1,417,097)
 
  (18,704,137)
 
Net Increase (Decrease) in Shares of
               
   
Beneficial Interest
 
 (2,390,475)
 $
 (33,407,610)
 
      (861,180)
 $
  (11,282,053)
                         
 
Class C Shares
 
 Shares
 
 Amount
 
 Shares
 
 Amount
   
Shares sold
 
       31,789
 $
      467,604
 
         18,224
 $
        237,333
   
Reinvested dividends and distributions
             -
 
               -
 
               69
 
              932
   
Shares repurchased
 
      (31,608)
 
     (457,004)
 
        (52,792)
 
       (675,133)
 
Net Increase (Decrease) in Shares of
               
   
Beneficial Interest
 
           181
 $
        10,600
 
        (34,499)
 $
       (436,868)
                         
 
Class A Shares
   
 Shares
 
 Amount
 
 Shares
 
 Amount
   
Shares sold
 
       17,961
 $
      168,759
 
         48,457
 $
        378,448
   
Reinvested dividends and distributions
             -
 
               -
 
               62
 
              527
   
Shares repurchased
 
      (47,187)
 
     (444,016)
 
        (17,135)
 
       (142,668)
 
Net Increase (Decrease) in Shares of
               
   
Beneficial Interest
 
      (29,226)
 $
     (275,257)
 
         31,384
 $
        236,307
                         
(a)
Unaudited.
                 
                         
                         
See Notes to Financial Statements
               

 Adaptive Fundamental Growth Fund
                     
                               
Financial Highlights
                     
         
Institutional Class Shares
For a share outstanding during each

November 30,  
May 31,
of the fiscal years or period ended
 
2020
(g)
2020
 
2019
 
2018
 
2017
 
         
                     
Net Asset Value, Beginning of Period
 $
     13.62
 $
    12.61
 $
       16.06
 $
     13.69
 $
     11.58
 
                               
Income (Loss) from Investment Operations
                   
 
Net investment income (loss) (c)
 
      (0.05)
 
     (0.02)
 
        (0.01)
 
      (0.06)
 
       0.03
 
 
Net realized and unrealized gain (loss) on
                 
   
investments
 
       2.85
 
      1.04
 
        (2.43)
 
       3.05
 
       2.10
 
                               
Total from Investment Operations
 
       2.80
 
      1.02
 
        (2.44)
 
       2.99
 
       2.13
 
                               
Less Distributions:
                     

From net investment income  
          -
 
     (0.01)
 
            -
 
          -
 
      (0.02)
 

From net realized gains  
          -
 
         -
 
        (1.01)
 
      (0.62)
 
          -
 
                               
Total Distributions
 
          -
 
     (0.01)
 
        (1.01)
 
      (0.62)
 
      (0.02)
 
                               
Net Asset Value, End of Period
 $
     16.42
 $
    13.62
 $
       12.61
 $
     16.06
 $
     13.69
 
                               
Total Return (a)
   
20.38%
(i)
8.05%
 
(13.63)%
 
22.23%
 
18.42%
 
                               
Net Assets, End of Period (in thousands)
 $
   51,163
 $
  74,999
 $
      80,299
 $
 102,233
 $
    63,142
 
                               
Ratios of:
                         
Interest Expense to Average Net Assets
 
0.00%
(f)(h)
0.01%
 
            -
 
          -
 
          -
 
Gross Expenses to Average Net Assets (b)
 
1.60%
(e)(h)
1.47%
(e)
1.39%
 
1.39%
 
1.55%
 
Net Expenses to Average Net Assets (b)
1.25%
(e)(h)
1.25%
(e)
1.25%
 
1.25%
 
1.18%
 
Net Investment Income (Loss) to
                     
 
Average Net Assets (b)(d)
 
(0.63)%
(h)
(0.13)%
 
(0.07)%
 
(0.39)%
 
0.29%
 
                               
Portfolio turnover rate
 
123.58%
(i)
72.71%
 
122.27%
 
124.11%
 
135.58%
 
                               
                               
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
         
(c)
Calculated using the average shares method.
                 
(d)
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.
 
(e)
Includes interest expense.
                     
(f)
Less than 0.01%.
                     
(g)
Unaudited.
                       
(h)
Annualized.
                       
(i)
Not annualized.
                     
                               
                               
See Notes to Financial Statements
                 
(Continued)

 Adaptive Fundamental Growth Fund
                   
                               
Financial Highlights
                     
         
Class C Shares
For a share outstanding during each

November 30,
 
May 31,
of the fiscal years or period ended
 
2020
(h)
2020
 
2019
 
2018
 
2017
(d)
                               
Net Asset Value, Beginning of Period
 $
    12.84
 $
    12.01
 $
      15.51
 $
    13.38
 $
    11.42
 
                               
Income (Loss) from Investment Operations
                   
 
Net investment loss (c)
 
     (0.12)
 
    (0.14)
 
       (0.15)
 
     (0.20)
 
     (0.06)
 
 
Net realized and unrealized gain (loss) on
                 
   
investments
 
      2.68
 
     0.98
 
       (2.34)
 
      2.95
 
      2.04
 
                               
Total from Investment Operations
 
      2.56
 
     0.84
 
       (2.49)
 
      2.75
 
      1.98
 
                               
 
Less Distributions:
                     
 
From net investment income
 
         -
 
    (0.01)
 
           -
 
         -
 
     (0.02)
 
 
From net realized gains
 
         -
 
         -
 
       (1.01)
 
     (0.62)
 
         -
 
                               
Total from Investment Operations
 
         -
 
    (0.01)
 
       (1.01)
 
     (0.62)
 
     (0.02)
 
                               
Net Asset Value, End of Period
 $
    15.40
 $
    12.84
 $
      12.01
 $
    15.51
 $
    13.38
 
                               
Total Return (a)
   
19.75%
(j)
6.95%
 
(14.47)%
 
20.92%
 
17.37%
 
                               
Net Assets, End of Period (in thousands)
 $
    2,859
 $
    2,381
 $
      2,641
 $
    3,028
 $
    2,423
 
                               
Ratios of:
                         
Interest Expense to Average Net Assets
 
0.00%
(g)
0.01%
 
           -
 
         -
 
         -
 
Gross Expenses to Average Net Assets (b)
2.56%
(f)(i)
2.47%
(f)
2.39%
 
2.39%
 
2.49%
 
Net Expenses to Average Net Assets (b)
2.25%
(f)(i)
2.25%
(f)
2.25%
 
2.25%
 
2.13%
 
Net Investment Loss to Average
                     
 
Net Assets (b)(e)
 
(1.69)%
(i)
(1.13)%
 
(1.07)%
 
(1.39)%
 
(0.51)%
 
                               
Portfolio turnover rate
 
123.58%
(j)
72.71%
 
122.27%
 
124.11%
 
135.58%
 
                               
                               
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
         
(c)
Calculated using the average shares method.
                 
(d)
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.
(e)
Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(f)
Includes interest expense.
                     
(g)
Less than 0.01%.
                     
(h)
Unaudited.
                       
(i)
Annualized.
                       
(j)
Not annualized.
                     
See Notes to Financial Statements
                 
(Continued)

 Adaptive Fundamental Growth Fund
                 
                           
Financial Highlights
                 
         
Class A Shares
For a share outstanding during

November 30,
 
May 31,
the fiscal years or periods ended
 
2020
(l)
2020
 
2019
 
2018
(j)
                           
Net Asset Value, Beginning of Period
 $
         8.15
 $
       7.56
 $
      10.25
 $
      10.00
 
                           
Income (Loss) from Investment Operations
                 
 
Net investment loss (e)
 
        (0.04)
 
      (0.03)
 
      (0.03)
 
(0.00)
(h)
 
Net realized and unrealized gain (loss) on
               
   
investments
 
         1.70
 
       0.63
 
      (1.65)
 
        0.25
 
                           
Total from Investment Operations
 
         1.66
 
       0.60
 
      (1.68)
 
        0.25
 
                           
Less Distributions:
                 
 
From net investment income
 
            -
 
      (0.01)
 
           -
 
           -
 
 
From net realized gains
 
            -
 
          -
 
      (1.01)
 
           -
 
                           
Total from Investment Operations
 
            -
 
      (0.01)
 
      (1.01)
 
           -
 
                           
Net Asset Value, End of Period
 $
         9.81
 $
       8.15
 $
       7.56
 $
      10.25
 
                           
Total Return (c)(g)
 
20.22%
(b)
7.87%
 
(13.95)%
 
2.50%
(b)
                           
Net Assets, End of Period (in thousands)
 $
          808
 $
        909
 $
        607
 $
         478
 
                           
Ratios of:
                     
Interest Expense to Average Net Assets
 
0.00%
(m)
0.01%
 
           -
 
           -
 
Gross Expenses to Average Net Assets (d)
 
1.82%
(a)(k)
1.72%
(k)
1.64%
 
1.72%
(a)
Net Expenses to Average Net Assets (d)
 
1.50%
(a)(k)
1.50%
(k)
1.50%
 
1.47%
(a)
Net Investment Loss to Average
                 
 
Net Assets (d)(f)
 
(0.93)%
(a)
(0.37)%
 
(0.30)%
 
(0.20)%
(a)
                           
Portfolio turnover rate
 
123.58%
(b)
72.71%
 
122.27%
 
124.11%
(b)(i)
                           
                           
(a)
Annualized.
                   
(b)
Not annualized.
                 
(c)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
 
(d)
Does not include expenses of the investment companies in which the Fund invests.
     
(e)
Calculated using the average shares method.
             
(f)
Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(g)
Does not include impact of sales charge, if any.
             
(h)
Less than $0.01 per share.
                 
(i)
Portfolio turnover rate is calculated based on the entire Fund, not the Class A Shares.
     
(j)
For the period from March 13, 2018 (Date of Initial Public Investment) through May 31, 2018.
     
(k)
Includes interest expense.
                 
(l)
Unaudited.
                   
(m)
Less than 0.01%.
                 
See Notes to Financial Statements
                 

Adaptive Growth Opportunities Fund
         
                   
Schedule of Investments
           
(Unaudited)
             
                   
As of November 30, 2020
           
             

Shares
 

Value (Note 1)
                   
EXCHANGE-TRADED PRODUCTS - 92.11%
         
                   
 
Communication Services - 11.32%
         
   
Communication Services Select Sector SPDR ETF
 
61,853
 $
4,045,186
   
ETFMG Prime Mobile Payments ETF
   
115,855
 
7,108,863
                 
11,154,049
 
Consumer Discretionary - 10.20%
           
   
Amplify Online Retail ETF
     
56,773
 
5,998,067
   
Consumer Discretionary Select Sector SPDR ETF
 
25,795
 
4,056,522
                 
10,054,589
 
Financials - 6.30%
           
   
Financial Select Sector SPDR ETF
   
93,639
 
2,610,655
   
iShares U.S. Broker-Dealers & Securities Exchanges ETF
 
23,965
 
1,742,975
   
SPDR S&P Capital Markets ETF
   
14,411
 
994,536
   
SPDR S&P Regional Banking ETF
   
18,000
 
856,800
                 
6,204,966
 
Health Care - 13.23%
           
   
Invesco DWA Healthcare Momentum ETF
   
32,491
 
4,832,062
   
iShares U.S. Medical Devices ETF
   
12,430
 
3,893,200
   
SPDR S&P Biotech ETF
     
19,790
 
2,636,028
   
SPDR S&P Health Care Services ETF
   
18,763
 
1,682,339
                 
13,043,629
 
Industrials - 3.64%
           
   
Global X Lithium & Battery Tech ETF
   
68,764
 
3,590,856
                   
 
Information Technology - 35.18%
           
   
First Trust Cloud Computing ETF
   
67,728
 
6,082,652
   
iShares Expanded Technology Software ETF
   
19,247
 
6,499,904
   
iShares PHLX Semiconductor ETF
   
14,559
 
5,267,592
   
O'Shares Global Internet Giants ETF
   
81,065
 
4,127,830
   
Technology Select Sector SPDR ETF
   
59,953
 
7,402,997
   
Vaneck Vectors Semiconductor ETF
   
25,353
 
5,288,889
                 
34,669,864
 
Large-Cap - 7.33%
           
   
SPDR S&P 500 ETF Trust
     
19,944
 
7,220,925
                   
 
Materials - 4.91%
           
   
SPDR S&P Homebuilders ETF
     
84,579
 
4,840,456
                   
   
Total Exchange-Traded Products (Cost $72,091,855)
     
90,779,334
                   
SHORT-TERM INVESTMENT - 7.87%
           
 
§ 
 Fidelity Investments Money Market Government Portfolio -
     
   
     Class I, 0.01%
     
   7,757,819
 
7,757,819
                   
   
Total Short-Term Investment (Cost $7,757,819)
     
    7,757,819
                   
                 
(Continued)

Adaptive Growth Opportunities Fund
         
                   
Schedule of Investments - Continued
           
(Unaudited)
             
                   
As of November 30, 2020
           
                 

Value (Note 1)
                   
Investments, at Value (Cost $79,849,674) - 99.98%
     
 $
98,537,153
                   
Other Assets Less Liabilities  - 0.02%
         
         23,293
                   
 
Net Assets - 100.00%
       
 $
98,560,446
                   
 
§ 
Represents 7 day effective yield as of November 30, 2020.
       
                   
     
Summary of Investments
         
                   
     
by Industry
 
% of Net Assets
 
Value
   
     
Exchange-Traded Products:
         
     
Communication Services
11.32%
$
  11,154,049
   
     
Consumer Discretionary
10.20%
 
  10,054,589
   
     
Financials
 
6.30%
 
   6,204,966
   
     
Health Care
 
13.23%
 
  13,043,629
   
     
Industrials
 
3.64%
 
   3,590,856
   
     
Information Technology
35.18%
 
  34,669,864
   
     
Large-Cap
 
7.33%
 
   7,220,925
   
     
Materials
 
4.91%
 
   4,840,456
   
     
Short-Term Investment
7.87%
 
   7,757,819
   
     
Other Assets Less Liabilities
0.02%
 
        23,293
   
     
Total Net Assets
 
100.00%
$
  98,560,446
   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
See Notes to Financial Statements
           

Adaptive Growth Opportunities Fund
 
             
Statement of Assets and Liabilities
 
(Unaudited)
       
             
As of November 30, 2020
   
             
Assets:
         
 
Investments, at value (cost $79,849,674)
 98,537,153
 
Cash
     
         2,805
 
Due from broker
 
               5
 
Receivables:
   
   
Fund shares sold
 
     506,375
   
Dividends and interest
             62
 
Prepaid expenses:
   
   
Registration and filing expenses
       38,285
   
Fund accounting fees
         3,096
   
Insurance expenses
         2,008
   
Compliance fees
 
           676
             
 
Total assets
 
 99,090,465
             
Liabilities:
       
 
Payables:
   
   
Fund shares repurchased
     471,906
 
Accrued expenses:
   
   
Advisory fees
 
36,006
   
Professional fees
 
         6,328
   
Trustee fees and meeting expenses
         6,139
   
Custody fees
 
         3,831
   
Shareholder fulfillment fees
         2,977
   
Distribution and service fees - Class C Shares and Class A Shares
         1,576
   
Transfer agent fees
           598
   
Security pricing fees
           330
   
Administration fees
           157
   
Miscellaneous reporting expenses
           171
             
 
Total liabilities
 
     530,019
             
Net Assets
   
 $
 98,560,446
             
Net Assets Consist of:
   
 
Paid in capital
 $
 75,949,618
 
Distributable earnings
 
 22,610,828
             
 
Total Net Assets
 $
 98,560,446
             
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
Net Assets
 $
 94,409,270
 
Net Asset Value, Offering Price and Redemption Price Per Share
         22.39
             
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
Net Assets
 $
  1,878,011
 
Net Asset Value, Offering Price and Redemption Price Per Share (a)
         20.94
             
Class A Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
Net Assets
 $
  2,273,165
 
Net Asset Value and Redemption Price Per Share
         12.00
 
Maximum Offering Price Per Share ($12.00 ÷ 95.50%)(b)
         12.56
             
(a)
Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
(b)
The Fund charges a 4.50% maximum sales load on all initial purchases.
 
             
See Notes to Financial Statements
 

Adaptive Growth Opportunities Fund
   
               
Statement of Operations
   
(Unaudited)
         
               
For the fiscal period ended November 30, 2020
   
               
Investment Income:
   
 
Dividends
   
$
      169,971
               
 
Total Investment Income
 
      169,971
               
Expenses:
         
 
Advisory fees (note 2)
 
      379,852
 
Administration fees (note 2)
 
        40,547
 
Registration and filing expenses
 
        33,540
 
Transfer agent fees (note 2)
 
        30,895
 
Fund accounting fees (note 2)
 
        23,379
 
Professional fees
 
        18,236
 
Shareholder fulfillment fees
 
        14,457
 
Custody fees (note 2)
 
        10,159
 
Distribution and service fees - Class C Shares (note 4)
 
         7,559
 
Interest expense
 
         6,594
 
Compliance fees (note 2)
 
         4,026
 
Trustee fees and meeting expenses (note 3)
 
         3,798
 
Insurance expenses
 
         2,207
 
Security pricing fees
 
         1,647
 
Distribution and service fees - Class A Shares (note 4)
 
         1,357
 
Miscellaneous reporting expenses (note 2)
 
            917
               
 
Total Expenses
   
      579,170
               
 
Fees waived by Advisor (note 2)
 
       (88,844)
               
 
Net Expenses
   
      490,326
               
Net Investment Loss
 
     (320,355)
               
Realized and Unrealized Gain on Investments:
   
               
 
Net realized gain from investment transactions
 
   2,803,110
 
Net change in unrealized appreciation on investments
 
 15,611,405
               
Net Realized and Unrealized Gain on Investments
 
 18,414,515
               
Net Increase in Net Assets Resulting from Operations
$
 18,094,160
               
               
               
               
               
               
               
               
See Notes to Financial Statements
   

Adaptive Growth Opportunities Fund
             
                       
Statements of Changes in Net Assets
             
               
November 30,
 
May 31,
For the fiscal year or period ended
       
2020
(a)
2020
                       
Operations:
               
 
Net investment income (loss)
     
 $
(320,355)
 $
34,959
 
Net realized gain from investment transactions
     
2,803,110
 
4,345,385
 
Net change in unrealized appreciation on investments
     
15,611,405
 
4,445,475
                       
Net Increase in Net Assets Resulting from Operations
     
18,094,160
 
8,825,819
                       
Distributions to Shareholders:
             
   
Institutional Class Shares
       
               -
 
  (1,779,848)
   
Class C Shares
       
               -
 
       (32,066)
   
Class A Shares
       
               -
 
       (25,086)
                       
Net Decrease in Net Assets Resulting from Distributions
     
               -
 
  (1,837,000)
                       
Beneficial Interest Transactions:
             
 
Shares sold
         
  37,535,856
 
27,636,231
 
Reinvested dividends and distributions
       
               -
 
1,519,120
 
Shares repurchased
       
 (19,161,650)
 
(28,445,149)
                       
Net Increase from Beneficial Interest Transactions
     
  18,374,206
 
710,202
                       
Net Increase in Net Assets
       
36,468,366
 
7,699,021
                       
Net Assets:
               
 
Beginning of Period
       
62,092,080
 
54,393,059
 
End of Period
       
 $
98,560,446
 $
62,092,080
                       
                       
 Share Information:
November 30, 2020 (a)
 
May 31, 2020
 
Institutional Class Shares
Shares
 
Amount
 
Shares
 
Amount
   
Shares sold
1,744,583
 $
35,292,691
 
1,590,458
 $
26,603,783
   
Reinvested dividends and distributions
              -
 
              -
 
86,910
 
1,465,301
   
Shares repurchased
(896,363)
 
(18,214,808)
 
(1,718,069)
 
(28,009,831)
 
Net Increase (Decrease) in Shares of
             
   
Beneficial Interest
      848,220
 $
 17,077,883
 
       (40,701)
 $
        59,253
                       
 
Class C Shares
Shares
 
Amount
 
Shares
 
Amount
   
Shares sold
27,282
 $
527,205
 
15,911
 $
251,125
   
Reinvested dividends and distributions
              -
 
              -
 
2,014
 
32,066
   
Shares repurchased
(11,573)
 
(226,883)
 
(12,433)
 
(193,295)
 
Net Increase in Shares of
             
   
Beneficial Interest
        15,709
 $
     300,322
 
          5,492
 $
        89,896
                       
 
Class A Shares
Shares
 
Amount
 
Shares
 
Amount
   
Shares sold
152,339
 $
1,715,961
 
        85,727
 $
      781,323
   
Reinvested dividends and distributions
              -
 
              -
 
          2,404
 
        21,753
   
Shares repurchased
       (66,431)
 
    (719,960)
 
       (27,495)
 
     (242,023)
 
Net Increase in Shares of
             
   
Beneficial Interest
        85,908
 $
     996,001
 
        60,636
 $
      561,053
                       
(a)
Unaudited.
               
                       
                       
                       
See Notes to Financial Statements
             

Adaptive Growth Opportunities Fund
                   
                               
Financial Highlights
                           
         

Institutional Class Shares
For a share outstanding during each

November 30,
 
May 31,
of the fiscal years or period ended
   
2020
(f)
2020
 
2019
 
2018
 
2017
 
                               
Net Asset Value, Beginning of Period
 $
17.78
 $
15.55
 $
17.45
 $
14.56
 $
11.81
 
                               
Income (Loss) from Investment Operations:
                   
 
Net investment income (loss) (d)
 
    (0.08)
 
      0.01
 
      0.01
 
    (0.08)
 
     0.05
 
 
Net realized and unrealized gain (loss)
                   
 
   on investments
       
     4.69
 
      2.69
 
     (0.93)
 
     2.99
 
     2.73
 
                               
Total from Investment Operations
   
4.61
 
2.70
 
(0.92)
 
2.91
 
2.78
 
                               
Less Distributions From:
                           
 
Net investment income
       
         -
 
         -
 
     (0.82)
 
    (0.02)
 
    (0.03)
 
 
Net realized gains
       
         -
 
     (0.47)
 
     (0.16)
 
         -
 
         -
 
                               
Total Distributions
       
         -
 
     (0.47)
 
     (0.98)
 
    (0.02)
 
    (0.03)
 
                               
Net Asset Value, End of Period
   
 $
    22.39
 $
    17.78
 $
    15.55
 $
    17.45
 $
    14.56
 
                               
Total Return (a)
       
25.79%
(h)
17.50%
 
(4.37)%
 
19.98%
 
23.53%
 
                               
Net Assets, End of Period (in thousands)
 $
  94,410
 $
   59,869
 $
  53,013
 $
  37,778
 $
  22,149
 
                               
                               
Ratios of:
                           
Interest Expense to Average Net Assets
0.01%
 
0.01%
 
         -
 
         -
 
         -
 
Gross Expenses to Average Net Assets (b)
1.51%
(e)(g)
1.58%
(e)
1.57%
 
1.81%
 
2.56%
 
Net Expenses to Average Net Assets (b)
1.26%
(e)(g)
1.26%
(e)
1.27%
 
1.35%
 
1.24%
 
Net Investment Income (Loss) to
                       
 
Average Net Assets (b)(c)
     
(0.82)%
(g)
0.07%
 
0.08%
 
(0.52)%
 
0.39%
 
                               
Portfolio turnover rate
       
51.80%
(h)
319.85%
 
268.30%
 
491.30%
 
439.72%
 
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
     
(c)
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(d)
Calculated using the average shares method.
                 
(e)
Includes interest expense.
                         
(f)
Unaudited.
                           
(g)
Annualized.
                           
(h)
Not annualized.
                           
                               
                               
                               
                               
See Notes to Financial Statements
                       

Adaptive Growth Opportunities Fund
                   
                               
Financial Highlights
                           
         

Class C Shares
For a share outstanding during each

November 30,
 
May 31,
of the fiscal years or period ended
   
2020
(g)
2020
 
2019
 
2018
 
2017
(e)
                               
Net Asset Value, Beginning of Period
 $
    16.71
 $
     14.79
 $
     16.81
 $
   14.22
 $
    11.61
 
                               
Income (Loss) from Investment Operations:
                   
 
Net investment loss (d)
       
     (0.17)
 
      (0.14)
 
      (0.15)
 
    (0.28)
 
     (0.01)
 
 
Net realized and unrealized gain (loss)
                 
 
   on investments
       
      4.40
 
       2.53
 
      (0.89)
 
     2.89
 
      2.65
 
                               
Total from Investment Operations
   
      4.23
 
       2.39
 
      (1.04)
 
     2.61
 
      2.64
 
                               
Less Distributions From:
                           
 
Net investment income
       
         -
 
          -
 
      (0.82)
 
    (0.02)
 
     (0.03)
 
 
Net realized gains
       
         -
 
      (0.47)
 
      (0.16)
 
        -
 
         -
 
                               
Total Distributions
       
         -
 
      (0.47)
 
      (0.98)
 
    (0.02)
 
     (0.03)
 
                               
Net Asset Value, End of Period
   
 $
    20.94
 $
     16.71
 $
     14.79
 $
   16.81
 $
    14.22
 
                               
Total Return (a)
       
25.16%
(i)
16.29%
 
(5.28)%
 
18.35%
 
22.73%
 
                               
Net Assets, End of Period (in thousands)
 $
    1,878
 $
     1,236
 $
     1,013
 $
   1,079
 $
       871
 
                               
                               
Ratios of:
                           
Interest Expense to Average Net Assets
0.01%
 
0.01%
 
          -
 
        -
 
         -
 
Gross Expenses to Average Net Assets (b)
2.51%
(f)(h)
2.58%
(f)
2.57%
 
2.81%
 
2.91%
 
Net Expenses to Average Net Assets (b)
2.26%
(f)(h)
2.25%
(f)
2.27%
 
2.35%
 
2.14%
 
Net Investment Loss to Average
                       
 
Net Assets (b)(c)
       
(1.81)%
(h)
(0.91)%
 
(0.94)%
 
(1.80)%
 
(0.09)%
 
                               
Portfolio turnover rate
       
51.80%
(i)
319.85%
 
268.30%
 
491.30%
 
439.72%
 
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
         
(c)
Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
     
(d)
Calculated using the average shares method.
                 
(e)
As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares.  There were no other changes to this class of shares.
 
(f)
Includes interest expense.
                         
(g)
Unaudited.
                           
(h)
Annualized.
                           
(i)
Not annualized.
                           
                               
                               
See Notes to Financial Statements
                         

Adaptive Growth Opportunities Fund
                 
                     
Financial Highlights
                 
   
Class A Shares
For a share outstanding during each

November 30,
 
May 31,
of the fiscal years or periods ended
 
2020
(k)
2020
 
2019
 
2018
(h)
                     
Net Asset Value, Beginning of Period
 $
          9.53
 $
        8.56
 $
       10.15
 $
     10.00
 
                     
Income (Loss) from Investment Operations:
               
 
Net investment loss (e)
 
         (0.06)
 
       (0.03)
 
        (0.03)
 
      (0.02)
 
 
Net realized and unrealized gain (loss)
                 
 
   on investments
 
          2.53
 
        1.47
 
        (0.58)
 
       0.17
 
                     
Total from Investment Operations
 
          2.47
 
        1.44
 
        (0.61)
 
       0.15
 
                     
Less Distributions From:
                 
 
Net investment income
 
             -
 
           -
 
        (0.82)
 
          -
 
 
Net realized gains
 
             -
 
       (0.47)
 
        (0.16)
 
          -
 
                     
Total Distributions
 
             -
 
       (0.47)
 
        (0.98)
 
          -
 
                     
Net Asset Value, End of Period
 $
        12.00
 $
        9.53
 $
         8.56
 $
     10.15
 
                     
Total Return (f)(j)
 
25.65%
(b)
17.06%
 
(4.45)%
 
1.50%
(b)
                     
Net Assets, End of Period (in thousands)
 $
        2,272
 $
         987
 $
          367
 $
         10
 
                     
                     
Ratios of:
                 
Interest Expense to Average Net Assets
 
0.01%
 
0.01%
 
            -
 
          -
 
Gross Expenses to Average Net Assets (c)
1.74%
(a)(i)
1.83%
(i)
1.82%
 
2.00%
(a)
Net Expenses to Average Net Assets (c)
 
1.51%
(a)(i)
1.51%
(i)
1.52%
 
1.60%
(a)
Net Investment Loss to Average
                 
 
Net Assets (c)(d)
 
(1.10)%
(a)
(0.39)%
 
(0.28)%
 
(1.59)%
(a)
                     
Portfolio turnover rate
 
51.80%
(b)
319.85%
 
268.30%
 
491.30%
(b)(g)
                     
                     
(a)
Annualized.
                 
(b)
Not annualized.
                 
(c)
Does not include expenses of the investment companies in which the Fund invests.
     
(d)
Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(e)
Calculated using the average shares method.
             
(f)
Does not include impact of sales charge, if any.
             
(g)
Portfolio turnover rate is calculated based on the entire Fund, not the Class A Shares.
     
(h)
For a share outstanding during the period from April 16, 2018 (Date of Initial Public Investment) through May 31, 2018.
 
(i)
Includes interest expense.
                 
(j)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(k)
Unaudited.
                 
See Notes to Financial Statements
                 

Adaptive Hedged High Income Fund
         
                   
Schedule of Investments
           
(Unaudited)
             
                   
As of November 30, 2020
           
             

Shares
 

Value (Note 1)
                   
EXCHANGE-TRADED PRODUCTS - 97.62%
         
                   
 
Debt Funds - 97.62%
           
   
Goldman Sachs Access High Yield Corporate Bond ETF
 
       124,114
 $
    6,177,327
   
SPDR Bloomberg Barclays High Yield Bond ETF
   
            3,652
 
        392,700
   
Van Eck Vectors Fallen Angel High Yield Bond ETF
   
          59,089
 
    1,860,122
                   
   
Total Exchange-Traded Products (Cost $7,902,634)
     
    8,430,149
                   
SHORT-TERM INVESTMENT - 2.24%
           
 
§
 Fidelity Investments Money Market Government Portfolio -
       
   
     Class I, 0.01%
     
       193,435
 
        193,435
                   
   
Total Short-Term Investment (Cost $193,435)
       
        193,435
                   
Investments, at Value (Cost $8,096,069) - 99.86%
     
 $
    8,623,584
                   
Other Assets Less Liabilities  - 0.14%
         
          11,658
                   
 
Net Assets - 100.00%
       
 $
    8,635,242
                   
§ 
Represents 7 day effective yield as of November 30, 2020.
       
                   
                   
                   
     
Summary of Investments
         
                   
     
by Industry
 
% of Net Assets
 
Value
   
     
Exchange-Traded Products:
         
     
Debt Funds
 
97.62%
 $
    8,430,149
   
     
Short-Term Investment
2.24%
 
       193,435
   
     
Other Assets Less Liabilities
0.14%
 
          11,658
   
     
Total Net Assets
 
100.00%
$
    8,635,242
   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
See Notes to Financial Statements
           

Adaptive Hedged High Income Fund
   
               
Statement of Assets and Liabilities
   
(Unaudited)
       
               
As of November 30, 2020
     
               
Assets:
         
 
Investments, at value (cost $8,096,069)
$
    8,623,584
 
Receivables:
     
   
Dividends
   
                2
   
Fund shares purchased
 
       217,641
   
Due from Advisor
   
        10,212
 
Prepaid expenses:
     
   
Registration and filing expenses
 
        20,294
   
Fund accounting fees
   
          2,409
   
Insurance expenses
   
          1,970
   
Custody fees
   
             497
   
Compliance fees
   
             110
               
 
Total assets
   
    8,876,719
               
Liabilities:
         
 
Payables:
       
   
Fund share repurchased
 
       217,611
 
Accrued expenses:
     
   
Professional fees
   
          7,994
   
Shareholder fulfillment fees
 
          6,555
   
Trustee fees and meeting expenses
 
          6,012
   
Other operating expenses
 
          1,512
   
Administration fees
   
             474
   
Distribution and service fees - Class C Shares
 
             418
   
Security pricing fees
   
             399
   
Miscellaneous reporting expenses
 
             272
   
Transfer agent fees
   
             230
               
 
Total liabilities
   
       241,477
               
Net Assets
     
 $
    8,635,242
               
Net Assets Consist of:
     
 
Paid in capital
 
 $
  10,752,820
 
Accumulated deficit
   
   (2,117,578)
               
 
Total Net Assets
 
 $
    8,635,242
               
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
       800,770
 
Net Assets
   
 $
    8,088,504
 
Net Asset Value, Offering Price and Redemption Price Per Share
 $
          10.10
               
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
        54,649
 
Net Assets
   
 $
       546,738
 
Net Asset Value, Offering Price and Redemption Price Per Share (a)
 $
          10.00
               
(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
   


Adaptive Hedged High Income Fund
   
               
Statement of Operations
   
(Unaudited)
         
               
For the fiscal period ended November 30, 2020
   
               
Investment Income:
   
 
Dividends
   
$
          168,913
               
 
Total Investment Income
 
          168,913
               
Expenses:
         
 
Advisory fees (note 2)
 
           61,195
 
Registration and filing expenses
 
           27,097
 
Professional fees
 
           19,799
 
Fund accounting fees (note 2)
 
           17,265
 
Administration fees (note 2)
 
           14,567
 
Transfer agent fees (note 2)
 
           13,683
 
Shareholder fulfillment fees
 
             8,056
 
Custody fees (note 2)
 
             3,753
 
Trustee fees and meeting expenses (note 3)
 
             3,655
 
Distribution and service fees - Class C Shares (note 4)
 
             2,618
 
Insurance fees
   
             2,386
 
Compliance fees (note 2)
 
             1,935
 
Other operating expenses
 
             1,512
 
Security pricing fees
 
             1,281
 
Miscellaneous reporting expenses (note 2)
 
                915
               
 
Total Expenses
   
          179,717
               
 
Fees waived by Advisor (note 2)
 
          (61,195)
 
Expenses reimbursed by Advisor (note 2)
 
          (39,411)
               
 
Net Expenses
   
           79,111
               
Net Investment Income
 
           89,802
               
Realized and Unrealized Gain on Investments:
   
               
 
Net realized gain from investment transactions
 
          223,506
 
Net change in unrealized appreciation on investments
 
          426,459
               
Realized and Unrealized Gain on Investments
 
          649,965
               
Net Increase in Net Assets Resulting from Operations
$
          739,767
               
               
               
               
               
               
               
               
See Notes to Financial Statements
   

Adaptive Hedged High Income Fund
             
                       
Statements of Changes in Net Assets
           
               
November 30,
 
May 31,
For the fiscal year or period ended
       
2020
(a)
2020
                       
Operations:
                 
 
Net investment income
     
 $
        89,802
 $
       730,093
 
Net realized gain from investment transactions
     
       223,506
 
         18,533
 
Net change in unrealized appreciation on investments
   
       426,459
 
       124,012
                       
Net Increase in Net Assets Resulting from Operations
     
       739,767
 
       872,638
                       
Distributions to Shareholders:
             
   
Institutional Class Shares
       
      (191,077)
 
      (709,393)
   
Class C Shares
       
         (6,349)
 
        (13,541)
                       
Net Decrease in Net Assets Resulting from Distributions
     
      (197,426)
 
      (722,934)
                       
Beneficial Interest Transactions:
             
 
Shares sold
         
    4,305,401
 
    2,757,489
 
Reinvested dividends and distributions
       
       110,218
 
       273,521
 
Shares repurchased
       
 (14,277,078)
 
  (10,336,982)
                       
Net Decrease from Beneficial Interest Transactions
     
   (9,861,459)
 
   (7,305,972)
                       
Net Decrease in Net Assets
       
   (9,319,118)
 
   (7,156,268)
                       
Net Assets:
                 
 
Beginning of Period
       
  17,954,360
 
   25,110,628
 
End of Period
       
 $
    8,635,242
 $
   17,954,360
                       
                       
 Share Information:
November 30, 2020 (a)
 
May 31, 2020
 
Institutional Class Shares
 Shares
 
 Amount
 
Shares
 
 Amount
   
Shares sold
     431,840
 $
    4,269,984
 
       282,421
 $
    2,757,489
   
Reinvested dividends and distributions
      10,513
 
       103,869
 
        26,593
 
       259,980
   
Shares repurchased
 (1,443,613)
 
 (14,257,499)
 
   (1,036,620)
 
  (10,149,243)
 
Net Decrease in Shares of
             
   
Beneficial Interest
 (1,001,260)
 $
   (9,883,646)
 
      (727,606)
 $
   (7,131,774)
                       
 
Class C Shares
 Shares
 
 Amount
 
 Shares
 
 Amount
   
Shares sold
        3,653
 $
        35,417
 
               -
 $
                -
   
Reinvested dividends and distributions
           648
 
          6,349
 
          1,398
 
         13,541
   
Shares repurchased
       (1,982)
 
       (19,579)
 
       (19,128)
 
      (187,739)
 
Net Increase (Decrease) in
             
   
Shares of Beneficial Interest
        2,319
 $
        22,187
 
       (17,730)
 $
      (174,198)
                       
(a)
Unaudited.
               
                       
                       
                       
                       
                       
                       
See Notes to Financial Statements
             

Adaptive Hedged High Income Fund
                     
                               
Financial Highlights
                     
         
Institutional Class Shares
For a share outstanding during each
November 30,
 
May 31,
of the fiscal years or period ended
 
     2020
(e)
2020
 
2019
 
2018
 
2017
 
                               
Net Asset Value, Beginning of Period
 $
     9.68
 $
      9.66
 $
     9.82
 $
   10.20
 $
      9.25
 
                               
Income from Investment Operations
                     
 
Net investment income (d)
 
     0.34
 
      0.34
 
     0.39
 
    0.42
 
      0.27
 
 
Net realized and unrealized gain (loss)
                     
   
on investments
 
     0.25
 
      0.02
 
    (0.10)
 
   (0.37)
 
      0.88
 
                               
Total from Investment Operations
 
     0.59
 
      0.36
 
     0.29
 
    0.05
 
      1.15
 
                               
Less Distributions From:
                     
 
Net investment income
 
    (0.17)
 
     (0.34)
 
    (0.45)
 
   (0.43)
 
     (0.20)
 
 
Net realized gains
 
         -
 
         -
 
        -
 
        -
 
         -
 
                               
Total Distributions
 
    (0.17)
 
     (0.34)
 
    (0.45)
 
   (0.43)
 
     (0.20)
 
                               
Net Asset Value, End of Period
 $
    10.10
 $
      9.68
 $
     9.66
 $
    9.82
 $
    10.20
 
                               
Total Return (a)
   
6.06%
(g)
3.75%
 
3.02%
 
0.52%
 
12.45%
 
                               
Net Assets, End of Period (in thousands)
 $
    8,089
 $
  17,452
 $
  24,440
 $
 33,016
 $
    4,789
 
                               
Ratios of:
                         
Gross Expenses to Average Net Assets (b)
2.91%
(f)
2.07%
 
1.65%
 
2.88%
 
4.06%
 
Net Expenses to Average Net Assets (b)
 
1.25%
(f)
1.25%
 
1.25%
 
1.25%
 
1.40%
 
Net Investment Income to Average Net Assets (b)(c)
3.34%
(f)
3.43%
 
3.99%
 
4.18%
 
2.77%
 
                               
Portfolio turnover rate
 
76.17%
(g)
136.88%
 
81.99%
 
13.23%
 
184.78%
 
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
       
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(d)
Calculated using the average shares method.
                 
(e)
Unaudited.
                       
(f)
Annualized.
                       
(g)
Not annualized.
                     
                               
                               
                               
                               
                               
                               
                               
                               
See Notes to Financial Statements
                     

Adaptive Hedged High Income Fund
                     
                               
Financial Highlights
                     
         
Class C Shares
For a share outstanding during each
November 30,
 
May 31,
of the fiscal years or period ended
 
     2020
(e)
2020
 
2019
 
2018
 
2017
(f)
                               
Net Asset Value, Beginning of Period
 $
     9.60
 $
     9.57
 $
     9.71
 $
  10.09
 $
     9.22
 
                               
Income (Loss) from Investment Operations
                     
 
Net investment income (d)
 
     0.22
 
     0.24
 
     0.29
 
    0.35
 
     0.19
 
 
Net realized and unrealized gain (loss)
                     
   
on investments
 
     0.30
 
     0.02
 
    (0.10)
 
   (0.40)
 
     0.86
 
                               
Total from Investment Operations
 
     0.52
 
     0.26
 
     0.19
 
   (0.05)
 
     1.05
 
                               
Less Distributions From:
                     
 
Net investment income
 
    (0.12)
 
    (0.23)
 
    (0.33)
 
   (0.33)
 
    (0.18)
 
 
Net realized gains
 
         -
 
         -
 
        -
 
       -
 
         -
 
                               
Total Distributions
 
    (0.12)
 
    (0.23)
 
    (0.33)
 
   (0.33)
 
    (0.18)
 
                               
Net Asset Value, End of Period
 $
    10.00
 $
     9.60
 $
     9.57
 $
    9.71
 $
    10.09
 
                               
Total Return (a)
   
5.44%
(h)
2.71%
 
1.99%
 
(0.50)%
 
11.38%
 
                               
Net Assets, End of Period (in thousands)
 $
      547
 $
      502
 $
      670
 $
  1,263
 $
    1,515
 
                               
Ratios of:
                         
Gross Expenses to Average Net Assets (b)
 
3.81%
(g)
3.07%
 
2.65%
 
4.54%
 
5.48%
 
Net Expenses to Average Net Assets (b)
 
2.25%
(g)
2.25%
 
2.25%
 
2.25%
 
2.37%
 
Net Investment Income to Average Net Assets (b)(c)
2.09%
(g)
2.44%
 
3.01%
 
3.52%
 
1.93%
 
                               
Portfolio turnover rate
 
76.17%
(h)
136.88%
 
81.99%
 
13.23%
 
184.78%
 
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
         
(c)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(d)
Calculated using the average shares method.
                   
(e)
Unaudited.
                       
(f)
As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares.  There were no other changes to this class of shares.
 
(g)
Annualized.
                       
(h)
Not annualized.
                     
                               
                               
                               
                               
                               
                               
See Notes to Financial Statements
                     

Adaptive Hedged Income Fund
         
                 
Schedule of Investments
         
(Unaudited)
           
                 
As of November 30, 2020
         
       

Shares
     
Value
(Note 1)
                 
EXCHANGE-TRADED PRODUCTS - 41.72%
         
 
Commodity Fund - 2.49%
         
 
Credit Suisse X-Links Gold Shares Covered Call ETN
        125,000
   
 $
       1,148,750
                 
 
Debt Fund - 32.08%
           
 
iShares 3-7 Year Treasury Bond ETF
          25,000
     
       3,325,250
 
iShares Broad USD High Yield Corporate Bond ETF
        110,000
     
       4,478,100
 
iShares MBS ETF
 
          45,409
     
       5,001,801
 
SPDR Bloomberg Barclays High Yield Bond ETF
          18,500
     
       1,989,305
               
     14,794,456
 
Equity Fund - 7.15%
           
 
Global SuperDividend US ETF
          45,300
     
          749,715
 
Global X Nasdaq 100 Covered Call ETF
        112,918
     
       2,545,172
               
       3,294,887
                 
 
Total Exchange-Traded Products (Cost $19,271,149)
       
     19,238,093
PREFERRED STOCK - 1.08%

Shares
 Interest
 Maturity
   
 
Real Estate - 1.08%
  Rate Date
   
 
Preferred Apartment Communities, Inc.
                500
5.750%
11/20/2029
 
          500,000
                 
 
Total Preferred Stock (Cost $500,000)
       
          500,000
       
Interest
 Maturity
   
ASSET BACKED SECURITIES - 5.22%
Principal
Rate Date
   
 
Commercial MBS - 2.17%
         
 
JP Morgan Chase Commercial Mortgage
         
   
 Securities Trust 2010-C2
 $ 1,000,000
5.075%
11/15/2043
 
          998,600
                 
 
Home Equity ABS - 0.63%
         
 
Accredited Mortgage Loan Trust 2002-2
        322,915
1.150%
1/25/2033
 
          290,396
                 
 
WL Collateral CMO - 2.42%
         
 
Merrill Lynch Mortgage Investors Trust
         
   
Series MLCC 2004-F (a)
        958,938
1.941%
12/25/2029
 
          851,554
 
MortgageIT Mortgage Loan Trust 2006-1
         
   
(1M LIBOR + 0.23%)(b)
        281,010
0.610%
4/25/2036
 
          266,801
               
       1,118,355
                 
 
Total Asset-Backed Securities (Cost $2,547,375)
       
       2,407,351
       
Interest
 Maturity
   
COLLATERALIZED MORTGAGE OBLIGATIONS - 32.83%
Principal
Rate
Date
   
 
Home Equity ABS - 4.67%
         
 
ABFC 2005-WF1 Trust (1M LIBOR + 2.55%)(b)
 $ 1,352,029
2.700%
2/25/2034
 
       1,428,638
 
ACE Securities Corp Home Equity Loan Trust
         
   
Series 2004-RM1 (1M LIBOR + 5.25%)(b)
        342,628
5.400%
7/25/2034
 
          344,847
 
Contimortgage Home Equity Loan Trust 1996-3
         
   
(1M LIBOR + 0.64%)(b)
        196,627
0.781%
9/15/2027
 
          171,317
 
Morgan Stanley ABS Capital I Inc Trust 2007-NC1
         
   
(1M LIBOR +0.13%)(b)
          61,329
0.280%
11/25/2036
 
             31,158
 
RASC Series 2006-EMX9 Trust (1M LIBOR + 0.13%)(b)
        204,662
0.410%
11/25/2036
 
          178,871
               
       2,154,831
               
 (Continued)

Adaptive Hedged Income Fund
         
                 
Schedule of Investments - Continued
         
(Unaudited)
           
                 
As of November 30, 2020
         
               
Value
(Note 1)
                 
COLLATERALIZED MORTGAGE OBLIGATIONS -

Interest
 Maturity
   
 
  Continued
 
Principal
Rate
Date
   
 
Other ABS - 4.95%
           
 
Chase Funding Trust Series 2003-3
         
   
(1M LIBOR + 1.845%)(b)
 $     350,304
1.995%
11/25/2032
 $
          351,279
 
Countrywide Asset-Backed Certificates
         
   
(1M LIBOR + 2.625%)(b)
        452,008
2.775%
10/25/2033
 
          476,527
 
Countrywide Asset-Backed Certificates
         
   
(1M LIBOR + 1.875%)(b)
        442,790
2.025%
10/25/2034
 
          410,725
 
FFMLT Trust 2004-FF3 (1M LIBOR + 2.40%)(b)
        192,057
2.550%
11/25/2034
 
          187,294
 
First Franklin Mortgage Loan Trust 2003-FF3
         
   
(1M LIBOR + 1.125%)(b)
        194,148
1.275%
7/25/2033
 
          152,022
 
Merrill Lynch Mortgage Investors Trust Series
         
   
2004-WMC2 (1M LIBOR + 2.025%)(b)
        692,218
2.175%
12/25/2034
 
          705,402
               
       2,283,249
 
WL Collateral CMO - 23.21%
         
 
Adjustable Rate Mortgage Trust 2005-9 (a)
        322,067
3.147%
11/25/2035
 
          303,297
 
Adjustable Rate Mortgage Trust 2005-11 (a)
        404,495
3.178%
2/25/2036
 
          310,555
 
Alternative Loan Trust 2004-15 (a)
        579,162
2.737%
9/25/2034
 
          546,836
 
Alternative Loan Trust 2005-10CB
        536,774
5.000%
12/25/2020
 
          536,774
 
Alternative Loan Trust 2005-27 (a)
          82,235
1.713%
8/25/2035
 
             63,971
 
Alternative Loan Trust 2005-J11
        171,822
5.000%
12/25/2020
 
          171,822
 
Alternative Loan Trust 2006-28CB
        688,606
6.500%
10/25/2036
 
          268,769
 
Alternative Loan Trust 2006-28CB
        135,704
6.500%
10/25/2036
 
             53,250
 
Alternative Loan Trust 2007-9T1
        302,370
6.000%
5/25/2037
 
          182,957
 
American Home Mortgage Investment
         
   
Trust 2004-1 (c)
        238,696
2.254%
4/25/2044
 
          228,374
 
American Home Mortgage Investment Trust
         
   
2005-2 (1M LIBOR + 0.70%)(b)
        178,380
0.850%
9/25/2045
 
          142,958
 
Banc of America Funding 2004-B Trust (a)
          58,290
2.239%
12/20/2034
 
             44,996
 
Banc of America Mortgage 2005-C Trust (a)
        259,456
3.805%
4/25/2035
 
          246,846
 
Banc of America Mortgage 2005-G Trust (a)
        840,810
3.043%
8/25/2035
 
          780,375
 
Banc of America Funding 2006-B Trust (a)
          23,154
3.996%
3/20/2036
 
             23,153
 
Bear Stearns ALT-A Trust 2005-7 (a)
        348,419
3.352%
9/25/2035
 
          286,530
 
Bear Stearns ARM Trust 2004-8 (a)
        122,667
2.158%
11/25/2034
 
          122,669
 
Chase Mortgage Finance Trust Series 2007-S5
        179,259
6.000%
7/25/2037
 
          121,779
 
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-2
        215,812
0.380%
5/25/2036
 
          190,584
 
CHL Mortgage Pass-Through Trust 2004-20 (a)
        223,329
2.750%
9/25/2034
 
          163,859
 
CHL Mortgage Pass-Through Trust 2005-HYB8 (a)
        333,963
3.271%
12/20/2035
 
          329,140
 
CHL Mortgage Pass-Through Trust 2006-3
         
   
(1M LIBOR + 0.48%)(b)
          46,784
0.630%
3/25/2036
 
             42,192
 
CHL Mortgage Pass-Through Trust 2006-J2
          57,099
6.000%
4/25/2036
 
             46,424
 
Citigroup Global Markets Mortgage Securities VII, Inc.
        101,990
7.000%
6/25/2026
 
             60,550
 
Citigroup Mortgage Loan Trust 2006-AR5 (a)
        135,857
3.072%
7/25/2036
 
          116,979
               
 (Continued)

Adaptive Hedged Income Fund
         
                 
Schedule of Investments - Continued
         
(Unaudited)
           
                 
As of November 30, 2020
         
               
Value
(Note 1)
                 
COLLATERALIZED MORTGAGE OBLIGATIONS -

Interest
 Maturity
   
 
  Continued
 
Principal
Rate
Date
   
 
WL Collateral CMO - Continued
         
 
Credit Suisse First Boston Mortgage Securities Corp.
 $       70,832
6.000%
9/25/2033
 $
             77,406
 
Credit Suisse First Boston Mortgage Securities Corp.
        477,829
5.250%
1/25/2036
 
          464,602
 
Deutsche Alt-A Securities Inc Mortgage Loan
         
   
Trust Series 2006-AR1 (a)
        275,482
3.413%
2/25/2036
 
          234,620
 
First Horizon Alternative Mortgage Securities Trust
         
   
2007-FA2
 
        159,639
5.750%
4/25/2022
 
          116,823
 
GSR Mortgage Loan Trust 2004-15F
          21,130
4.750%
12/25/2020
 
             21,107
 
GSR Mortgage Loan Trust 2004-8F
          41,523
6.061%
9/25/2034
 
             34,480
 
HarborView Mortgage Loan Trust 2006-2
          16,289
3.148%
2/25/2036
 
               8,398
 
IndyMac INDA Mortgage Loan Trust 2006-AR2
          34,066
3.194%
9/25/2036
 
             33,124
 
IndyMac INDX Mortgage Loan Trust 2005-AR23
        980,969
2.629%
11/25/2035
 
          844,282
 
JP Morgan Mortgage Trust 2004-A1
             5,282
3.024%
2/25/2034
 
               5,053
 
JP Morgan Mortgage Trust 2005-A6
        155,990
4.637%
8/25/2035
 
          149,781
 
JP Morgan Mortgage Trust 2006-A6
        301,123
2.740%
10/25/2036
 
          247,976
 
Lehman Mortgage Trust 2007-9
          20,749
6.000%
10/25/2037
 
             22,006
 
MASTR Adjustable Rate Mortgages Trust 2003-3
          47,875
3.008%
9/25/2033
 
             46,344
 
MASTR Adjustable Rate Mortgages Trust 2004-10
             8,567
3.118%
10/25/2034
 
               8,558
 
MASTR Asset Securitization Trust 2004-9
        132,733
5.250%
7/25/2034
 
          141,296
 
Merrill Lynch Mortgage Investors Trust MLMI Series
         
   
2003-A4
 
          12,509
3.868%
5/25/2033
 
             12,189
 
Merrill Lynch Mortgage Investors Trust Series
         
   
MLCC 2004-B
 
        100,295
2.550%
5/25/2029
 
             76,284
 
Merrill Lynch Mortgage Investors Trust Series
         
   
MLMI 2004-A1
 
          26,840
3.250%
2/25/2034
 
             28,422
 
Morgan Stanley Mortgage Loan Trust 2006-6AR
         
   
(1M LIBOR + 2.475%)(b)
        515,382
3.391%
5/25/2036
 
          467,312
 
MortgageIT Trust 2005-2 (1M LIBOR + 1.65%)(c)
        184,375
4.750%
5/25/2035
 
          184,375
 
MortgageIT Trust 2005-3 (1M LIBOR + 1.575%)(b)
        138,199
1.725%
8/25/2035
 
          129,703
 
MortgageIT Trust 2005-3 (1M LIBOR + 2.55%)(b)
        158,619
2.700%
8/25/2035
 
          166,152
 
Opteum Mortgage Acceptance Corp. Asset-Backed
         
   
 Pass-Through Certificates 2005-2
         
   
(1M LIBOR + 1.95%)(b)
        845,790
2.100%
4/25/2035
 
          745,499
 
PHH Mortgage Trust Series 2008-CIM2
         
   
(1M LIBOR + 2.25%)(c)
        153,876
2.399%
7/25/2038
 
          153,876
 
RALI Series 2005-QS17 Trust
          78,945
6.000%
12/25/2035
 
             72,152
 
RBSGC Mortgage Loan Trust 2007-B (a)
             5,068
4.495%
11/25/2021
 
               4,179
 
Structured Asset Mortgage Investments II Trust
         
   
2006-AR5
 
        129,481
0.570%
5/25/2036
 
          111,071
 
WaMu Mortgage Backed Pass Through
         
   
Certificates Series 2001-AR5 (a)
        167,804
3.185%
12/19/2039
 
          167,149
                 
               
 (Continued)

Adaptive Hedged Income Fund
         
                 
Schedule of Investments - Continued
         
(Unaudited)
           
                 
As of November 30, 2020
         
               
Value
(Note 1)
                 
COLLATERALIZED MORTGAGE OBLIGATIONS -

Interest
 Maturity
   
 
  Continued
 
Principal
Rate Date    
 
WL Collateral CMO - Continued
         
 
WaMu Mortgage Pass-Through
         
   
 Certificates Series 2002-AR14 Trust (a)
 $     153,122
2.540%
11/25/2032
 $
          153,122
 
WaMu Mortgage Pass-Through Certificates Series
         
   
2002-AR6 Trust (FCN 12M A1 YYM + 1.40%)(b)
        385,222
3.158%
8/25/2046
 
          362,652
 
WaMu Mortgage Pass-Through Certificates Series
         
   
Series 2006-AR10 Trust (a)
          27,697
3.158%
8/25/2046
 
             24,617
               
     10,700,249
                 
 
Total Collateralized Mortgage Obligations (Cost $15,689,600)
     
     15,138,329
                 
SHORT-TERM INVESTMENT - 19.93%
         
 
 Fidelity Investments Money Market Government Portfolio -
 
 Shares
   
 
     Institutional Class, 0.01% §
   
       9,188,609
 
       9,188,609
 
Total Short-Term Investment (Cost $9,188,609)
       
       9,188,609
                 
Investments, at Value (Cost $47,196,733) - 100.78%
     
 $
     46,472,382
                 
Liabilities in Excess of Other Assets  - (0.78)%
       
         (359,488)
                 
 
Net Assets - 100.00%
     
 $
     46,112,894
§ 
Represents 7 day effective yield as of November 30, 2020.
       
(a)
Variable interest rate - The interest rate of which adjusts periodically based on changes in current interest rates. Rate represented is as of November 30, 2020.
   
(b)
Floating interest rate
           
(c)
Fixed to floating interest rate
*
Non income-producing investment
(d)
Weighted average
           
(e)
Fixed to weighted average
         
                 
     
Summary of Investments
         
                 
     
by Industry
 
% of Net Assets
Value
   
     
Exchange-Traded Products:
         
     
  Commodity Fund
 
2.49%
 $    1,148,750
   
     
  Debt Fund
 
32.08%
     14,794,456
   
     
  Equity Fund
 
7.15%
       3,294,887
   
     
Preferred Stock:
         
     
  Real Estate
 
1.08%
           500,000
   
     
Asset-Backed Securities:
         
     
  Commercial MBS
 
2.17%
           998,600
   
     
  Home Equity ABS
 
0.63%
           290,396
   
     
  WL Collateral CMO
 
2.43%
       1,118,355
   
     
Collateralized Mortgage Obligations:
       
     
  Home Equity ABS
 
4.67%
       2,154,831
   
     
  Other ABS
 
4.95%
       2,283,249
   
     
  WL Collateral CMO
 
23.20%
     10,700,249
   
     
Short-Term Investment
 
19.93%
       9,188,609
   
     
Liabilities in Excess of Other Assets
-0.78%
         (359,488)
   
     
Total Net Assets
 
100.00%
 $  46,112,894
   
See Notes to Financial Statements
         


Adaptive Hedged Income Fund
   
               
Statement of Assets and Liabilities
   
(Unaudited)
       
               
As of November 30, 2020
   
               
Assets:
         
 
Investments, at value (cost $47,196,733)
$
    46,472,382
 
Receivables:
     
   
Investments sold
   
          42,268
   
Fund shares sold
   
        509,285
   
Dividends
   
          25,216
   
Interest
     
          43,589
 
Prepaid expenses:
     
   
Registration and filing expenses
 
          36,562
   
Fund accounting fees
   
            2,665
   
Insurance fees
   
            2,139
   
Shareholder fulfillment fees
 
              515
               
 
Total assets
   
    47,134,621
               
Liabilities:
         
 
Due to custodian
   
        172,220
 
Payables:
       
   
Fund shares repurchased
 
        824,237
 
Accrued expenses:
     
   
Advisory fees
   
          11,256
   
Trustee fees and meeting expenses
 
            5,587
   
Distribution and service fees - Class C Shares
 
            3,271
   
Custody fees
   
            2,304
   
Security pricing fees
   
            1,653
   
Professional fees
   
              600
   
Compliance fees
   
              276
   
Miscellaneous reporting expenses
 
              170
   
Transfer agent fees
   
                86
   
Administration fees
   
                67
               
 
Total liabilities
   
     1,021,727
               
Total Net Assets
 
 $
    46,112,894
               
Net Assets Consist of:
     
 
Paid in capital
 
 $
    48,250,313
 
Accumulated deficit
   
    (2,137,419)
               
Total Net Assets
 
 $
    46,112,894
               
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
     4,233,982
 
Net Assets
   
 $
    41,782,062
 
Net Asset Value, Offering Price and Redemption Price Per Share
 $
             9.87
               
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
        455,673
 
Net Assets
   
 $
     4,330,832
 
Net Asset Value, Offering Price and Redemption Price Per Share (a)
 $
             9.50
               
(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
   

Adaptive Hedged Income Fund
   
               
Statement of Operations
   
(Unaudited)
         
               
For the fiscal period ended November 30, 2020
   
               
Investment Income:
   
 
Dividends
   
$
           63,434
 
Interest
       
         799,822
               
 
Total Investment Income
 
         863,256
               
Expenses:
         
 
Advisory fees (note 2)
 
         235,668
 
Registration and filing expenses
 
           37,489
 
Administration fees (note 2)
 
           26,129
 
Professional fees
 
           24,285
 
Distribution and service fees - Class C Shares (note 4)
 
           21,187
 
Fund accounting fees (note 2)
 
           19,010
 
Transfer agent fees (note 2)
 
           14,006
 
Security pricing fees
 
           12,030
 
Custody fees (note 2)
 
           10,386
 
Shareholder fulfillment fees
 
           10,108
 
Compliance fees (note 2)
 
             4,000
 
Trustee fees and meeting expenses (note 3)
 
             3,644
 
Insurance fees
   
             2,145
 
Miscellaneous reporting expenses (note 2)
 
                915
               
 
Total Expenses
   
         421,002
               
 
Fees waived by Advisor (note 2)
 
        (105,230)
               
 
Net Expenses
   
         315,772
               
Net Investment Income
 
         547,484
               
Realized and Unrealized Gain (Loss) on Investments:
   
               
 
Net realized loss from investment transactions
 
      (1,313,265)
               
 
Net change in unrealized appreciation on investments
 
       1,808,681
               
Net Realized and Unrealized Gain on Investments
 
         495,416
               
Net Increase in Net Assets Resulting from Operations
$
       1,042,900
               
               
               
               
               
               
               
               
See Notes to Financial Statements
   

Adaptive Hedged Income Fund
             
                       
Statements of Changes in Net Assets
             
                 
November 30,
 
May 31,
For the fiscal year or period ended
       
2020 (a)
 
2020
                       
Operations:
               
 
Net investment income
     
 $
      547,484
 $
    1,288,811
 
Net realized gain (loss) from investment transactions
     
   (1,313,265)
 
         98,087
 
Net change in unrealized appreciation (depreciation) on investments
 
    1,808,681
 
   (2,690,319)
                       
Net Increase (Decrease) in Net Assets Resulting from Operations
 
    1,042,900
 
   (1,303,421)
                       
Distributions to Shareholders:
             
   
Institutional Class Shares
       
     (510,863)
 
   (1,295,673)
   
Class C Shares
       
       (28,334)
 
        (99,082)
                       
Net Decrease in Net Assets Resulting from Distributions
     
     (539,197)
 
   (1,394,755)
                       
Beneficial Interest Transactions:
             
 
Shares sold
         
    9,239,655
 
  44,009,006
 
Reinvested dividends and distributions
       
      374,336
 
    1,001,462
 
Shares repurchased
       
 (10,505,628)
 
 (14,580,727)
Increase (Decrease) from Beneficial Interest Transactions
     
     (891,637)
 
  30,429,741
                       
Net Increase (Decrease) in Net Assets
       
     (387,934)
 
  27,731,565
                       
Net Assets:
               
 
Beginning of Period
       
  46,500,828
 
  18,769,263
 
End of Period
       
 $
  46,112,894
 $
  46,500,828
                       
 Share Information:
November 30, 2020 (a)
 
May 31, 2020
   
 
Institutional Class Shares
 Shares
 
 Amount
 
 Shares
 
 Amount
   
Shares sold
      901,906
 $
   8,909,029
 
    4,240,660
 $
  43,282,368
   
Reinvested dividends and distributions
        35,135
 
      346,641
 
        89,737
 
       903,862
   
Shares repurchased
   (1,028,548)
 
 (10,298,634)
 
   (1,440,502)
 
 (14,115,308)
 
Net Increase (Decrease) in Shares of
             
 
  Beneficial Interest
       (91,507)
 $
  (1,042,964)
 
    2,889,895
 $
  30,070,922
                       
 
Class C Shares
 Shares
 
 Amount
 
 Shares
 
 Amount
   
Shares sold
        34,763
 $
      330,626
 
        73,427
 $
       726,638
   
Reinvested dividends and distributions
          2,915
 
        27,695
 
        10,037
 
         97,600
   
Shares repurchased
       (21,840)
 
     (206,994)
 
       (47,637)
 
      (465,419)
 
Net Increase in Shares of
             
 
  Beneficial Interest
        15,838
 $
      151,327
 
        35,827
 $
       358,819
                       
(a)
Unaudited
               
                       
                       
                       
                       
                       
                       
                       
See Notes to Financial Statements
             

Adaptive Hedged Income Fund
                     
                               
Financial Highlights
                     
         
Institutional Class Shares
For a share outstanding during each
November 30,
 
May 31,
of the fiscal years or period ended
 
    2020
(e)
2020
 
2019
 
2018
 
2017
 
                               
Net Asset Value, Beginning of Period
 $
        9.79
 $
    10.29
 $
    10.12
 $
   10.42
 $
        9.98
 
                               
Income (Loss) from Investment Operations
                   
 
Net investment income (c)
 
        0.23
 
      0.31
 
       0.43
 
      0.38
 
        0.38
 
 
Net realized and unrealized gain (loss) on
                 
   
investments
 
      (0.03)
 
    (0.47)
 
       0.17
 
    (0.18)
 
        0.46
 
                               
Total from Investment Operations
 
        0.20
 
    (0.16)
 
       0.60
 
      0.20
 
        0.84
 
                               
Less Distributions:
                     

From net investment income
 
      (0.12)
 
    (0.34)
 
     (0.43)
 
    (0.33)
 
      (0.40)
 

From return of capital
 
            -
 
           -
 
           -
 
    (0.17)
 
            -
 
                               
Total Distributions
 
      (0.12)
 
    (0.34)
 
     (0.43)
 
    (0.50)
 
      (0.40)
 
                               
Net Asset Value, End of Period
 $
        9.87
 $
      9.79
 $
    10.29
 $
   10.12
 $
     10.42
 
                               
Total Return (a)
   
2.03%
(g)
(1.62)%
 
6.07%
 
1.93%
 
8.54%
 
                               
Net Assets, End of Period (in thousands)
 $
   41,782
 $
 42,354
 $
  14,767
 $
   4,822
 $
     4,498
 
                               
Ratios of:
                         
Gross Expenses to Average Net Assets (b)
1.70%
(f)
1.83%
 
2.88%
 
4.03%
 
3.90%
 
Net Expenses to Average Net Assets (b)
 
1.25%
(f)
1.25%
 
1.25%
 
1.25%
 
1.29%
 
Net Investment Income to Average
                     
 
Net Assets (b)(d)
 
2.40%
(f)
3.04%
 
4.19%
 
3.75%
 
3.68%
 
                               
Portfolio turnover rate
 
50.57%
(g)
9.52%
 
27.78%
 
99.44%
 
110.84%
 
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
       
(c)
Calculated using the average shares method.
                 
(d)
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)
Unaudited.
                       
(f)
Annualized.
                       
(g)
Not annualized.
                     
                               
                               
                               
                               
                               
                               
                               
                               
See Notes to Financial Statements
                     


Adaptive Hedged Income Fund
                     
                               
Financial Highlights
                     
         
Class C Shares
For a share outstanding during each
November 30,
 
May 31,
of the fiscal years or period ended
 
     2020
(f)
2020
 
2019
 
2018
 
2017
(e)
                               
Net Asset Value, Beginning of Period
 $
         9.43
 $
      9.91
 $
      9.75
 $
   10.07
 $
        9.67
 
                               
Income (Loss) from Investment Operations
                     
 
Net investment income (c)
 
         0.12
 
      0.20
 
      0.31
 
      0.25
 
        0.29
 
 
Net realized and unrealized gain (loss) on
                   
   
investments
 
         0.01
 
     (0.45)
 
      0.17
 
    (0.16)
 
        0.42
 
                               
Total from Investment Operations
 
         0.13
 
     (0.25)
 
      0.48
 
      0.09
 
        0.71
 
                               
Less Distributions:
                     

From net investment income
 
        (0.06)
 
     (0.23)
 
    (0.32)
 
    (0.24)
 
      (0.31)
 

From return of capital
 
              -
 
           -
 
          -
 
    (0.17)
 
            -
 
                               
Total Distributions
 
        (0.06)
 
     (0.23)
 
    (0.32)
 
    (0.41)
 
      (0.31)
 
                               
Net Asset Value, End of Period
 $
         9.50
 $
      9.43
 $
      9.91
 $
      9.75
 $
     10.07
 
                               
Total Return (a)
   
1.42%
(h)
(2.58)%
 
4.97%
 
0.94%
 
7.46%
 
                               
Net Assets, End of Period (in thousands)
 $
       4,331
 $
    4,147
 $
   4,002
 $
   2,749
 $
     2,204
 
                               
Ratios of:
                         
Gross Expenses to Average Net Assets (b)
 
2.70%
(g)
2.84%
 
3.84%
 
5.07%
 
5.27%
 
Net Expenses to Average Net Assets (b)
 
2.25%
(g)
2.25%
 
2.25%
 
2.25%
 
2.28%
 
Net Investment Income to Average
                     
 
Net Assets (b)(d)
 
1.39%
(g)
2.10%
 
3.17%
 
2.54%
 
2.96%
 
                               
Portfolio turnover rate
 
50.57%
(h)
9.52%
 
27.78%
 
99.44%
 
110.84%
 
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
       
(c)
Calculated using the average shares method.
                     
(d)
Recognition of net investment incomeby the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(e)
As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares.  There were no other changes to this class of shares.
     
(f)
Unaudited.
                         
(g)
Annualized.
                       
(h)
Not annualized.
                       
                               
                               
                               
                               
                               
                               
See Notes to Financial Statements
                     


Adaptive Tactical Economic Fund
           
                   
Schedule of Investments
             
(Unaudited)
             
                   
As of November 30, 2020
           
             
   
Shares
 
  
Value (Note 1)
                   
EXCHANGE-TRADED PRODUCTS - 99.44%
           
                   
 
Large-Cap - 66.36%
             
   
Invesco QQQ Trust
     
             8,332
 $
      2,496,434
   
iShares Core S&P 500 ETF
     
             7,730
 
      2,808,464
   
iShares Edge MSCI Minimum Volatility ETF
   
          30,186
 
      2,011,897
                 
      7,316,795
 
Mid-Cap - 21.80%
             
   
iShares Core S&P Mid-Cap ETF
     
          11,099
 
      2,403,155
                   
 
Small-Cap - 11.28%
             
   
iShares Russell 2000 ETF
     
             6,874
 
      1,244,331
                   
   
Total Exchange-Traded Products (Cost $9,839,869)
       
    10,964,281
                   
SHORT-TERM INVESTMENT - 1.09%
           
 
§ 
 Fidelity Investments Money Market Government Portfolio -
       
   
     Class I, 0.01%
     
        120,082
 
         120,082
                   
   
Total Short-Term Investment (Cost $120,082)
       
         120,082
                   
Investments, at Value (Cost $9,959,951) - 100.53%
     
 $
    11,084,363
                   
Liabilities in Excess of Other Assets  - (0.53)%
       
          (57,944)
                   
 
Net Assets - 100.00%
       
 $
    11,026,419
                   
§ 
Represents 7 day effective yield as of November 30, 2020.
       
                   
     
Summary of Investments
         
                   
     
by Industry
 
% of Net Assets
 
Value
   
     
Exchange-Traded Products:
         
     
Large-Cap
 
66.36%
$
     7,316,795
   
     
Mid-Cap
 
21.80%
 
     2,403,155
   
     
Small-Cap
 
11.28%
 
     1,244,331
   
     
Short-Term Investment
1.09%
 
        120,082
   
     
Liabilities in Excess of Other Assets
-0.53%
 
         (57,944)
   
     
Total Net Assets
 
100.00%
$
  11,026,419
   
                   
                   
                   
                   
                   
                   
                   
See Notes to Financial Statements
           

Adaptive Tactical Economic Fund
   
               
Statement of Assets and Liabilities
   
(Unaudited)
       
               
As of November 30, 2020
   
               
Assets:
         
 
Investments, at value (cost $9,959,951)
$
 11,084,363
 
Receivables:
     
   
Dividends
   
                2
   
Fund shares sold
   
      221,845
   
Due from Advisor
   
         8,963
 
Prepaid expenses:
     
   
Registration and filing expenses
 
        20,747
   
Fund accounting fees
   
         3,076
   
Insurance expenses
   
         1,685
   
Compliance fees
   
                2
               
 
Total assets
   
 11,340,683
               
Liabilities:
         
 
Payables:
       
   
Fund shares purchased
 
      287,028
 
Accrued expenses:
     
   
Professional fees
   
        11,220
   
Trustee fees and meeting expenses
 
         7,295
   
Shareholder fulfillment fees
 
         5,155
   
Custody fees
   
         1,574
   
Distribution and service fees - Class C and Class A Shares
 
            638
   
Transfer agent fees
   
            549
   
Administration fees
   
            489
   
Miscellaneous reporting expenses
 
            272
   
Security pricing fees
   
              44
               
 
Total liabilities
   
      314,264
               
Total Net Assets
 
 $
 11,026,419
               
Net Assets Consist of:
     
 
Paid in capital
 
 $
 10,978,132
 
Distributable earnings
   
        48,287
               
Total Net Assets
 
 $
 11,026,419
               
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
      806,819
 
Net Assets
   
 $
 10,198,886
 
Net Asset Value, Offering Price and Redemption Price Per Share
 $
         12.64
               
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
        67,757
 
Net Assets
   
 $
      798,655
 
Net Asset Value, Offering Price and Redemption Price Per Share (a)
 $
         11.79
               
Class A Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
         3,358
 
Net Assets
   
 $
        28,878
 
Net Asset Value and Redemption Price Per Share
 $
           8.60
 
Maximum Offering Price Per Share ($8.60 ÷ 95.50%)(b)
 
           9.00
               
(a)
Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
(b)
The Fund charges a 4.50% maximum sales load on all initial purchases.
   
               
See Notes to Financial Statements
   

Adaptive Tactical Economic Fund
   
               
Statement of Operations
   
(Unaudited)
         
               
For the fiscal period ended November 30, 2020
   
               
Investment Income:
   
 
Dividends
   
$
            92,301
               
 
Total Investment Income
 
            92,301
               
Expenses:
         
 
Advisory fees (note 2)
 
            68,732
 
Registration and filing expenses
 
            24,117
 
Fund accounting fees (note 2)
 
            20,268
 
Professional fees
 
            19,593
 
Transfer agent fees (note 2)
 
            18,696
 
Administration fees (note 2)
 
            14,584
 
Shareholder fulfillment fees
 
              6,516
 
Distribution and service fees - Class C Shares (note 4)
 
              3,841
 
Custody fees (note 2)
 
              3,684
 
Trustee fees and meeting expenses (note 3)
 
              3,436
 
Compliance fees (note 2)
 
              2,076
 
Insurance fees
   
              1,916
 
Security pricing fees
 
              1,176
 
Miscellaneous reporting expenses (note 2)
 
                915
 
Distribution and service fees - Class A Shares (note 4)
 
                  22
               
 
Total Expenses
   
          189,572
               
 
Fees waived by Advisor (note 2)
 
           (68,732)
 
Expenses reimbursed by Advisor (note 2)
 
           (31,069)
               
 
Net Expenses
   
            89,771
               
Net Investment Income
 
              2,530
               
Realized and Unrealized Gain (Loss) on Investments:
   
               
 
Net realized gain from investment transactions
 
       1,494,827
 
Net change in unrealized depreciation on investments
 
           (91,560)
               
Net Realized and Unrealized Gain on Investments
 
       1,403,267
               
Net Increase in Net Assets Resulting from Operations
$
       1,405,797
               
               
               
               
               
               
               
               
See Notes to Financial Statements
   

Adaptive Tactical Economic Fund
             
                       
Statements of Changes in Net Assets
             
               
November 30,
 
May 31,
For the fiscal year or period ended
       
2020
(a)
2020
                       
Operations:
                 
 
Net investment income
     
 $
         2,530
 $
        96,101
 
Net realized gain (loss) from investment transactions
     
   1,494,827
 
   (2,531,822)
 
Net change in unrealized appreciation (depreciation) on investments
 
       (91,560)
 
    1,467,496
                       
Net Increase (Decrease) in Net Assets Resulting from Operations
 
   1,405,797
 
      (968,225)
                       
Distributions to Shareholders:
             
   
Institutional Class Shares
       
              -
 
      (213,808)
   
Class C Shares
       
              -
 
         (3,740)
   
Class A Shares
       
              -
 
            (452)
                       
Net Decrease in Net Assets Resulting from Distributions
     
              -
 
      (218,000)
                       
Beneficial Interest Transactions:
             
 
Shares sold
         
   2,598,877
 
    6,163,783
 
Reinvested dividends and distributions
       
              -
 
       181,034
 
Shares repurchased
       
  (9,066,993)
 
   (4,679,482)
                       
Net Increase (Decrease) from Beneficial Interest Transactions
 
  (6,468,116)
 
    1,665,335
                       
Net Increase in Net Assets
       
  (5,062,319)
 
       479,110
                       
Net Assets:
               
 
Beginning of Period
       
 16,088,738
 
  15,609,628
 
End of Period
       
 $
 11,026,419
 $
  16,088,738
                       
 Share Information:
November 30, 2020 (a)
 
May 31, 2020
 
Institutional Class Shares
 Shares
 
 Amount
 
 Shares
 
 Amount
   
Shares sold
      210,038
 $
    2,532,181
 
      485,735
 $
    6,146,769
   
Reinvested dividends and distributions
               -
 
               -
 
        13,407
 
       176,842
   
Shares repurchased
     (753,621)
 
   (8,998,486)
 
     (396,760)
 
   (4,615,724)
 
Net Increase (Decrease) in Shares of
             
   
Beneficial Interest
     (543,583)
 $
   (6,466,305)
 
      102,382
 $
    1,707,887
                       
 
Class C Shares
 Shares
 
 Amount
 
 Shares
 
 Amount
   
Shares sold
          4,030
 $
        46,539
 
            748
 $
          8,667
   
Reinvested dividends and distributions
               -
 
               -
 
            301
 
          3,740
   
Shares repurchased
         (5,934)
 
       (68,507)
 
        (4,503)
 
       (48,722)
 
Net Decrease in Shares of
             
   
Beneficial Interest
         (1,904)
 $
       (21,968)
 
        (3,454)
 $
       (36,315)
                       
 
Class A Shares
 
 Shares
 
 Amount
 
 Shares
 
 Amount
   
Shares sold
          2,341
 $
        20,157
 
         1,000
 $
          8,347
   
Reinvested dividends and distributions
               -
 
               -
 
              50
 
             452
   
Shares repurchased
               -
 
               -
 
        (2,032)
 
       (15,036)
 
Net Increase (Decrease) in Shares of
             
   
Beneficial Interest
          2,341
 $
        20,157
 
           (982)
 $
         (6,237)
                       
                       
(a)
Unaudited.
               
                       
                       
                       
See Notes to Financial Statements
             

Adaptive Tactical Economic Fund
                     
                               
Financial Highlights
                     
         
Institutional Class Shares
For a share outstanding during each
November 30,
 
May 31,
of the fiscal years or period ended
 
     2020
(e)
2020
 
2019
 
2018
 
2017
 
                               
Net Asset Value, Beginning of Period
 $
     11.36
 $
    11.84
 $
   13.79
 $
   12.30
 $
   11.00
 
                               
Income (Loss) from Investment Operations:
                 
 
Net investment income (loss) (c)
 
      0.01
 
     0.08
 
     0.09
 
     0.02
 
    (0.01)
 
 
Net realized and unrealized gain (loss)
                   
   
on investments
 
      1.27
 
    (0.39)
 
    (0.29)
 
     1.68
 
     1.31
 
                               
Total from Investment Operations
 
      1.28
 
    (0.31)
 
    (0.20)
 
     1.70
 
     1.30
 
                               
Less Distributions From:
                     
 
Net investment income
 
          -
 
    (0.17)
 
    (0.04)
 
        -
 
        -
 
 
Net realized gains
 
          -
 
         -
 
    (1.71)
 
    (0.21)
 
        -
 
                               
Total Distributions
 
          -
 
    (0.17)
 
    (1.75)
 
    (0.21)
 
        -
 
                               
Net Asset Value, End of Period
 $
     12.64
 $
    11.36
 $
   11.84
 $
   13.79
 $
   12.30
 
                               
Total Return (d)
   
11.27%
(g)
(2.84)%
 
(0.55)%
 
13.87%
 
11.82%
 
                               
Net Assets, End of Period (in thousands)
 $
   10,199
 $
  15,339
 $
  14,781
 $
   9,562
 $
   9,178
 
                               
Ratios of:
                         
Gross Expenses to Average Net Assets (a)
2.71%
(f)
2.50%
 
2.65%
 
3.08%
 
4.87%
 
Net Expenses to Average Net Assets (a)
 
1.25%
(f)
1.25%
 
1.25%
 
1.25%
 
1.41%
 
Net Investment Income (Loss) to Average
                     
 
Net Assets (a)(b)
 
0.10%
(f)
0.62%
 
0.70%
 
0.18%
 
(0.09)%
 
                               
Portfolio turnover rate
 
109.99%
(g)
141.55%
 
159.92%
 
163.22%
 
190.49%
 
                               
                               
                               
(a)
Does not include expenses of the investment companies in which the Fund invests.
     
(b)
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(c)
Calculated using the average shares method.
                 
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Unaudited.
                       
(f)
Annualized.
                       
(g)
Not annualized.
                     
                               
                               
                               
                               
                               
                               
See Notes to Financial Statements
                     


Adaptive Tactical Economic Fund
                     
                               
Financial Highlights
                     
         
Class C Shares
For a share outstanding during each
November 30,
 
May 31,
of the fiscal years or period ended
 
     2020
(f)
2020
 
2019
 
2018
 
2017
(d)
                               
Net Asset Value, Beginning of Period
 $
    10.64
 $
    11.12
 $
     13.18
 $
    11.88
 $
    10.73
 
                               
Income (Loss) from Investment Operations:
                   
 
Net investment loss (c)
 
    (0.06)
 
     (0.04)
 
     (0.03)
 
     (0.10)
 
     (0.12)
 
 
Net realized and unrealized gain (loss)
                   
   
on investments
 
     1.21
 
     (0.39)
 
     (0.28)
 
      1.61
 
      1.27
 
                               
Total from Investment Operations
 
     1.15
 
     (0.43)
 
     (0.31)
 
      1.51
 
      1.15
 
                               
Less Distributions From:
                     
 
Net investment income
 
         -
 
     (0.05)
 
     (0.04)
 
         -
 
         -
 
 
Net realized gains
 
         -
 
         -
 
     (1.71)
 
     (0.21)
 
         -
 
                               
Total Distributions
 
         -
 
     (0.05)
 
     (1.75)
 
     (0.21)
 
         -
 
                               
Net Asset Value, End of Period
 $
    11.79
 $
    10.64
 $
     11.12
 $
    13.18
 $
    11.88
 
                               
Total Return (e)
   
10.70%
(h)
(3.92)%
 
(1.47)%
 
12.75%
 
10.72%
 
                               
Net Assets, End of Period (in thousands)
 $
      799
 $
       742
 $
       813
 $
       737
 $
       643
 
                               
Ratios of:
                         
Gross Expenses to Average Net Assets (a)
3.60%
(g)
3.53%
 
3.67%
 
4.09%
 
5.85%
 
Net Expenses to Average Net Assets (a)
 
2.25%
(g)
2.25%
 
2.25%
 
2.25%
 
2.44%
(d)
Net Investment Loss to Average
                     
 
Net Assets (a)(b)
 
(1.01)%
(g)
(0.33)%
 
(0.25)%
 
(0.82)%
 
(1.06)%
(d)
                               
Portfolio turnover rate
 
109.99%
(h)
141.55%
 
159.92%
 
163.22%
 
190.49%
 
                               
                               
                               
(a)
Does not include expenses of the investment companies in which the Fund invests.
         
(b)
Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
     
(c)
Calculated using the average shares method.
                 
(d)
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.
 
(e)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(f)
Unaudited.
                       
(g)
Annualized.
                       
(h)
Not annualized.
                     
                               
                               
                               
                               
See Notes to Financial Statements
                     

Adaptive Tactical Economic Fund
             
                       
Financial Highlights
             
         
Class A Shares
For a share outstanding during
November 30,
 
May 31,
the fiscal year or periods ended

               2020
(j)
2020
 
2019
(h)
                       
Net Asset Value, Beginning of Period
 $
            7.74
 $
            8.11
 $
           10.00
 
                       
Income (Loss) from Investment Operations:
             
 
Net investment income (c)
 
           (0.01)
 
            0.04
 
             0.02
 
 
Net realized and unrealized (gain) loss
             
   
on investments
 
            0.87
 
           (0.26)
 
            (0.16)
 
                       
Total from Investment Operations
 
            0.86
 
           (0.22)
 
            (0.14)
 
                       
 
Less Distributions From:
             
   
Net investment income
 
               -
 
           (0.15)
 
            (0.04)
 
   
Net realized gains
 
               -
 
               -
 
            (1.71)
 
                       
Total Distributions
 
               -
 
           (0.15)
 
            (1.75)
 
                       
Net Asset Value, End of Period
 $
            8.60
 $
            7.74
 $
             8.11
 
                       
Total Return (g)(i)
 
11.11%
(e)
(2.96)%
 
(0.18)%
(e)
                       
Net Assets, End of Period (in thousands)
 $
              29
 $
                8
 $
                16
 
                       
Ratios of:
                 
Gross Expenses to Average Net Assets (a)
 
2.96%
 (d)
2.83%
 
2.96%
 (d)
Net Expenses to Average Net Assets (a)
 
1.50%
(d)
1.50%
 
1.50%
(d)
Net Investment Income to Average
             
 
Net Assets (a)(b)
 
(0.17)%
(d)
0.52%
 
0.43%
(d)
                       
Portfolio turnover rate
 
109.99%
(e)
141.55%
 
159.92%
(e)(f)
                       
                       
                       
(a)
Does not include expenses of the investment companies in which the Fund invests.
     
(b)
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(c)
Calculated using the average shares method.
             
(d)
Annualized.
               
(e)
Not annualized.
             
(f)
Portfolio turnover rate is calculated based on the entire Fund, not the Class A Shares.
     
(g)
Does not include impact of sales charge, if any.
             
(h)
For a share outstanding during the period from October 18, 2018 (Date of Initial Public Investment) through May 31, 2019.
 
(i)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(j)
Unaudited.
               
                       
                       
See Notes to Financial Statements
             

Adaptive Tactical Rotation Fund
           
                   
Schedule of Investments
           
(Unaudited)
             
                   
As of November 30, 2020
           
             

Shares
 

Value (Note 1)
                   
EXCHANGE-TRADED PRODUCTS - 98.89%
         
                   
 
Consumer Discretionary - 8.93%
           
   
Consumer Discretionary Select Sector SPDR Fund
 
            9,819
 $
      1,544,136
                   
 
Emerging Markets - 4.55%
           
   
SPDR Portfolio Emerging Markets ETF
   
          19,555
 
          786,502
                   
 
Growth - 12.92%
           
   
SPDR Series S&P 500 Growth Portfolio
   
          33,312
 
      1,775,530
   
Vanguard Russell 1000 Growth ETF
   
            1,930
 
          459,321
                 
      2,234,851
 
Income - 13.75%
           
   
Vanguard Dividend Appreciation ETF
   
          17,191
 
      2,378,547
                   
 
Industrials - 8.79%
           
   
Industrial Select Sector SPDR Fund
   
          17,272
 
      1,520,454
                   
 
Large-Cap - 23.88%
           
   
Invesco QQQ ETF
     
            3,903
 
      1,169,417
   
iShares Edge MSCI Momentum Factor ETF
   
            7,422
 
      1,159,613
   
SPDR S&P 500 ETF Trust
     
            4,974
 
      1,800,886
                 
      4,129,916
 
Materials - 7.51%
           
   
Materials Select Sector SPDR Fund
   
          18,293
 
      1,298,620
                   
 
Mid-Cap - 13.62%
           
   
SPDR S&P 400 Mid-Cap Growth ETF
   
          36,073
 
      2,354,845
                   
 
Small-Cap - 4.94%
           
   
SPDR S&P 600 Small-Cap Value ETF
   
          13,801
 
          854,282
                   
                   
   
Total Exchange-Traded Products (Cost $15,688,097)
     
    17,102,153
                   
SHORT-TERM INVESTMENT - 1.07%
           
 
§ 
 Fidelity Investments Money Market Government Portfolio -
       
   
     Institutional Class, 0.01%
     
        184,907
 
          184,907
                   
   
Total Short-Term Investment (Cost $184,907)
       
          184,907
                   
                   
                   
                   
                   
                   
                 
 (Continued)

Adaptive Tactical Rotation Fund
           
                   
Schedule of Investments
           
(Unaudited)
             
                   
As of November 30, 2020
           
                 
   
Value (Note 1)
                   
Investments, at Value (Cost $15,873,004) - 99.96%
     
 $
    17,287,060
                   
Other Assets Less Liabilities  - 0.04%
       
              6,823
                   
 
Net Assets - 100.00%
       
 $
    17,293,883
                   
 
§ 
Represents 7 day effective yield as of November 30, 2020.
       
                   
                   
                   
     
Summary of Investments
         
                   
     
by Industry
 
% of Net Assets
 
Value
   
     
Exchange-Traded Products
         
     
  Consumer Discretionary
8.93%
$
    1,544,136
   
     
  Emerging Markets
4.55%
 
        786,502
   
     
  Growth
 
12.92%
 
    2,234,851
   
     
  Income
 
13.75%
 
    2,378,547
   
     
  Industrials
 
8.79%
 
    1,520,454
   
     
  Large-Cap
 
23.88%
 
    4,129,916
   
     
  Materials
 
7.51%
 
    1,298,620
   
     
  Mid-Cap
 
13.62%
 
    2,354,845
   
     
  Small-Cap
 
4.94%
 
        854,282
   
     
Short-Term Investment
1.07%
 
        184,907
   
     
Other Assets Less Liabilities
0.04%
 
            6,823
   
     
Total Net Assets
 
100.00%
$
  17,293,883
   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
See Notes to Financial Statements
           



Adaptive Tactical Rotation Fund
   
               
Statement of Assets and Liabilities
   
(Unaudited)
       
               
As of November 30, 2020
     
               
Assets:
         
 
Investments, at value (cost $15,873,004)
$
    17,287,060
 
Cash
       
               8,061
 
Receivables:
     
   
Fund shares sold
   
          423,431
   
Dividends
   
                       2
   
Due from Advisor
   
            10,370
 
Prepaid expenses:
     
   
Registration and filing expenses
 
            17,752
   
Fund accounting fees
   
               3,106
   
Insurance expenses
   
               1,891
               
 
Total assets
     
    17,751,673
               
Liabilities:
         
 
Payables:
       
   
Fund shares repurchased
 
          417,559
 
Accrued expenses:
     
   
Shareholder fulfillment fees
 
            10,981
   
Professional fees
   
            10,811
   
Custody fees
   
               7,878
   
Trustee fees and meeting expenses
 
               6,075
   
Compliance fees
   
               1,536
   
Transfer agent fees
   
               1,432
   
Distribution and service fees - Class C Shares and Class A Shares
 
                  705
   
Security pricing fees
   
                  341
   
Administration fees
   
                  269
   
Miscellaneous reporting expenses
 
                  203
               
 
Total liabilities
   
          457,790
               
Total Net Assets
 
 $
    17,293,883
               
Net Assets Consist of:
     
 
Paid in capital
 
 $
    23,061,585
 
Accumulated deficit
   
     (5,767,702)
               
Total Net Assets
 
 $
    17,293,883
               
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
       1,352,331
 
Net Assets
   
 $
    16,021,391
 
Net Asset Value, Offering Price and Redemption Price Per Share
 $
               11.85
               
Class C Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
          105,980
 
Net Assets
   
 $
       1,174,247
 
Net Asset Value, Offering Price and Redemption Price Per Share (a)
 $
               11.08
               
Class A Shares of beneficial interest outstanding, no par value (unlimited authorized shares)
 
            11,557
 
Net Assets
   
 $
            98,245
 
Net Asset Value and Redemption Price Per Share
 $
                 8.50
 
Maximum Offering Price Per Share ($8.50 ÷ 95.50%)(b)
 $
                 8.90
(a)
Contingent deferred sales charge for Class C Shares is imposed on shares redeemed within one year of the purchase date (note 1).
(b)
The Fund charges a 4.50% maximum sales load on all initial purchases.
   
               
See Notes to Financial Statements
   

Adaptive Tactical Rotation Fund
   
               
Statement of Operations
   
(Unaudited)
         
               
For the fiscal period ended November 30, 2020
   
               
Investment Income:
   
 
Dividends
   
$
             90,212
               
 
Total Investment Income
 
             90,212
               
Expenses:
         
 
Advisory fees (note 2)
 
             95,322
 
Registration and filing expenses
 
             22,698
 
Fund accounting fees (note 2)
 
             20,534
 
Transfer agent fees (note 2)
 
             18,513
 
Professional fees
 
             18,483
 
Administration fees (note 2)
 
             14,601
 
Shareholder fulfillment fees
 
             13,256
 
Custody fees (note 2)
 
               9,570
 
Compliance fees (note 2)
 
               7,149
 
Distribution and service fees - Class C Shares (note 4)
 
               5,712
 
Trustee fees and meeting expenses (note 3)
 
               3,712
 
Insurance expenses
 
               2,067
 
Security pricing fees
 
               1,464
 
Miscellaneous expenses (note 2)
 
                   915
 
Interest expense
   
                   701
 
Distribution and service fees - Class A Shares (note 4)
 
                   143
               
 
Total Expenses
   
           234,840
               
 
Fees waived by Advisor (note 2)
 
           (95,322)
 
Expenses reimbursed by Advisor (note 2)
 
           (13,809)
               
 
Net Expenses
   
           125,709
               
Net Investment Loss
   
           (35,497)
               
Realized and Unrealized Gain on Investments:
   
               
 
Net realized gain from investment transactions
 
       2,155,295
 
Net change in unrealized appreciation on investments
 
           178,501
               
Net Realized and Unrealized Gain on Investments
 
       2,333,796
               
Net Increase in Net Assets Resulting from Operations
$
       2,298,299
               
               
               
               
               
               
               
See Notes to Financial Statements
   

Adaptive Tactical Rotation Fund
           
                     
Statements of Changes in Net Assets
           
               
November 30,
 
May 31,
For the fiscal year or period ended
     
2020 (a)
 
2020
                     
Operations:
             
 
Net investment income (loss)
     
 $          (35,497)
 
 $           176,637
 
Net realized gain (loss) from investment transactions
   
     2,155,295
 
     (1,773,728)
 
Net change in unrealized appreciation on investments
   
       178,501
 
        890,097
                     
Net Decrease in Net Assets Resulting from Operations
   
     2,298,299
 
       (706,994)
                     
Distributions to Shareholders:
           
 
Institutional Class Shares
     
                -
 
       (899,006)
 
Class C Shares
     
                -
 
         (26,127)
 
Class A Shares
     
                -
 
           (5,867)
                     
Net Decrease in Net Assets Resulting from Distributions
   
                -
 
       (931,000)
                     
Beneficial Interest Transactions:
           
 
Shares sold
       
     4,508,713
 
      7,651,188
 
Reinvested dividends and distributions
     
                -
 
        897,756
 
Shares repurchased
     
    (9,753,666)
 
   (60,649,474)
                     
Decrease from Beneficial Interest Transactions
   
    (5,244,953)
 
   (52,100,530)
                     
Net Decrease in Net Assets
     
    (2,946,654)
 
   (53,738,524)
                     
Net Assets:
             
 
Beginning of Period
     
   20,240,537
 
    73,979,061
 
End of Period
       
 $17,293,883
 
 $ 20,240,537
                     
                     
 Share Information:
November 30, 2020 (a)
May 31, 2020
 
Institutional Class Shares
 Shares
 
 Amount
 Shares
 
 Amount
   
Shares sold
       386,187
 
   $
4,372,905
       657,769
     $
7,633,434
   
Reinvested dividends and distributions
               -
 
                -
         70,525
 
  866,047
   
Shares repurchased
      (863,877)
 
(9,517,995)
    (5,072,896)
 
  (59,675,291)
 
Net Decrease in Shares of
           
   
Beneficial Interest
      (477,690)
 
(5,145,090)
    (4,344,602)
     $
(51,175,810)
 
Class C Shares
 Shares
 
 Amount
 Shares
 
 Amount
   
Shares sold
         13,055
     $
135,808
              866
     $
   9,412
   
Reinvested dividends and distributions
               -
 
           -
           2,254
 
26,127
   
Shares repurchased
        (20,333)
 
(212,228)
        (79,278)
 
(870,559)
 
Net Decrease in Shares of
           
   
Beneficial Interest
         (7,278)
     $
(76,420)
        (76,158)
     $
(835,020)
 
Class A Shares
 Shares
 
 Amount
 Shares
 
 Amount
   
Shares sold
               -
     $
         -
           1,016
     $
   8,342
   
Reinvested dividends and distributions
               -
 
      -
              632
 
5,582
   
Shares repurchased
         (2,823)
 
(23,443)
        (12,844)
 
(103,624)
 
Net Decrease in Shares of
           
   
Beneficial Interest
         (2,823)
     $
(23,443)
        (11,196)
     $
(89,700)
                     
(a) Unaudited.
             
                     
See Notes to Financial Statements
           

Adaptive Tactical Rotation Fund
                     
                               
Financial Highlights
                     
         
Institutional Class Shares
For a share outstanding during each
November 30,
 
May 31,
of the fiscal years or period ended
 
     2020
(f)
2020
 
2019
 
2018
 
2017
 
                               
Net Asset Value, Beginning of Period
 $
     10.40
 $
    11.61
 $
     13.76
 $
    12.78
 $
    11.26
 
                               
Income (Loss) from Investment Operations:
                   
 
Net investment income (loss)(d)
 
      (0.02)
 
      0.06
 
       0.13
 
      0.09
 
      0.08
 
 
Net realized and unrealized gain (loss)
                   
   
on investments
 
       1.47
 
     (0.94)
 
      (0.75)
 
      0.97
 
      1.44
 
                               
Total from Investment Operations
 
       1.45
 
     (0.88)
 
      (0.62)
 
      1.06
 
      1.52
 
                               
Less Distributions From:
                     
 
Net investment income
 
          -
 
     (0.33)
 
      (0.10)
 
     (0.08)
 
         -
 
 
Net realized gains
 
          -
 
         -
 
      (1.43)
 
         -
 
         -
 
                               
Total Distributions
 
          -
 
     (0.33)
 
      (1.53)
 
     (0.08)
 
         -
 
                               
Net Asset Value, End of Period
 $
     11.85
 $
    10.40
 $
     11.61
 $
    13.76
 $
    12.78
 
                               
Total Return (a)
   
14.05%
(h)
(7.98)%
 
(3.38)%
 
8.28%
 
13.50%
 
                               
Net Assets, End of Period (in thousands)
 $
   16,021
 $
  19,027
 $
   71,697
 $
 129,034
 $
  89,872
 
                               
Ratios of:
                         
Interest Expense to Average Net Assets
 
0.00%
(e)
0.00%
(e)
          -
 
         -
 
         -
 
Gross Expenses to Average Net Assets (b)
2.41%
(g)
1.80%
 
1.34%
 
1.30%
 
1.41%
 
Net Expenses to Average Net Assets (b)
1.25%
(g)
1.25%
 
1.25%
 
1.25%
 
1.40%
 
Net Investment Income (Loss) to Average
                   
 
Net Assets (b)(c)
 
(0.31)%
(g)
0.49%
 
1.03%
 
0.66%
 
0.64%
 
                               
Portfolio turnover rate
 
170.28%
(h)
624.45%
 
379.14%
 
80.28%
 
166.56%
 
                               
                               
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
     
(c)
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(d)
Calculated using the average shares method.
                 
(e)
Less than 0.01% of net assets.
                     
(f)
Unaudited.
                       
(g)
Annualized.
                       
(h)
Not annualized.
                     
                               
                               
                               
See Notes to Financial Statements
                     

Adaptive Tactical Rotation Fund
                     
                               
Financial Highlights
                     
         
Class C Shares
For a share outstanding during each
November 30,
 
May 31,
of the fiscal years or period ended
 
      2020
(g)
2020
 
2019
 
2018
 
2017
(e)
                               
Net Asset Value, Beginning of Period
 $
      9.77
 $
      10.91
 $
     13.16
 $
   12.36
 $
     10.99
 
                               
Income (Loss) from Investment Operations:
                   
 
Net investment loss (d)
 
     (0.07)
 
       (0.06)
 
      (0.01)
 
   (0.04)
 
     (0.02)
 
 
Net realized and unrealized gain (loss)
                 
   
on investments
 
      1.38
 
       (0.89)
 
      (0.71)
 
    0.92
 
      1.39
 
                               
Total from Investment Operations
 
      1.31
 
       (0.95)
 
      (0.72)
 
    0.88
 
      1.37
 
                               
Less Distributions From:
                     
 
Net investment income
 
         -
 
       (0.19)
 
      (0.10)
 
   (0.08)
 
          -
 
 
Net realized gains
 
         -
 
           -
 
      (1.43)
 
        -
 
          -
 
                               
Total Distributions
 
         -
 
       (0.19)
 
      (1.53)
 
   (0.08)
 
          -
 
                               
Net Asset Value, End of Period
 $
    11.08
 $
        9.77
 $
     10.91
 $
   13.16
 $
     12.36
 
                               
Total Return (a)
   
13.41%
(i)
(8.96)%
 
(4.35)%
 
7.10%
 
12.47%
 
                               
Net Assets, End of Period (in thousands)
 $
    1,174
 $
      1,107
 $
     2,066
 $
   2,713
 $
     2,076
 
                               
Ratios of:
                         
Interest Expense to Average Net Assets
0.00%
(f)
           -
(g)
          -
 
        -
 
          -
 
Gross Expenses to Average Net Assets (b)
3.37%
(h)
2.80%
 
2.34%
 
2.30%
 
2.41%
 
Net Expenses to Average Net Assets (b)
2.25%
(h)
2.25%
 
2.25%
 
2.25%
 
2.40%
 
Net Investment Loss to Average
                     
 
Net Assets (b)(c)
 
(1.34)%
(h)
(0.53)%
 
(0.10)%
 
(0.32)%
 
(0.14)%
 
                               
Portfolio turnover rate
 
170.28%
(i)
624.45%
 
379.14%
 
80.28%
 
166.56%
 
                               
                               
                               
                               
(a)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(b)
Does not include expenses of the investment companies in which the Fund invests.
         
(c)
Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
 
(d)
Calculated using the average shares method.
                 
(e)
As of February 24, 2017, the "Advisor Class" Shares were renamed to the "Class C" Shares.  There were no other changes to this class of shares.
 
(f)
Less than 0.01% of net assets.
                     
(g)
Unaudited.
                       
(h)
Annualized.
                       
(i)
Not annualized.
                     
                               
See Notes to Financial Statements
                     

Adaptive Tactical Rotation Fund
                 
                           
Financial Highlights
                 
         
Class A Shares
For a share outstanding during each
November 30,
 
May 31,
of the fiscal years or periods ended
 
     2020
(k)
2020
 
2019
 
2018
(i)
                           
Net Asset Value, Beginning of Period
 $
     7.47
 $
      8.42
 $
    10.49
 $
  10.00
 
                           
Income from Investment Operations:
                 
 
Net investment income (loss) (f)
 
    (0.02)
 
      0.02
 
      0.05
 
   (0.02)
 
 
Net realized and unrealized gain (loss) on investments
     1.05
 
     (0.66)
 
     (0.59)
 
    0.51
 
                           
Total from Investment Operations
 
     1.03
 
     (0.64)
 
     (0.54)
 
    0.49
 
                           
Less Distributions From:
                 
 
Net investment income
 
         -
 
     (0.31)
 
     (0.10)
 
       -
 
 
Net realized gains
 
         -
 
         -
 
     (1.43)
 
       -
 
                           
Total Distributions
 
         -
 
     (0.31)
 
     (1.53)
 
       -
 
                           
Net Asset Value, End of Period
 $
     8.50
 $
      7.47
 $
      8.42
 $
  10.49
 
                           
Total Return (c)(g)
 
13.79%
(b)
(8.17)%
 
(3.69)%
 
4.90%
(b)
                           
Net Assets, End of Period (in thousands)
 $
        98
 $
       107
 $
       215
 $
       47
 
                           
                           
Ratios of:
                     
Interest Expense to Average Net Assets
 
0.00%
(j)
0.00%
(j)
         -
 
       -
 
Gross Expenses to Average Net Assets (d)
 
2.63%
(a)
2.05%
 
1.59%
 
1.61%
(a)
Net Expenses to Average Net Assets (d)
 
1.50%
(a)
1.50%
 
1.50%
 
1.50%
(a)
Net Investment Income (Loss) to Average Net Assets (d)(e)
(0.58)%
(a)
0.23%
 
0.55%
 
(1.49)%
(a)
                           
Portfolio turnover rate
 
170.28%
(b)
624.45%
 
379.14%
 
80.28%
(b)(h)
                           
(a)
Annualized.
                   
(b)
Not annualized.
                 
(c)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(d)
Does not include expenses of the investment companies in which the Fund invests.
         
(e)
Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(f)
Calculated using the average shares method.
                 
(g)
Does not include impact of sales charge, if any.
                 
(h)
Portfolio turnover rate is calculated based on the entire Fund, not the Class A Shares.
       
(i)
For a share outstanding during the period from April 2, 2018 (Date of Initial Public Investment) through May 31, 2018.
 
(j)
Less than 0.01% of net assets.
                 
(k)
Unaudited.
                   
                           
                           
                           
See Notes to Financial Statements
                 

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

1.
Organization and Significant Accounting Policies

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

The Adaptive Fundamental Growth Fund, formerly known as Cavalier Fundamental Growth Fund, seeks to achieve its investment objective of capital appreciation by principally investing in domestic stocks that the portfolio manager believes to have above-average growth potential relative to their peers.
The Adaptive Growth Opportunities Fund, formerly known as Cavalier Growth Opportunities Fund, seeks to achieve its investment objective of capital appreciation by investing in exchange-traded funds (“ETFs”) that are registered under the 1940 Act and not affiliated with the Fund that invest in equity securities of any market capitalization of issuers from a number of countries throughout the world, including emerging market countries.
The Adaptive Hedged High Income Fund, formerly known as Cavalier Hedged High Income Fund, seeks to achieve its investment objective of current income and real return by investing in other investment companies, including mutual funds and ETFs that are registered under the 1940 Act and not affiliated with the Fund or making direct investments in portfolio securities based upon institutional research.
The Adaptive Hedged Income Fund, formerly known as Cavalier Adaptive Income Fund, seeks to achieve its investment objective of total return by investing in other investment companies, including mutual funds and ETFs that are registered under the 1940 Act, or making direct investments.
The Adaptive Tactical Economic Fund, formerly known as Cavalier Tactical Economic Fund, seeks to achieve its investment objective of total return by investing in ETFs as well as other funds that are registered under the 1940 Act and not affiliated with the Fund.
The Adaptive Tactical Rotation Fund, formerly known as Cavalier Tactical Rotation Fund, seeks to achieve its investment objective of capital appreciation by investing in ETFs that are registered under the 1940 Act and not affiliated with the Fund.
Each Fund currently has an unlimited number of authorized shares, which are divided into three classes – Institutional Class Shares, Class C Shares, and Class A Shares.  Each class of shares has equal rights to assets of the Funds, and the classes are identical except for differences in ongoing distribution and service fees.
The Class C Shares and Class A Shares are subject to distribution plan fees as described in Note 4.  Each Fund’s Class C Shares are sold without an initial sales charge; however, they are subject to a contingent deferred sales charge of 1.00% on shares redeemed within one year of the purchase date.  This amount is paid to Capital Investment Group, Inc. (the “Distributor”).  Income, expenses (other than distribution and service fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets.  All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class. Class C Shares held longer than seven years will automatically convert into Institutional Class Shares.  Class A Shares have an initial sales charge of 4.50%, but there is no automatic conversion of Class A Shares into any other Class of Shares.
As of November 30, 2020, the Adaptive Fundamental Growth Fund, the Adaptive Growth Opportunities Fund, the Adaptive Tactical Economic Fund, and the Adaptive Tactical Rotation Fund were the only Funds with active Class A Shares.
 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020
The Date of Initial Public Investment for each Fund and Class of Shares is as follows:
Fund
Institutional
Class Shares
Class C Shares
Class A Shares
 
Adaptive Fundamental Growth Fund
    October 17, 2013
November 4, 2013
March 13, 2018
Adaptive Growth Opportunities Fund
September 20, 2012
September 26, 2012
  April 16, 2018
Adaptive Hedged High Income Fund
September 20, 2012
September 26, 2012
-
Adaptive Hedged Income Fund
     October 2, 2009
February 25, 2011
-
Adaptive Tactical Economic Fund
September 20, 2012
September 26, 2012
October 18, 2018
Adaptive Tactical Rotation Fund
September 20, 2012
September 26, 2012
   April 2, 2018
       

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

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

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

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

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

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

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

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.

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 November 30, 2020 for each Fund’s investments measured at fair value:

Adaptive Fundamental Growth Fund (a)
Assets
 
Total
 
Level 1
 
Level 2
 
Level 3
Common Stocks*
$
50,258,204
$
50,258,204
$

$

Exchange-Traded Product
 
4,164,418
 
4,164,418
 



Short-Term Investment
 
418,056
 
418,056
 



Total Assets
$
54,840,678
$
54,840,678
$

$

Adaptive Growth Opportunities Fund (a)
Assets
 
Total
 
Level 1
 
Level 2
 
Level 3
Exchange-Traded Products*
$
90,779,332
$
90,779,332
$
$
Short-Term Investment
 
7,757,819
 
7,757,819
 
            - 
 

Total Assets
$
98,537,151
$
98,537,151
$
           - 
$


Adaptive Hedged High Income Fund (a)
Assets
 
Total
 
Level 1
 
Level 2
 
Level 3
Exchange-Traded Products*
$
8,430,149
$
8,430,149
$

$

Short-Term Investment
 
193,435
 
193,435
 
- 
 
Total Assets
$
8,623,584
$
8,623,584
$

$

Adaptive Hedged Income Fund (a)
Assets
 
Total
 
Level 1
 
Level 2
 
Level 3
Exchange-Traded Products*
$
19,238,093
$
19,238,093
$
-
$

Preferred Stock*
 
500,000
 
-
 
500,000
 

Asset-Backed Securities*
 
2,407,351
 
-
 
2,407,351
 

Collateralized Mortgage Obligations*
 
15,138,329
 
-
 
15,138,329
 

Short-Term Investment
 
9,188,609
 
9,188,609
 
                  -
 

Total Assets
$
46,372,382
$
28,426,702
$
17,945,680
$


 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

Adaptive Tactical Economic Fund (a)
Assets
 
Total
 
Level 1
 
Level 2
 
Level 3
Exchange-Traded Products*
$
10,964,281
$
10,964,281
$
-  
$

Short-Term Investment
 
120,082
 
120,082
 
-  
 

Total Assets
$
11,084,363
$
11,084,363
$
-  
$

Adaptive Tactical Rotation Fund (a)
Assets
 
Total
 
Level 1
 
Level 2
 
Level 3
Exchange-Traded Products*
$
17,102,153
$
17,102,153
$

$

Short-Term Investment
 
184,907
 
184,907
 

 

Total Assets
$
17,287,060
$
17,287,060
$
$
*Refer to the Schedules of Investments for a breakdown by Industry.
(a) The Funds held no Level 3 securities during the fiscal period ended November 30, 2020.

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

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

Derivatives are marked to market daily based upon quotations from market makers or the Funds’ independent pricing services and the Funds’ net benefit or obligation under the contract, as measured by the fair market value of the contract, is included in Investments, at value on the Statement of Assets and Liabilities for options purchased.  Net realized gains and losses and net change in unrealized appreciation and depreciation on these contracts for the year are included in the Realized and Unrealized Gain on Investments on each Funds’ Statement of Operations for options purchased. The Funds had no open option positions as of the fiscal period ended November 30, 2020.

The following table sets forth the effect of the derivative instruments on the Statement of Operations for the fiscal period ended November 30, 2020 for each applicable Fund as follows:

Adaptive Fundamental Growth Fund
Derivative Type
                               Location
Gains/Losses
 
     
Equity Contracts – purchased options
Net realized loss from investments
$     (302,043)
       
Equity Contracts – purchased options
Net change in unrealized appreciation on investments
$       112,081
 
       

 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

Adaptive Growth Opportunities Fund
Derivative Type
                               Location
Gains/Losses
 
     
Equity Contracts – purchased options
Net realized loss from investments
$     (238,827)
       
Equity Contracts – purchased options

Net change in unrealized appreciation on investments

$         89,221

 

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

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

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

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

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

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

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

 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

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

2.
Transactions with Related Parties and Service Providers

Advisor
Each Fund pays a monthly advisory fee to Cavalier Investments, LLC d/b/a Adaptive 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 earned by the Advisor from each Fund during fiscal period ended November 30, 2020:




Fund


Advisory Fee Rate
June 1, 2020 -
November 30, 2020


Amount
Earned
Amount
Waived
by
Advisor

Expenses
Reimbursed
by Advisor






Adaptive Fundamental Growth Fund

1.00%
$  271,837 $  97,943 $             -
Adaptive Growth Opportunities Fund

1.00% 379,852 88,844 -
Adaptive Hedged High Income Fund

1.00% 61,195 61,195 39,411
Adaptive Hedged Income Fund

1.00% 235,668 105,230 -
Adaptive Tactical Economic Fund

1.00% 68,732 68,732 31,069
Adaptive Tactical Rotation Fund

1.00% 95,322 95,322 13,809







The Advisor has engaged sub-advisors to provide day to day portfolio management for some of the Funds.  Each sub-advisor is paid directly by the Advisor based upon the average daily net assets and calculated at an annual rate. See the table below for the sub-advisory fee rates and amounts paid by the Advisor to the Sub-Advisor for each sub-advised Fund during the fiscal period ended November 30, 2020:



              Fund

Sub-Advisors

Sub-Advisory
Fee Rate

Sub-Advisory
Fee Received








  Adaptive Fundamental Growth Fund
Navellier & Associates, Inc.* 0.30% (on AUM over $20M) $           -




  Adaptive Growth Opportunities Fund
Bluestone Capital Management, LLC 0.30% 114,257






0.10% (on AUM over $10M)
  Adaptive Hedged Income Fund
Buckhead Capital Management, LLC**
and 0.32% (on AUM over $20M)
42,922

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

 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

**As of September 30, 2020, Buckhead Capital Management, LLC no longer managed the assets of the Adaptive Hedged Income Fund.  Adaptive Investments, LLC continues to serve as Advisor to the Fund and has taken over management of the Fund’s assets. 

Expense Limitation
The Advisor has entered into a contractual expense limitation agreement (the “Expense Limitation Agreement”) with the Trust, on behalf of the Funds, under which it has agreed to waive or reduce its fees and to assume other expenses of the Funds, if necessary, in amounts that limit the Funds’ total operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than the following percentages of the average daily net assets of the Institutional Class Shares, Class C Shares, and Class A Shares of the Funds:
Fund
   
Institutional Class
Shares
Class C
Shares
Class A
Shares
 
Adaptive Fundamental Growth Fund
   
1.25%
2.25%
1.50%
Adaptive Growth Opportunities Fund
   
1.25%
2.25%
1.50%
Adaptive Hedged High Income Fund
   
1.25%
2.25%
1.50%
Adaptive Hedged Income Fund
   
1.25%
2.25%
1.50%
Adaptive Tactical Economic Fund
   
1.25%
2.25%
1.50%
Adaptive Tactical Rotation Fund
   
1.25%
2.25%
1.50%

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

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

Administration Fees*
Custody Fees*
 
Fund
Accounting Fees
(base fee)
(monthly fee)
 
Fund
Accounting
Fees
(asset-based
fee)
Blue Sky
Administration
Fees (annual)
 

Average Net Assets

Annual
Rate
 
Average Net
Assets

Annual
Rate
First $250 million
0.100%
First $200 million
0.020%
$2,250 plus
$500/additional
share class
 0.01%
 $150 per state
Next $250 million
0.080%
Over $200 million
0.009%
     
Next $250 million
0.060%
         
Next $250 million
0.050%
*Minimum monthly fees of $2,000 and $417 for Administration and Custody, respectively.
On the next $1 billion
0.040%
On all assets over $2 billion
0.035%
 

 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

The Fund incurred the following amounts in Administration fees for the fiscal period ended November 30, 2020:

Fund
         
 
Adaptive Fundamental Growth Fund
       
$  30,420
Adaptive Growth Opportunities Fund
       
40,547
Adaptive Hedged High Income Fund
       
14,567
Adaptive Hedged Income Fund
       
26,129
Adaptive Tactical Economic Fund
       
14,584
Adaptive Tactical Rotation Fund
       
14,601

The Funds incurred the following amounts in Fund Accounting fees for the fiscal period ended November 30, 2020:

Fund
         
 
Adaptive Fundamental Growth Fund
       
$  22,367
Adaptive Growth Opportunities Fund
       
23,379
Adaptive Hedged High Income Fund
       
17,265
Adaptive Hedged Income Fund
       
19,010
Adaptive Tactical Economic Fund
       
20,268
Adaptive Tactical Rotation Fund
       
20,534

The Funds incurred the following amounts in Custody fees for the period ended November 30, 2020:

Fund
         
 
Adaptive Fundamental Growth Fund
       
$  9,331
Adaptive Growth Opportunities Fund
       
10,159
Adaptive Hedged High Income Fund
       
3,753
Adaptive Hedged Income Fund
       
10,386
Adaptive Tactical Economic Fund
       
3,684
Adaptive Tactical Rotation Fund
       
9,570

Compliance Services
The Nottingham Company, Inc. serves as the Trust’s compliance services provider including services as the Trust’s Chief Compliance Officer.  The Nottingham Company, Inc. is entitled to receive customary fees from the Funds for its 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.



 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

The Funds incurred the following amounts in Transfer Agent fees for the fiscal period ended November 30, 2020:

Fund
         
 
Adaptive Fundamental Growth Fund
       
$  25,335
Adaptive Growth Opportunities Fund
       
30,895
Adaptive Hedged High Income Fund
       
13,683
Adaptive Hedged Income Fund
       
14,006
Adaptive Tactical Economic Fund
       
18,696
Adaptive Tactical Rotation Fund
       
18,513

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

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

3.
Trustees and Officers

The Trust is governed by the Board of Trustees, which is responsible for the management and supervision of the Funds.  The Trustees meet periodically throughout the year to review contractual agreements with companies that furnish services to the Funds; review performance of the Advisor and the Funds; and oversee activities of the Funds.  Officers of the Trust and Trustees who are interested persons of the Trust or the Advisor will receive no salary or fees from the Trust.  Each Trustee will receives $2,000 per series per year, $200 per meeting attended, and $500 per series per special meeting related to contract renewal issues.  The Trust reimburses each Trustee and officer of the Trust for his or her travel and other expenses related to attendance of Board meetings. Additional fees were incurred during the period as special meetings were necessary in addition to the regularly scheduled meetings of the Board of Trustees.

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

4.
Distribution and Service Fees

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


 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

See the table below for the Distribution and Service Fees of the Class C Shares and Class A Shares for each Fund during the fiscal period ended November 30, 2020:

Fund
     
          Amount Incurred
       
Class C Shares
Class A Shares
Adaptive Fundamental Growth Fund
     
$      12,987
$         1,185
Adaptive Growth Opportunities Fund
     
          7,559
1,357
Adaptive Hedged High Income Fund
     
         2,618
 -
Adaptive Hedged Income Fund
     
       21,187
 -
Adaptive Tactical Economic Fund
     
          3,841
22
Adaptive Tactical Rotation Fund
     
          5,712
43
         

5.
Purchases and Sales of Investment Securities

For the fiscal  period ended November 30, 2020, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

   
Purchases of
Securities
Proceeds from
Sales of Securities
Adaptive Fundamental Growth Fund
 
$     65,639,797
$   93,238,651
Adaptive Growth Opportunities Fund
 
46,179,115
37,887,360
Adaptive Hedged High Income Fund
 
9,090,151
16,638,330
Adaptive Hedged Income Fund
 
20,338,866
26,949,954
Adaptive Tactical Economic Fund
 
12,951,095
15,594,493
Adaptive Tactical Rotation Fund
 
26,678,988
28,240,326
       

There were no long-term purchases or sales of U.S. Government Obligations during the fiscal period ended November 30, 2020.

6.
Federal Income Tax

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

Management has reviewed all taxable years / periods that are open for examination (i.e., not barred by the applicable statute of limitations) by taxing authorities of all major jurisdictions, including the Internal Revenue Service.  As of November 30, 2020, open taxable years consisted of the taxable years ended May 31, 2017 through May 31, 2020 and the fiscal period ended November 30, 2020.  No examination of tax returns is currently in progress for any of the Funds.



 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

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

   
        Distributions from
Fund
Fiscal year or
period ended

Ordinary Income
Long-Term
Capital Gains
Adaptive Fundamental Growth Fund
11/30/2020
        $                  -
$                  -
 
05/31/2020
31,002
-
Adaptive Growth Opportunities Fund
11/30/2020
-
-
 
05/31/2020
1,837,000
-
Adaptive Hedged High Income Fund
11/30/2020
197,426
-
 
05/31/2020
722,934
-
Adaptive Hedged Income Fund
11/30/2020
539,197
-
 
05/31/2020
1,394,755
-
Adaptive Tactical Economic Fund
11/30/2020
-
-
 
05/31/2020
218,000
-
Adaptive Tactical Rotation Fund
11/30/2020
-
-
 
05/31/2020
931,000
-
       
At November 30, 2020, the tax-basis cost of investments and components of distributable earnings were as follows:
     
Adaptive
Fundamental
Growth Fund
Adaptive
Growth
Opportunities
Fund
Adaptive
Hedged High
Income Fund
 
Cost of Investments
   
$44,777,921
$79,849,674
 
  $  8,096,069
           
Gross Unrealized Appreciation
   
10,062,757
  18,687,479
        527,515
Gross Unrealized Depreciation
   
(-)
               (-)
                 (-)
Net Unrealized Appreciation
   
$10,062,757
  $18,687,479
  $     527,515
           

   
Adaptive Hedged
Income Fund
Adaptive Tactical
Economic Fund
  Adaptive
  Tactical Rotation
Fund
 
Cost of Investments
 
   $47,196,733
$9,959,951
$15,873,004
         
Gross Unrealized Appreciation
 
          276,257
1,124,412
1,414,056
Gross Unrealized Depreciation
 
     (1,000,608)
 (-)
(-)
         
Net Unrealized Appreciation/Depreciation
 
$  (724,351)
$1,124,412
$ 1,414,056
         


 
(Continued)


Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

7.   Concentration of Risk

The Adaptive Hedged High Income Fund currently invests a significant portion of its assets in the Goldman Sachs Access High Yield Corporate Bond ETF (“Goldman”).  The Adaptive Hedged High Income Fund may redeem its investment from Goldman at any time if the Advisor determines that it is in the best interest of the Adaptive Hedged High Income Fund and its shareholders to do so.  The performance of the Adaptive Hedged High Income Fund may be directly affected by the performance of Goldman. The financial statements of Goldman, including the portfolio of investments, can be found at Goldman’s website, www.gsam.com, or the Securities and Exchange Commission’s website, www.sec.gov, and should be read in conjunction with the Adaptive Hedged High Income’s financial statements.  As of November 30, 2020, the Adaptive Hedged Income Fund’s net assets invested in Goldman were 71.54%.

8.  Beneficial Ownership

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the Investment Company Act of 1940.
As of November 30, 2020, Charles Schwab & Co. held 27.94% of the Adaptive Hedged Income Fund.

As of November 30, 2020, LPL Financial held 46.50% of the Adaptive Fundamental Growth Fund, 34.76% of the Adaptive Growth Opportunities Fund, 34.52% of the Adaptive Tactical Economic Fund, and 35.24% of the Adaptive Tactical Rotation Fund.

As of November 30, 2020, Pershing LLC held 31.29% of the Adaptive Hedged High Income Fund, 29.57% of the Adaptive Tactical Economic Fund, and 25.15% of the Adaptive Tactical Rotation Fund.

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


9.   Commitments and Contingencies

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

10.   Borrowings

The Funds established a borrowing agreement with Interactive Brokers, LLC for investment purposes subject to the limitations of the 1940 Act for borrowings by registered investment companies.  Interest expense in the Funds relates to the negative daily cash balance held at Interactive Brokers, LLC. The Adaptive Fundamental Growth Fund, Adaptive Growth Opportunities Fund, and Adaptive Tactical Rotation Fund each had negative daily cash balances at Interactive Brokers, LLC during the fiscal period ended November 30, 2020.  The interest expense that accrued is reflected on the Statement of Operations for each Fund and is deemed immaterial based on the average net assets of each Fund.

11.   Reorganization

Adaptive Growth Opportunities Fund
At meetings held on September 24, 2020 and October 8, 2020 and through a written consent in lieu of a meeting dated October 23, 2020, the Board of Trustees of the Starboard Investment Trust (the “Board”) approved the reorganization of the Adaptive Growth Opportunities Fund (the “Mutual Fund”) into an exchange-traded fund (the “Reorganization”). The Reorganization will occur pursuant to an Agreement and Plan of Reorganization, whereby the Mutual Fund will transfer all of its assets and liabilities to the Adaptive Growth Opportunities ETF (the “ETF”), a newly organized series of the Starboard Investment Trust in a tax-free reorganization.  The investment objective, principal investment strategies, and portfolio management will remain the same after the Reorganization.  A Combined Information Statement and Prospectus containing information on the ETF, reasons for the proposed Reorganization and benefits to the Mutual Fund’s shareholders will be mailed before the consummation of the Reorganization to shareholders of the Mutual Fund.  

 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

12.   Subsequent Events

Distributions
Per share distributions during the subsequent period were as follows:

 
Fund
 
Class
 
Record Date
Ex-
Date/Payable
Date

 
Ordinary
Income
 
Long-Term Capital Gain
 
 
Adaptive
Fundamental
Growth Fund
Institutional
Class
 
12/16/2020
 
12/17/2020
 
$0.175149
 
$         -
Class C
 
12/16/2020
 
12/17/2020
 
$0.175149
 
$         -
Class A
 
12/16/2020
 
12/17/2020
 
$0.175149
 
$         -
 
 
Adaptive
Fundamental
Growth Fund
Institutional
Class
 
12/16/2020
 
12/17/2020
 
$             -
 
    $1.246849
Class C
 
12/16/2020
 
12/17/2020
 
$             -
 
    $1.246849
Class A
 
12/16/2020
 
12/17/2020
 
$             -
 
    $1.246849

 
Fund
 
Class
 
Record
Date
 
Ex-
Date/Payable
Date
 
Ordinary
Income
 
Long-Term Capital Gain
 
 
Adaptive Growth
Opportunities Fund
Institutional
Class
 
12/29/2020
 
12/30/2020
 
$0.021617
 
$         -
 
Class C
 
12/29/2020
 
12/30/2020
 
$             -
 
$         -
 
Class A
 
12/29/2020
 
12/30/2020
 
$0.014476
 
$         -
 
Adaptive Hedged
High Income Fund
Institutional
Class
 
12/29/2020
 
12/30/2020
 
$0.058810
 
$         -
 
Class C
 
12/29/2020
 
12/30/2020
 
$0.048552
 
$         -
 
Adaptive Hedged
Income Fund
Institutional
Class
 
12/29/2020
 
12/30/2020
 
$0.059729
 
$         -
 
Class C
 
12/29/2020
 
12/30/2020
 
$0.050013
 
$         -
 
 
Adaptive Tactical
Rotation Fund
Institutional
Class
 
12/29/2020
 
12/30/2020
 
$0.127106
 
$         -
 
Class C
 
12/29/2020
 
12/30/2020
 
$             -
 
$         -
 
Class A
 
12/29/2020
 
12/30/2020
 
$0.085950
 
$         -

 
(Continued)

Adaptive Funds

Notes to Financial Statements
(Unaudited)

As of November 30, 2020

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

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



Adaptive Funds

Additional Information
(Unaudited)

As of November 30, 2020

1.
Proxy Voting Policies and Voting Record

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

2.
Quarterly Portfolio Holdings

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

3.
Tax Information

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

Each of the funds listed below had the following distribution information for the fiscal period ended November 30, 2020.

 

Ordinary Income
Long-Term Capital Gains
Adaptive Fundamental Growth Fund
  $                    -
$                       -
Adaptive Growth Opportunities Fund
          -
-
Adaptive Hedged High Income Fund
197,426
-
Adaptive Hedged Income Fund
539,197
            -
Adaptive Tactical Economic Fund
-
-
Adaptive 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 June 1, 2020 through November 30, 2020.

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

 
(Continued)

Adaptive Funds

Additional Information
(Unaudited)

As of November 30, 2020

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

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

Beginning
Account Value
June 1, 2020
Ending
Account Value
November 30,
2020
Expenses
Paid
During
Period*

Annualized
Expense
Ratio*
Institutional Class Shares
       
  Actual
$1,000.00
$1,203.80 $6.91
1.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,018.80 $6.33
1.25%
Class C Shares
 

 
  Actual
$1,000.00
$1,197.50 $12.39
2.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,013.79 $11.36
2.25%
Class A Shares



  Actual $1,000.00 $1,202.20 $8.28 1.50%
  Hypothetical (5% annual return before expenses) $1,000.00 $1,017.55 $7.59 1.50%

Adaptive Growth Opportunities Fund

Beginning
Account Value
June 1, 2020
Ending
Account Value
November 30,
2020
Expenses
Paid
During
Period*

Annualized
Expense
Ratio*
Institutional Class Shares
       
  Actual
$1,000.00
$1,257.90 $7.08
1.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,018.80 $6.33
1.25%
Class C Shares
 

 
  Actual
$1,000.00
$1,251.60 $12.70
2.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,013.79 $11.36
2.25%
Class A Shares



  Actual $1,000.00 $1,256.50 $8.49 1.50%
  Hypothetical (5% annual return before expenses) $1,000.00 $1,017.55 $7.59 1.50%

Adaptive Hedged High Income Fund

Beginning
Account Value
June 1, 2020
Ending
Account Value
November 30,
2020
Expenses
Paid
During
Period*

Annualized
Expense
Ratio*
Institutional Class Shares
       
  Actual
$1,000.00
$1,060.60
$6.46
1.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,018.80
$6.33
1.25%
Class C Shares
       
  Actual
$1,000.00
$1,054.40
$11.59
2.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,013.79
$11.36
2.25%

 
(Continued)

Adaptive Funds

Additional Information
(Unaudited)

As of November 30, 2020

Adaptive Hedged Income Fund

Beginning
Account Value
June 1, 2020
Ending
Account Value
November 30,
2020
Expenses
Paid
During
Period*

Annualized
Expense
Ratio*
Institutional Class Shares
       
  Actual
$1,000.00
  $1,020.30
$6.33
1.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,018.80
$6.33
1.25%
Class C Shares
       
  Actual
$1,000.00
$1,014.20
$11.36
2.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,013.79
$11.36
2.25%

Adaptive Tactical Economic Fund

Beginning
Account Value
June 1, 2020
Ending
Account Value
November 30,
2020
Expenses
Paid
During
Period*

Annualized
Expense
Ratio*
Institutional Class Shares
       
  Actual
$1,000.00
$1,112.70 $6.62
1.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,018.80 $6.33
1.25%
Class C Shares
 

 
  Actual
$1,000.00
$1,107.00
$11.88
2.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,013.79 $11.36
2.25%
Class A Shares



  Actual $1,000.00 $1,111.10 $7.94 1.50%
  Hypothetical (5% annual return before expenses) $1,000.00 $1,017.55 $7.59 1.50%

Adaptive Tactical Rotation Fund

Beginning
Account Value
June 1, 2020
Ending
Account Value
November 30,
2020
Expenses
Paid
During
Period*

Annualized
Expense
Ratio*
Institutional Class Shares
       
  Actual
$1,000.00
$1,140.50 $6.71
1.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,018.80 $6.33
1.25%
Class C Shares
 

 
  Actual
$1,000.00
$1,134.10 $12.04
2.25%
  Hypothetical (5% annual return before expenses)
$1,000.00
$1,013.79 $11.36
2.25%
Class A Shares



  Actual $1,000.00 $1,137.90 $8.04 1.50%
  Hypothetical (5% annual return before expenses) $1,000.00 $1,017.55 $7.59 1.50%

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

The Adaptive Funds
are a series of
The Starboard Investment Trust









For Shareholder Service Inquiries:
For Investment Advisor Inquiries:

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

Telephone:
Telephone:

800-773-3863
770-777-8277

World Wide Web @:

ncfunds.com
World Wide Web @:

adaptivefunds.com


















ITEM 2.
CODE OF ETHICS.
Not applicable.

ITEM 3.
AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.

ITEM 4.
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.

ITEM 5.
AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

ITEM 6.
SCHEDULE OF INVESTMENTS.
A copy of Schedule I - Investments in securities 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 SECURITYHOLDERS.
None.

ITEM 11.
CONTROLS AND PROCEDURES.
(a)
The President and Principal Executive Officer and the Treasurer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934, 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during 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.
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

ITEM 13.
EXHIBITS.
(a)(1)
Not applicable.
(a)(2)
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.
(a)(3)
Not applicable.
(a)(4)
Not applicable.
(b)
Certifications pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.



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
     
     
    /s/ Katherine M. Honey
 
By:
 
Katherine M. Honey
President and Principal Executive Officer
     
 
Date:
February 8, 2021
     



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.


     
    /s/ Katherine M. Honey
 
By:
 
Katherine M. Honey
President and Principal Executive Officer
     
 
Date:
February 8, 2021
     
     
    /s/ Ashley H. Lanham
 
By:
Ashley H. Lanham
Treasurer, Principal Financial Officer, Principal Accounting Officer
     
 
Date:
February 8, 2021
 







Exhibit 13(a)(2)
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, Katherine M. Honey, certify that:
1.
I have reviewed this report on Form N-CSR of the Adaptive Hedged Income Fund, Adaptive Fundamental Growth Fund, Adaptive Growth Opportunities Fund, Adaptive Hedged High Income Fund, Adaptive Tactical Economic Fund, and Adaptive Tactical Rotation Fund, each a series of the Starboard Investment Trust.
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and


(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and


(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 
By:
/s/ Katherine M. Honey
   
Katherine M. Honey
President and Principal Executive Officer
     
 
Date:
February 8, 2021


Exhibit 13(a)(2)
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, Ashley H. Lanham, certify that:
1.
I have reviewed this report on Form N-CSR of the Adaptive Hedged Income Fund, Adaptive Fundamental Growth Fund, Adaptive Growth Opportunities Fund, Adaptive Hedged High Income Fund, Adaptive Tactical Economic Fund, and Adaptive Tactical Rotation Fund, each a series of the Starboard Investment Trust.
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and


(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and


(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 
By:
/s/ Ashley H. Lanham
   
Ashley H. Lanham
Treasurer, Principal Financial Officer, and Principal Accounting Officer
     
 
Date:
February 8, 2021



Exhibit 13(b)

CERTIFICATION
PURSUANT TO RULE 30A-2(B) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the semi-annual report of the Adaptive Hedged Income Fund, Adaptive Fundamental Growth Fund, Adaptive Growth Opportunities Fund, Adaptive Hedged High Income Fund, Adaptive Tactical Economic Fund, and Adaptive Tactical Rotation Fund (the “Funds”), each a series of the Starboard Investment Trust on Form N-CSR for the period ended November 30, 2020, as filed with the Securities and Exchange Commission (the “Report”), the undersigned, Katherine M. Honey, President and Principal Executive Officer of the Funds, does hereby certify, to her knowledge, that:


(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Funds.



 
By:
/s/ Katherine M. Honey
   
Katherine M. Honey
President and Principal Executive Officer
     
 
Date:
February 8, 2021




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