Form N-Q Starboard Investment For: Feb 28

Cavalier Adaptive Income Fund

Schedule of Investments

(Unaudited)

As of February 28, 2018

 

Principal

 

Interest Rate

Maturity

Date

 

Value (Note 1)

ASSET-BACKED SECURITIES - 5.83%

Banc of America Funding Corp.

$

7.000%

5/20/2032

$ 

Citigroup Mortgage Loan Trust, Inc.

         25,750

3.748%

12/25/2034

       25,788

JP Morgan Mortgage Trust 2004-A1

         11,636

3.562%

2/25/2034

       12,006

Merrill Lynch Mortgage Investors Trust Series MLCC 2004-B

       177,816

4.021%

5/25/2029

     159,286

Oakwood Mortgage Investors, Inc.

       151,865

1.838%

3/15/2032

     142,038

Wells Fargo Mortgage Backed Securities 2003-K Trust

         10,235

3.565%

11/25/2033

       10,534

Total Asset-Backed Securities (Cost $423,964)

     416,047

COLLATERAL MORTGAGE OBLIGATIONS - 78.19%

Adjustable Rate Mortgage Trust 2004-1

       141,840

3.474%

1/25/2035

     143,150

Alternative Loan Trust 2005-36

         50,518

3.437%

8/25/2035

       47,694

Alternative Loan Trust 2005-73CB

       110,553

5.500%

1/25/2036

     109,856

Alternative Loan Trust 2006-28CB

       179,497

6.500%

10/25/2036

       44,376

Alternative Loan Trust 2006-28CB

       925,452

6.500%

10/25/2036

     224,788

American Home Mortgage Investment Trust 2004-2

         49,631

2.949%

2/25/2044

       48,834

Banc of America Funding 2004-3 Trust

         52,971

5.000%

9/25/2019

       53,096

Banc of America Funding 2004-3 Trust

         81,439

5.750%

10/25/2034

       84,330

Banc of America Funding 2004-B Trust

         79,742

3.005%

12/20/2034

       66,094

Banc of America Funding 2006-B Trust

         61,972

3.638%

3/20/2036

       59,561

Banc of America Funding 2007-7 Trust

       611,606

5.649%

9/25/2037

     482,551

Banc of America Mortgage 2003-J Trust

       118,518

3.722%

11/25/2033

     119,141

Banc of America Mortgage 2004-J Trust

       359,594

3.663%

11/25/2034

     357,738

Bear Stearns ALT-A Trust 2004-11

       330,821

3.837%

11/25/2034

     324,309

Bear Stearns ARM Trust 2003-7

         75,050

3.148%

10/25/2033

       73,174

Bear Stearns ARM Trust 2004-1

       314,217

3.734%

4/25/2034

     313,683

Bear Stearns ARM Trust 2004-8

       125,642

4.440%

11/25/2034

     113,259

CHL Mortgage Pass-Through Trust 2003-44

         96,000

5.000%

10/25/2033

       98,223

CHL Mortgage Pass-Through Trust 2006-J2

       102,362

6.000%

4/25/2036

       94,608

Citigroup Mortgage Loan Trust 2006-AR5

       277,596

3.826%

7/25/2036

     222,944

Countrywide Asset-Backed Certificates

         87,742

5.794%

8/25/2036

       87,806

Credit Suisse First Boston Mortgage Securities Corp

         43,929

4.500%

9/25/2019

       44,139

Credit Suisse First Boston Mortgage Securities Corp.

         81,760

6.000%

1/25/2036

       73,203

Credit Suisse First Boston Mortgage Securities Corp.

       153,411

6.000%

9/25/2033

     158,299

CWABS Asset-Backed Certificates Trust 2006-9

         52,378

4.567%

8/25/2036

       48,429

CWABS Inc Asset-Backed Certificates Series 2003-BC1

         39,732

3.001%

12/25/2032

       40,756

First Horizon Alternative Mortgage Securities

Trust 2005-AA12

         52,997

3.227%

2/25/2036

       48,712

First Horizon Alternative Mortgage Securities

Trust 2006-AA4

       246,816

3.375%

7/25/2036

     222,069

First Horizon Mortgage Pass-Through Trust 2004-AR7

       275,859

3.736%

2/25/2035

     269,639

GSR Mortgage Loan Trust 2004-8F

         48,527

6.082%

9/25/2034

       38,293

HarborView Mortgage Loan Trust 2004-7

         54,247

3.304%

11/19/2034

       54,786

HarborView Mortgage Loan Trust 2006-2

         37,803

3.807%

2/25/2036

       29,091

IndyMac INDA Mortgage Loan Trust 2006-AR2

       111,185

3.674%

9/25/2036

     107,203

Lehman Mortgage Trust 2005-3

         23,619

5.500%

1/25/2036

       21,199

(Continued)

Cavalier Adaptive Income Fund

Schedule of Investments

(Unaudited)

As of February 28, 2018

 

Principal

 

Interest Rate

Maturity

Date

Value

(Note 1)

COLLATERAL MORTGAGE OBLIGATIONS - CONTINUED

MASTR Adjustable Rate Mortgages Trust 2003-3

 $   

3.134%

9/25/2033

  90,547

MASTR Adjustable Rate Mortgages Trust 2004-10

       16,552

3.455%

10/25/2034

      15,507

MASTR Alternative Loan Trust 2003-8

       11,337

5.500%

12/25/2033

      11,716

MASTR Asset Backed Securities Trust 2004-OPT2

     163,459

3.121%

9/25/2034

    147,879

MASTR Asset Securitization Trust 2004-9

     189,056

5.250%

7/25/2034

    186,523

Merrill Lynch Mortgage Investors Trust Series

MLMI 2004-A1

       73,988

3.524%

2/25/2034

      70,848

Morgan Stanley ABS Capital I, Inc. Trust 2007-NC1

       71,241

1.691%

11/25/2036

      45,451

PHH Mortgage Trust Series 2008-CIM2

     241,435

3.802%

7/25/2038

    236,186

RALI Series 2005-QS17 Trust

     119,337

6.000%

12/25/2035

    116,410

RBSGC Mortgage Loan Trust 2007-B

       16,373

5.497%

1/25/2037

      15,880

UCFC Home Equity Loan Trust 1998-D

     188,684

7.750%

4/15/2030

    179,789

WaMu Mortgage Pass-Through Certificates

Series 2003-AR4 Trust

       65,430

2.834%

5/25/2033

      66,061

WaMu Mortgage Pass-Through Certificates

Series 2006-AR10 Trust

       56,218

3.310%

8/25/2046

      54,307

Washington Mutual Mortgage Pass-Through Certificates

WMALT Series 2007-HY1 Trust

       25,309

1.711%

2/25/2037

      17,456

Total Collateral Mortgage Obligations (Cost $5,674,665)

 5,579,593

PREFERRED STOCK - 7.01%

*

Preferred Apartment Communities, Inc.

            500

    500,000

Total Preferred Stock (Cost $500,000)

    500,000

SHORT-TERM INVESTMENT - 8.30%

§

Fidelity Investments Money Market Government Portfolio,

   Institutional Class, 0.95%

     592,248

    592,248

Total Short-Term Investment (Cost $592,248)

    592,248

Total Value of Investments (Cost $7,190,877) (a) - 99.33%

$

 7,087,888

Other Assets Less Liabilities  - 0.67%

      47,807

Net Assets - 100.00%

$

 7,135,695

§

Represents 7 day effective yield

*

Non income-producing investment

(Continued)

Cavalier Adaptive Income Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

Summary of Investments

% of Net

Assets

Value

Asset-Backed Securities

5.83%

$

Collateral Mortgage Obligations

78.19%

   5,579,593

Preferred Stock

7.01%

     500,000

Short-Term Investment

8.30%

     592,248

Other Assets Less Liabilities

0.67%

       47,807

Total Net Assets

100.00%

$

(a)

Aggregate Gross Unrealized Appreciation

$

      43,101

Aggregate Gross Unrealized Depreciation

   (146,090)

Net Unrealized Depreciation

$

   (102,989)

(Continued)

Cavalier Adaptive Income Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

Note 1 - Investment Valuation

The Cavalier Adaptive Income Fund (the "Fund") records its investments in securities at fair value. Under generally accepted accounting principles ("GAAP"), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.

 

In determining fair value, the Fund uses various valuation approaches. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

 

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:

 

Level 1:    quoted prices in active markets for identical investments

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

Level 3:    significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

 

The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. 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. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.

 

Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for securities categorized in Level 3. In certain cases, 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 in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.

 

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

 

Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time.  Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price.  Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Securities and assets for which representative market quotations are not readily available or which cannot be accurately valued using the Fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees.

 

(Continued)

Cavalier Adaptive Income Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

Note 1 - Investment Valuation - Continued

Fair value pricing  may be used, for  example,  in situations  where (i) a portfolio security is so thinly traded that there have been no transactions for that security over an extended period of time; (ii) the exchange on which the portfolio security is principally traded closes early; or (iii) trading of the portfolio security is halted during the day and does not resume prior to the Fund's net asset value calculation.  A portfolio security's "fair value" price may differ from the price next available for that portfolio security using the Fund's normal pricing procedures.  Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

 

The Fund has adopted ASC Topic 820, Fair Value Measurements.  ASC Topic 820 defines fair value, establishes a frame work for measuring fair value and expands disclosure about fair value measurements.The Fund has adopted FASB guidance updating ASC Topic 820 titled, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability have Significantly Decreased and Identifying Transactions that are not Orderly" which provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction that is not orderly, and how that information must be incorporated into fair value measurement.  The guidance emphasizes that even if there has been a significant decrease in volume and level of activity for an asset or liability and regardless of the valuation techniques used, the objective of a fair value measurement remains the same.

 

The following table summarizes the classification of the Fund's investments by the above fair value hierarchy levels as of February 28, 2018:

Assets

Total

Level 1

Level 2

 Level 3

Asset-Backed Securities

$

$

$

$

Collateral Mortgage Obligations

   5,579,593

  5,579,593

              -

             -

Preferred Stock

     500,000

     500,000

              -

             -

Short-Term Investment

     592,248

     592,248

              -

             -

Total

$

$

$

$

Cavalier Dynamic Growth Fund

Schedule of Investments

(Unaudited)

As of February 28, 2018

Number of

Contracts (a)

 

Exercise Price

Expiration

Date

 

Value (Note 1)

CALL OPTIONS PURCHASED - 0.53%

*

CBOE Volatility Index

2,145

 $          

3/21/2018

$

          117,975

*

S&P 500 ETF Trust

92

            289.00

3/16/2018

                460

Total Call Options Purchased (Cost $105,331)

          118,435

PUT OPTIONS PURCHASED - 1.37%

*

iShares Trust MSCI EAFE ETF

606

              66.00

9/21/2018

          125,442

*

iShares Trust MSCI Emerging

   Markets ETF

228

              43.00

9/21/2018

            32,034

*

S&P 500 ETF

92

            272.50

3/16/2018

            38,502

*

S&P 500 ETF

207

            251.00

7/20/2018

          107,537

Total Put Options Purchased (Cost $477,958)

          303,515

EXCHANGE-TRADED FUNDS - 95.98%

Shares

†

S&P 500 ETF

           39,213

     10,652,211

†

Vanguard FTSE Developed Markets ETF

         188,174

       8,390,679

†

Vanguard FTSE Emerging Markets ETF

           45,976

       2,168,688

Total Exchange-Traded Funds (Cost $21,032,851)

     21,211,578

SHORT-TERM INVESTMENT - 11.36%

§

Fidelity Investments Money Market Government Portfolio,

   Institutional Class, 0.95%

      2,510,751

       2,510,751

Total Short-Term Investment (Cost $2,510,751)

       2,510,751

Total Value of Investments (Cost $24,126,891)(b) - 109.24%

$

     24,144,279

Total Options Written (Premiums Received $148,496)(b) - (0.70)%

         (155,794)

Liabilities in Excess of Other Assets  - (8.54)%

      (1,888,172)

Net Assets - 100.00%

$

     22,100,313

Summary of Investments

% of Net

Assets

Value

Call Options Purchased

0.54%

$

         118,435

Put Options Purchased

1.37%

         303,515

Exchange-Traded Funds

95.98%

     21,211,578

Short-Term Investment

11.36%

      2,510,751

Call Options Written

-0.70%

        (155,794)

Liabilities in Excess of Other Assets

-8.54%

     (1,888,172)

Total Net Assets

100.01%

$

     22,100,313

(Continued)

Cavalier Dynamic Growth Fund

Schedule of Investments - Schedule of Options Written

(Unaudited)

As of February 28, 2018

 Number of

Contracts (a)

 

Exercise Price

 Expiration

Date

 

Value (Note 1)

CALL OPTIONS WRITTEN - 0.70%

*

CBOE Volatility Index

715

$

3/21/2018

$

          128,700

*

S&P 500 ETF

92

            272.50

3/16/2018

            27,094

Total Call Options Written (Premiums Received $148,496)

          155,794

Total Options Written (Premiums Received $148,496)

$

          155,794

§

Represents 7 day effective yield

*

Non-income producing investment

†

All or a portion of security is segregated as collateral for securities sold short and options written.

(a)

Each contract is equivalent to 100 shares of the underlying common stock.

(b)

Aggregate cost for financial reporting and federal income tax purposes is the same.  Unrealized appreciation (depreciation) of investments for financial reporting and federal income tax purposes is as follows:

Aggregate Gross Unrealized Appreciation

$

          237,165

Aggregate Gross Unrealized Depreciation

         (227,075)

Net Unrealized Appreciation

$

            10,090

(Continued)

Cavalier Dynamic Growth Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

Note 1 - Investment Valuation

The Cavalier Dynamic Growth Fund (the "Fund") records its investments in securities at fair value. Under generally accepted accounting principles ("GAAP"), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.

 

In determining fair value, the Fund uses various valuation approaches. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

 

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:

 

Level 1:    quoted prices in active markets for identical investments

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

Level 3:    significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

 

The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. 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. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.

 

Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for securities categorized in Level 3. In certain cases, 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 in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.

 

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

 

Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time.  Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price.  Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Securities and assets for which representative market quotations are not readily available or which cannot be accurately valued using the Fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees.

(Continued)

Cavalier Dynamic Growth Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

Note 1 - Investment Valuation - Continued

Fair value pricing  may be used, for  example,  in situations  where (i) a portfolio security is so thinly traded that there have been no transactions for that security over an extended period of time; (ii) the exchange on which the portfolio security is principally traded closes early; or (iii) trading of the portfolio security is halted during the day and does not resume prior to the Fund's net asset value calculation.  A portfolio security's "fair value" price may differ from the price next available for that portfolio security using the Fund's normal pricing procedures.  Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

 

The Fund has adopted ASC Topic 820, Fair Value Measurements.  ASC Topic 820 defines fair value, establishes a frame work for measuring fair value and expands disclosure about fair value measurements.The Fund has adopted FASB guidance updating ASC Topic 820 titled, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability have Significantly Decreased and Identifying Transactions that are not Orderly" which provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction that is not orderly, and how that information must be incorporated into fair value measurement.  The guidance emphasizes that even if there has been a significant decrease in volume and level of activity for an asset or liability and regardless of the valuation techniques used, the objective of a fair value measurement remains the same.

 

The following table summarizes the classification of the Fund's investments by the above fair value hierarchy levels as of February 28, 2018:

Assets

Total

Level 1

Level 2

 Level 3

Call Options Purchased

$

$

$

$

Put Options Purchased

           303,515

                   -

         303,515

                  -

Exchange-Traded Funds

       21,211,578

      21,211,578

                  -

                  -

Short-Term Investment

         2,510,751

        2,510,751

                  -

                  -

Total Assets

$

$

$

$

Liabilities

Total

Level 1

Level 2

 Level 3

Call Options Written

$

$

$

$

Total Liabilities

$

$

  -

$

$

Cavalier Fundamental Growth Fund

Schedule of Investments

(Unaudited)

As of February 28, 2018

 

Shares

 

Value (Note 1)

COMMON STOCKS - 94.32%

Consumer Discretionary - 11.07%

China Lodging Group Ltd.

            13,300

$

       2,020,270

*

Eldorado Resorts, Inc.

            13,500

          460,350

Ferrari NV

             6,100

          757,681

*

Malibu Boats, Inc.

            10,044

          321,910

*

MCBC Holdings, Inc.

             6,300

          154,413

*

Netflix, Inc.

             2,000

          582,760

Nutrisystem, Inc.

            30,100

          925,575

*

NVR, Inc.

                305

          867,167

Sony Corp.

            18,400

          928,464

TAL Education Group

            48,280

       1,823,053

The Home Depot, Inc.

             4,700

          856,669

World Wrestling Entertainment, Inc.

            12,600

          480,690

     10,179,002

Consumer Staples - 2.72%

μ

Cia Cervecerias Unidas SA

            11,000

          306,460

μ

Fomento Economico Mexicano SAB de CV

            12,300

       1,135,290

*

Nomad Foods Ltd.

            29,300

          480,227

*

Pilgrim's Pride Corp.

            22,800

          574,560

       2,496,537

Energy - 2.08%

μ

Ecopetrol SA

            83,300

       1,458,583

Valero Energy Corp.

             5,000

          452,100

       1,910,683

Financials - 2.91%

Moelis & Co.

            22,209

       1,127,107

New Residential Investment Corp.

            33,200

          535,516

*

NMI Holdings, Inc.

            27,900

          553,815

S&P Global, Inc.

             2,400

          460,320

       2,676,758

Health Care - 10.26%

*

ABIOMED, Inc.

             2,100

          563,178

*

Align Technology, Inc.

             6,450

       1,693,254

Baxter International, Inc.

            12,700

          860,933

*

Corcept Therapeutics, Inc.

            76,000

       1,154,440

*

Enanta Pharmaceuticals, Inc.

             3,000

          235,860

*

Exelixis, Inc.

            43,300

       1,117,140

*

Intuitive Surgical, Inc.

             3,105

       1,324,127

*

Ligand Pharmaceuticals, Inc.

             3,000

          455,670

*

Mettler-Toledo International, Inc.

             1,600

          985,952

*

Orthofix International NV

             5,000

          280,050

Zoetis, Inc.

             9,500

          768,170

       9,438,774

(Continued)

Cavalier Fundamental Growth Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

 

Shares

 

Value (Note 1)

COMMON STOCKS - Continued

Industrials - 7.59%

*

51job, Inc.

            14,250

$

          932,947

Caterpillar, Inc.

             3,000

          463,890

*

Cimpress NV

             2,900

          471,975

*

Commercial Vehicle Group, Inc.

            24,800

          250,480

*

Copart, Inc.

             9,300

          435,333

*

Covenant Transportation Group, Inc.

            10,000

          258,200

Deere & Co.

             4,300

          691,741

Golden Ocean Group Ltd.

            48,000

          434,400

Stanley Black & Decker, Inc.

             2,500

          397,975

*

Sterling Construction Co., Inc.

            47,400

          572,592

Sun Hydraulics Corp.

            14,700

          763,224

*

Trex Co., Inc.

             5,950

          615,230

*

TriNet Group, Inc.

             9,400

          443,398

*

Twin Disc, Inc.

            10,500

          251,160

       6,982,545

Information Technology - 44.68%

*

58.com, Inc.

             6,200

          467,294

*

Alibaba Group Holding Ltd.

             4,100

          763,174

*

Appfolio, Inc.

            12,300

          493,230

Applied Materials, Inc.

            41,700

       2,401,503

*

Arista Networks, Inc.

             9,500

       2,562,530

ASML Holding NV

             4,425

          864,601

Autohome, Inc.

            11,800

          922,878

*

Axcelis Technologies, Inc.

            63,300

       1,547,685

*

Baidu, Inc.

             3,800

          958,892

Cognex Corp.

            28,400

       1,525,364

Cohu, Inc.

            22,100

          442,663

*

Daqo New Energy Corp.

            39,600

       1,945,944

DXC Technology Co.

            14,300

       1,466,322

*

Electro Scientific Industries, Inc.

            18,000

          322,740

*

Extreme Networks, Inc.

            78,000

          889,980

Hollysys Automation Technologies Ltd.

            14,400

          380,304

*

InterXion Holding NV

             7,300

          410,990

*

inTEST Corp.

            24,700

          190,190

*

IPG Photonics Corp.

            10,800

       2,652,912

*

KEMET Corp.

            77,500

       1,393,450

*

Lumentum Holdings, Inc.

            11,800

          719,800

*

Micron Technology, Inc.

            27,400

       1,337,394

*

Novanta, Inc.

             5,000

          279,250

NVIDIA Corp.

            14,630

       3,540,460

*

ON Semiconductor Corp.

            21,700

          519,064

*

Paycom Software, Inc.

             5,200

          514,384

*

PayPal Holdings, Inc.

            14,000

       1,111,740

*

Radware Ltd.

            16,700

          345,189

*

Rogers Corp.

             4,500

          617,940

*

SolarEdge Technologies, Inc.

            20,600

       1,031,030

STMicroelectronics NV

            71,200

       1,623,360

*

Take-Two Interactive Software, Inc.

             6,700

          749,529

(Continued)

Cavalier Fundamental Growth Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

 

Shares

 

Value (Note 1)

COMMON STOCKS - Continued

Information Technology - Continued

Texas Instruments, Inc.

             3,900

$

          422,565

*

Ultra Clean Holdings, Inc.

            76,200

       1,467,612

Universal Display Corp.

             9,900

       1,285,020

*

UTStarcom Holdings Corp.

            46,000

          253,460

*

Weibo Corp.

            15,140

       1,945,793

*

WNS Holdings Ltd.

            10,800

          486,000

*

Xcerra Corp.

            24,600

          246,000

     41,098,236

Materials - 13.01%

Avery Dennison Corp.

            16,400

       1,937,660

Boise Cascade Co.

            42,900

       1,728,870

FMC Corp.

            12,650

          992,772

Kronos Worldwide, Inc.

            31,600

          677,820

Packaging Corp of America

            17,800

       2,121,760

μ

Sociedad Quimica y Minera de Chile SA

            40,400

       2,015,960

*

Taseko Mines Ltd.

          142,000

          172,530

Teck Resources Ltd.

            26,000

          743,080

The Chemours Co.

            23,200

       1,102,232

Westlake Chemical Corp.

             4,400

          476,344

     11,969,028

Total Common Stocks (Cost $73,991,175)

     86,751,563

REAL ESTATE INVESTMENT TRUSTS - 1.88%

Arbor Realty Trust, Inc.

            37,400

          320,144

Rexford Industrial Realty, Inc.

            45,200

       1,220,400

Terreno Realty Corp.

             5,700

          189,867

Total Real Estate Investment Trusts (Cost $1,664,248)

       1,730,411

LIMITED PARTNERSHIPS - 1.54%

Brookfield Infrastructure Partners LP

            16,500

          665,610

The Carlyle Group LP

            21,300

          486,705

Viper Energy Partners LP

            11,800

          266,916

Total Limited Partnerships (Cost $1,442,161)

       1,419,231

SHORT-TERM INVESTMENT - 1.24%

Fidelity Investments Money Market Government Portfolio,

    Institutional Class, 0.95%

       1,137,148

       1,137,148

Total Short-Term Investment (Cost $1,137,148)

       1,137,148

Total Value of Investments (Cost $78,234,732) - 98.98%

$

     91,038,353

Other Assets Less Liabilities  - 1.02%

          937,199

Net Assets - 100.00%

$

     91,975,552

*

Non-income producing investment

The following acronyms are used in this portfolio:

μ

American Depository Receipt

NV - Netherlands Security

PLC - Public Limited Company

Cavalier Fundamental Growth Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

 

 

Summary of Investments

by Sector

% of Net

Assets

Value

Consumer Discretionary

11.07%

$

     10,179,002

Consumer Staples

2.72%

       2,496,537

Energy

2.08%

       1,910,683

Financials

2.91%

       2,676,758

Health Care

10.26%

       9,438,774

Industrials

7.59%

       6,982,545

Information Technology

44.68%

     41,098,236

Materials

13.01%

     11,969,028

Real Estate Investment Trusts

1.88%

       1,730,411

Limited Partnerships

1.54%

       1,419,231

Short-Term Investment

1.24%

       1,137,148

Other Assets Less Liabilities

1.02%

          937,199

Total Net Assets

100.00%

$

     91,975,552

Aggregate cost for financial reporting and federal income tax purposes is the same.  Unrealized appreciation (depreciation) of investments for financial reporting and federal income tax purposes is as follows:

Aggregate Gross Unrealized Appreciation

$

     15,631,817

Aggregate Gross Unrealized Depreciation

      (2,828,196)

Net Unrealized Appreciation

$

     12,803,621

 (Continued)

Cavalier Fundamental Growth Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

Note 1 - Investment Valuation

The Cavalier Fundamental Growth Fund (the "Fund") records its investments in securities at fair value. Under generally accepted accounting principles ("GAAP"), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.

 

In determining fair value, the Fund uses various valuation approaches. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

 

Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:

 

Level 1:    quoted prices in active markets for identical investments

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

Level 3:    significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

 

The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. 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. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.

 

Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for securities categorized in Level 3. In certain cases, 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 in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.

 

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

 

Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time.  Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price.  Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Securities and assets for which representative market quotations are not readily available or which cannot be accurately valued using the Fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees.

 

(Continued)

Cavalier Fundamental Growth Fund

Schedule of Investments - Continued

(Unaudited)

As of February 28, 2018

Note 1 - Investment Valuation - Continued

Fair value pricing  may be used, for  example,  in situations  where (i) a portfolio security is so thinly traded that there have been no transactions for that security over an extended period of time; (ii) the exchange on which the portfolio security is principally traded closes early; or (iii) trading of the portfolio security is halted during the day and does not resume prior to the Fund's net asset value calculation.  A portfolio security's "fair value" price may differ from the price next available for that portfolio security using the Fund's normal pricing procedures.  Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

 

The Fund has adopted ASC Topic 820, Fair Value Measurements.  ASC Topic 820 defines fair value, establishes a frame work for measuring fair value and expands disclosure about fair value measurements.The Fund has adopted FASB guidance updating ASC Topic 820 titled, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability have Significantly Decreased and Identifying Transactions that are not Orderly" which provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction that is not orderly, and how that information must be incorporated into fair value measurement.  The guidance emphasizes that even if there has been a significant decrease in volume and level of activity for an asset or liability and regardless of the valuation techniques used, the objective of a fair value measurement remains the same.

 

The following table summarizes the classification of the Fund's investments by the above fair value hierarchy levels as of February 28, 2018:

Assets

Total

Level 1

Level 2

 Level 3

Common Stocks

$

$

$

$

Real Estate Investment Trusts

             1,730,411

        1,730,411

                     -

                     -

Limited Partnerships

             1,419,231

        1,419,231

                     -

                     -

Short-Term Investment

             1,137,148

        1,137,148

                     -

                     -

Total

$

$

$

$

Cavalier Growth Opportunities Fund

Schedule of Investments

(Unaudited)

As of February 28, 2018

 

Shares

 

Value (Note 1)

EXCHANGE-TRADED PRODUCTS - 96.62%

*

First Trust Dow Jones Internet Index Fund

         28,481

$

       3,506,296

iShares Global 100 ETF

         36,272

       3,381,639

iShares India 50 ETF

         90,062

       3,221,518

iShares MSCI ACWI ETF

         46,040

       3,351,252

iShares MSCI Hong Kong ETF

        131,206

       3,356,249

iShares PHLX Semiconductor ETF

         19,099

       3,531,023

iShares Russell 1000 Growth ETF

         24,357

       3,417,043

iShares U.S. Medical Devices ETF