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            <brokerStateCountry brokerCountry="US" brokerState="US-NY"/>
            <grossCommission>214</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>26125</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>15484292</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>CAVALIER ADAPTIVE INCOME FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000026514</mgmtInvSeriesId>
        <mgmtInvLei>549300IGQEISLESO0528</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="INSTITUTIONAL CLASS SHARES" sharesOutstandingClassId="C000079607" sharesOutstandingTickerSymbol="CADTX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS C SHARES" sharesOutstandingClassId="C000096729" sharesOutstandingTickerSymbol="CADAX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS A SHARES" sharesOutstandingClassId="C000200106" sharesOutstandingTickerSymbol="CAADX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager isCollateralManagerAffliliatedWithFund="N" isCollateralManagerAffliliated="N" collateralManagerLei="N/A" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CAVALIER INVESTMENTS, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-106545</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000281201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-GA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>BUCKHEAD CAPITAL MANAGEMENT, LLC</subAdviserName>
            <subAdviserFileNo>801-57810</subAdviserFileNo>
            <subAdviserCrdNo>000110707</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserCountry="US" subAdviserState="US-GA"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>NOTTINGHAM SHAREHOLDER SERVICES LLC</transferAgentName>
            <transferAgentFileNo>084-05687</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NC" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>BLOOMBERG PROFESSIONAL SERVICES</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB BANK, N.A.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-MO"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>NOTTINGHAM SHAREHOLDER SERVICES LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NC" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE NOTTINGHAM COMPANY</adminName>
            <adminLei>N/A</adminLei>
            <adminStateCountry adminCountry="US" adminState="US-NC"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BREAN MORTGAGE</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000000</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-NY"/>
            <principalTotalPurchaseSale>6878654</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CREDIT SUISSE FIRST BOSTON</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000000</principalCrdNo>
            <principalLei>5493001KFROXQS5VBZ89</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-MA"/>
            <principalTotalPurchaseSale>598247</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS SECURITIES LLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000000</principalCrdNo>
            <principalLei>549300CIT01KY6L1HP53</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-CA"/>
            <principalTotalPurchaseSale>19494</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>US BANK CORP.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000000000</principalCrdNo>
            <principalLei>H85Z6XZP8B10ES0M2G89</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-NY"/>
            <principalTotalPurchaseSale>238699</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>7735094</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>11317551</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>CAVALIER TACTICAL ROTATION FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000038306</mgmtInvSeriesId>
        <mgmtInvLei>549300IGQEISLESO0528</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="INSTITUTIONAL CLASS SHARES" sharesOutstandingClassId="C000118212" sharesOutstandingTickerSymbol="CTROX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS C SHARES" sharesOutstandingClassId="C000118211" sharesOutstandingTickerSymbol="CATOX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS A SHARES" sharesOutstandingClassId="C000200109" sharesOutstandingTickerSymbol="CAVTX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager isCollateralManagerAffliliatedWithFund="N" isCollateralManagerAffliliated="N" collateralManagerLei="N/A" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CAVALIER INVESTMENTS, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-106545</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000281201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-GA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>JULEX CAPITAL MANAGEMENT, LLC</subAdviserName>
            <subAdviserFileNo>801-106823</subAdviserFileNo>
            <subAdviserCrdNo>000166053</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserCountry="US" subAdviserState="US-MA"/>
            <subAdviserHired isSubAdviserHired="Y" subAdviserStartDate="2018-09-24"/>
          </subAdviser>
        </subAdvisers>
        <subAdvisersTerminated>
          <subAdviserTerminated>
            <subAdviserTerminatedName>BEAUMONT FINANCIAL PARTNERS LLC</subAdviserTerminatedName>
            <subAdviserTerminatedFileNo>801-57100</subAdviserTerminatedFileNo>
            <subAdviserTerminatedCrdNo>000108345</subAdviserTerminatedCrdNo>
            <subAdviserTerminatedLei>N/A</subAdviserTerminatedLei>
            <subAdviserTerminatedStateCountry subAdviserTerminatedState="US-MA" subAdviserTerminatedCountry="US"/>
            <subAdviserTerminationDate>2018-07-10</subAdviserTerminationDate>
          </subAdviserTerminated>
        </subAdvisersTerminated>
        <transferAgents>
          <transferAgent>
            <transferAgentName>NOTTINGHAM SHAREHOLDER SERVICES LLC</transferAgentName>
            <transferAgentFileNo>084-05687</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>BLOOMBERG PROFESSIONAL SERVICES</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB BANK, N.A.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-MO"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>NOTTINGHAM SHAREHOLDER SERVICES LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NC" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE NOTTINGHAM COMPANY</adminName>
            <adminLei>N/A</adminLei>
            <adminStateCountry adminCountry="US" adminState="US-NC"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>WALLACHBETH CAPITAL, LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000000</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerCountry="US" brokerState="US-NY"/>
            <grossCommission>158714</grossCommission>
          </broker>
          <broker>
            <brokerName>GARWOOD SECURITIES, LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000000</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerCountry="US" brokerState="US-NY"/>
            <grossCommission>456</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>159170</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>115441591</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>CAVALIER HEDGED HIGH INCOME FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000038303</mgmtInvSeriesId>
        <mgmtInvLei>549300IGQEISLESO0528</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="INSTITUTIONAL CLASS SHARES" sharesOutstandingClassId="C000118205" sharesOutstandingTickerSymbol="CHIIX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS C SHARES" sharesOutstandingClassId="C000118206" sharesOutstandingTickerSymbol="CAHIX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS A SHARES" sharesOutstandingClassId="C000200107" sharesOutstandingTickerSymbol="CHHAX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager isCollateralManagerAffliliatedWithFund="N" isCollateralManagerAffliliated="N" collateralManagerLei="N/A" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CAVALIER INVESTMENTS, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-106545</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000281201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-GA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>NOTTINGHAM SHAREHOLDER SERVICES LLC</transferAgentName>
            <transferAgentFileNo>084-05687</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-ND" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>BLOOMBERG PROFESSIONAL SERVICES</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB BANK, N.A.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-MO"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>NOTTINGHAM SERVICES LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NC" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>THE NOTTINGHAM COMPANY</adminName>
            <adminLei>N/A</adminLei>
            <adminStateCountry adminCountry="US" adminState="US-NC"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>WALLACHBETH CAPITAL, LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>000000000</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerCountry="US" brokerState="US-NY"/>
            <grossCommission>11636</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>11636</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>31423818</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>CAVALIER TACTICAL ECONOMIC FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000038309</mgmtInvSeriesId>
        <mgmtInvLei>549300IGQEISLESO0528</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>1</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="INSTITUTIONAL CLASS SHARES" sharesOutstandingClassId="C000118217" sharesOutstandingTickerSymbol="CMSFX"/>
          <sharesOutstanding sharesOutstandingClassName="CLASS C SHARES" sharesOutstandingClassId="C000118218" sharesOutstandingTickerSymbol="CMSYX"/>
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        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
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        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
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          <collateralManager isCollateralManagerAffliliatedWithFund="N" isCollateralManagerAffliliated="N" collateralManagerLei="N/A" collateralManagerName="N/A"/>
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        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CAVALIER INVESTMENTS, LLC</investmentAdviserName>
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            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-GA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisersTerminated>
          <subAdviserTerminated>
            <subAdviserTerminatedName>BLUESTONE CAPITAL MANAGEMENT, LLC</subAdviserTerminatedName>
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          <transferAgent>
            <transferAgentName>NOTTINGHAM SHAREHOLDER SERVICES LLC</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NC" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>BLOOMBERG PROFESSIONAL SERVICES</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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      <managementInvestmentQuestion>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
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        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
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        <aggregateCommission>120227</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
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        <mnthlyAvgNetAssets>96609279</mnthlyAvgNetAssets>
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        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
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    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
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    <signature registrantSignedName="Starboard Investment Trust" signature="ASHLEY E. HARRIS" title="TREASURER" signedDate="2019-08-14"/>
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</edgarSubmission>
