Cavalier Funds

Growth Opportunities

FOR INSTITUTIONAL USE ONLY

Cavalier Growth Opportunities Fund - Monthly Commentary - March 2019:

The Cavalier Growth Opportunities Fund (CATEX), in March maintained portfolio tilts towards Health Care, Technology, and Industrials. The Fund also is allocated to growth oriented large cap domestic equities. The Fund ended March up 1.43%, outperforming the S&P Global BMI benchmark, up 1.08%. The two leading contributors to performance were Technology Select Sector SPDR ETF up 4.80%, contributing 0.53%, and Vanguard Information Technology ETF up 4.13%, contributing 0.47%. The leading detractors for CATEX in March were Square Inc. A, down -7.78%, detracting -0.20%, and Vanguard Financials ETF, down -3.11%, detracting -0.13%.

The performance information quoted here represents past performance, which is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain Fund performance information current to the most recent month-end, please call 1-800-773-3863, or visit www.cavalierfunds.com

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An investment in the Cavalier Growth Opportunities Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested.  There can be no assurance that the Cavalier Growth Opportunities Fund will be successful in meeting its investment objective. Investment in the Cavalier Growth Opportunities Fund is also subject to the following risks: Common Stock Risk, Currency Risk, Cybersecurity Risk, Depository Receipts, Foreign Securities and Emerging Markets Risk, Investment Advisor Risk, Large-Cap Securities Risk, Market Risk, Micro-Cap Securities Risk, Portfolio Turnover Risk, Quantitative Model Risk, and Small-Cap and Mid-Cap Securities Risk. The Cavalier Growth Opportunities Fund may invest in foreign securities and emerging markets, and these investments have risks that differ significantly from those associated with domestic securities. The use of leverage may exaggerate changes in a portfolio fund’s share price and the return on its investments and accordingly, the value of the Cavalier Growth Opportunities Fund’s investments in portfolio funds may be more volatile than all other risks, including the risk of loss of an investment, tend to be compounded or magnified. More information on these risks can be found in the Cavalier Growth Opportunities Fund’s prospectus.

Investors should consider the investment objective, management fees, risks, charges and expenses of the Fund carefully before investing or sending money. The Prospectus contains this and other information about the Fund. For a current Prospectus, call 800-773-3863. Please read the Prospectus carefully before you invest.  Current and future holdings are subject to change and risk.

The Cavalier Funds are distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E Six Forks Rd, Suite 200, Raleigh, NC, 27609, (800) 773-3863. There is no affiliation between Cavalier Investments, Beaumont Capital Management, including its principals, and Capital Investment Group, Inc.