Cavalier Funds

Tactical Economic

FOR INSTITUTIONAL USE ONLY

Cavalier Tactical Economic Fund - Monthly Commentary - March 2019:

The Cavalier Tactical Economic Fund (CMSFX) maintained Balance Mode for the Fund’s allocation model in March with approximately a 50% equity and 50% fixed income allocation. The Fund’s allocation for equities in March included US Large Cap and iShares USMV; a Minimum Volatility ETF. The portfolio’s fixed income allocations are short to intermediate duration US Treasury ETFs; SHY and IEI. The Tactical Economic Fund was up 1.66% in March compared to 1.94% MTD of the S&P 500 benchmark.

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 Multi Strategy 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 Multi Strategy Fund will be successful in meeting its investment objective. Investment in the Cavalier Multi Strategy Fund is also subject to the following risks: Closed-End Funds Risk, Commodities Risk, Common Stock Risk, Control of Portfolio Funds Risk, Cybersecurity Risk, ETFs Risk, Fixed Income Risk, Foreign Securities and Emerging Markets Risk, Fund of Funds Risk, High-Yield Risk, Inflation Risk, Interest Rate Risk, Investment Advisor Risk, Large-Cap Securities Risk, Leverage Risk, Market Risk, Other Equity Securities Risk, Portfolio Turnover Risk, REIT Risk, Short Sales Risk, and Small-Cap and Mid-Cap Securities Risk. The Cavalier Multi Strategy 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 Multi Strategy 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. The Cavalier Multi Strategy Fund and Portfolio Funds may invest in junk bonds, including bonds of issuers in default, and other fixed income securities that are rated below investment grade. More information about these risks can be found in the Cavalier Multi Strategy Fund’s prospectus.

For more information about Cavalier Multi Strategy Fund, contact us today. Investors should consider the investment objective, management fees, risks, charges and expenses of the Fund carefully before investing. 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 Bluestone Capital Management, including its principals, and Capital Investment Group, Inc.