Cavalier Hedged High Income Fund Institutional Class

Portfolio Holdings as of 4/30/2019

Ticker Cusip Description Shares Market Value % of Portfolio
VWEHX 922031208 Vanguard High-Yield Corporate Fund 3,425,057.184 $19,933,832.81 76.13%
74063B79 74063B799 PREFERRED APT COMNTY INC #N/A Field Not 2,000.000 $2,000,000.00 7.64%
74063B57 74063B575 PREFERRED APT COMNTY INC #N/A Field Not 1,000.000 $1,000,000.00 3.82%
JNK 78464A417 SPDR Bloomberg Barcl ays High Yield Bond 24,604.000 $892,387.08 3.41%
FIGXX 316175108 Fidelity Investments Money Market Funds 642,842.400 $642,842.40 2.46%
FB 30303M102 Facebook Inc 963.000 $186,244.20 0.71%
MSFT 594918104 Microsoft Corp 1,381.000 $180,358.60 0.69%
ADBE 00724F101 Adobe Systems Inc 615.000 $177,888.75 0.68%
SBUX 855244109 Starbucks Corp 2,236.000 $173,692.48 0.66%
V 92826C839 Visa Inc 1,053.000 $173,144.79 0.66%
ADP 053015103 Automatic Data Proce ssing Inc 1,039.000 $170,801.21 0.65%
ZTS 98978V103 Zoetis Inc 1,638.000 $166,813.92 0.64%
NKE 654106103 NIKE Inc 1,858.000 $163,188.14 0.62%
ORLY 67103H107 O'Reilly Automotive Inc 425.000 $160,892.25 0.61%
GOOG 02079K107 Alphabet Inc 135.000 $160,444.80 0.61%

Totals 4,106,846.584 $26,182,531.43