# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-26-000540
**Filing Date:** 2026-2
**Character Count:** 25872
**Document Hash:** cbbf76ac9dd54a3f426be14a04230e5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000540.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0002000324-26-000540

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Starboard Investment Trust
- **CENTRAL INDEX KEY:** 0001464413

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22298
- **FILM NUMBER:** 26668100

**BUSINESS ADDRESS:**
- **STREET 1:** 116 SOUTH FRANKLIN STREET
- **STREET 2:** POST OFFICE BOX 69
- **CITY:** ROCKY MOUNT
- **STATE:** NC
- **ZIP:** 27802-0069
- **BUSINESS PHONE:** 252-972-9922 EXT.249

**MAIL ADDRESS:**
- **STREET 1:** 116 SOUTH FRANKLIN STREET
- **STREET 2:** POST OFFICE BOX 69
- **CITY:** ROCKY MOUNT
- **STATE:** NC
- **ZIP:** 27802-0069

## Series and Classes Contracts Data

### Matisse Discounted Bond CEF Strategy (Series ID: S000061872)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200403 | Institutional Class | MDFIX           |

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STATE | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | XTR_PRISRC | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 127 | Matisse Discounted Bond CEF | BTT | BlackRock Municipal | 2030 Target Term Tru |  | 09257P105 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 22.82 |  |  |  |  |  | BlackRock Municipal | 2030 Target Term Tru |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 90000.00 | 1865532.34 | 1865532.34 | 2053800.00 | 2053800.00 | 188267.66 | 188267.66 | 0.00 | False | 0.00 | N/A | 3.99 | 3.93 | 3.95 | 0.00 |  |  | BTT<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PCQ | PIMCO California Mun | icipal Income Fund |  | 72200N106 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 8.73 |  |  |  |  |  | PIMCO California Mun | icipal Income Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 588502.00 | 5162824.68 | 5162824.68 | 5137622.46 | 5137622.46 | -25202.22 | -25202.22 | 0.00 | False | 0.00 | N/A | 9.99 | 9.83 | 9.87 | 0.00 |  |  | PCQ<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PNI | PIMCO New York Munic | ipal Income Fund II |  | 72200Y102 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 6.89 |  |  |  |  |  | PIMCO New York Munic | ipal Income Fund II |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 219029.00 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 618726.00 | 4537973.56 | 4537973.56 | 4263022.14 | 4263022.14 | -274951.42 | -274951.42 | 5.14 | False | 0.00 | N/A | 8.29 | 8.16 | 8.19 | 0.00 |  |  | PNI<br> N | MP |
| 127 | Matisse Discounted Bond CEF | MUC | BlackRock MuniHoldin | gs California Qualit |  | 09254L107 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.60 |  |  |  |  |  | BlackRock MuniHoldin | gs California Qualit |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33562.20 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 78600.00 | 855384.69 | 855384.69 | 833160.00 | 833160.00 | -22224.69 | -22224.69 | 4.03 | False | 0.00 | N/A | 1.62 | 1.59 | 1.60 | 0.00 |  | 549300LRIF3NWCU26A80 | MUC<br> N | MP |
| 127 | Matisse Discounted Bond CEF | BNY | BlackRock New York M | unicipal Income Trus |  | 09248L106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.14 |  |  |  |  |  | BlackRock New York M | unicipal Income Trus |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27478.95 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 69921.00 | 650833.85 | 650833.85 | 708998.94 | 708998.94 | 58165.09 | 58165.09 | 3.88 | False | 0.00 | N/A | 1.38 | 1.36 | 1.36 | 0.00 |  |  | BNY<br> N | MP |
| 127 | Matisse Discounted Bond CEF | LEO | BNY Strategic | Municipals Inc |  | 05588W108 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 6.36 |  |  |  |  |  | BNY Strategic | Municipals Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36318.72 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 141870.00 | 796285.90 | 796285.90 | 902293.20 | 902293.20 | 106007.30 | 106007.30 | 4.03 | False | 0.00 | N/A | 1.75 | 1.73 | 1.73 | 0.00 |  |  | LEO<br> N | MP |
| 127 | Matisse Discounted Bond CEF | BWG | BRANDYWINE GLOBAL | INCO |  | 10537L104 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 8.37 |  |  |  |  |  | BRANDYWINE GLOBAL | INCO |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 142948.68 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 145866.00 | 1482716.30 | 1482716.30 | 1220898.42 | 1220898.42 | -261817.88 | -261817.88 | 11.71 | False | 0.00 | N/A | 2.37 | 2.34 | 2.35 | 0.00 |  |  | BWG<br> N | MP |
| 127 | Matisse Discounted Bond CEF | VVR | Invesco Senior | Income Trust |  | 46131H107 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 1/0/1900 |  |  | 3.27 |  |  |  |  |  | Invesco Senior | Income Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 244051.92 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 489082.00 | 1597122.37 | 1597122.37 | 1599298.14 | 1599298.14 | 2175.77 | 2175.77 | 15.26 | False | 0.00 | N/A | 3.11 | 3.06 | 3.07 | 0.00 |  |  | VVR<br> N | MP |
| 127 | Matisse Discounted Bond CEF | CXE | MFS High Income Muni | cipal Trust |  | 59318D104 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 3.70 |  |  |  |  |  | MFS High Income Muni | cipal Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12717.66 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 73090.00 | 261296.75 | 261296.75 | 270433.00 | 270433.00 | 9136.25 | 9136.25 | 4.70 | False | 0.00 | N/A | 0.53 | 0.52 | 0.52 | 0.00 |  | 549300V040JZX5S66Z78 | CXE<br> N | MP |
| 127 | Matisse Discounted Bond CEF | CMU | MFS High Yield Munic | ipal Trust |  | 59318E102 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 3.51 |  |  |  |  |  | MFS High Yield Munic | ipal Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35135.87 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 262208.00 | 927599.00 | 927599.00 | 920350.08 | 920350.08 | -7248.92 | -7248.92 | 3.82 | False | 0.00 | N/A | 1.79 | 1.76 | 1.77 | 0.00 |  | 549300V040JZX5S66Z78 | CMU<br> N | MP |
| 127 | Matisse Discounted Bond CEF | CXH | MFS Investment Grade | Municipal Trust |  | 59318B108 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 7.95 |  |  |  |  |  | MFS Investment Grade | Municipal Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23754.78 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 86381.00 | 692490.18 | 692490.18 | 686728.95 | 686728.95 | -5761.23 | -5761.23 | 3.46 | False | 0.00 | N/A | 1.33 | 1.31 | 1.32 | 0.00 |  | 549300V040JZX5S66Z78 | CXH<br> N | MP |
| 127 | Matisse Discounted Bond CEF | MFM | MFS Municipal Income | Trust |  | 552738106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 5.43 |  |  |  |  |  | MFS Municipal Income | Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7210.45 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 27412.00 | 138978.84 | 138978.84 | 148847.16 | 148847.16 | 9868.32 | 9868.32 | 4.84 | False | 0.00 | N/A | 0.29 | 0.28 | 0.29 | 0.00 |  | 549300V040JZX5S66Z78 | MFM<br> N | MP |
| 127 | Matisse Discounted Bond CEF | NBH | Neuberger Berman Mun | icipal Fund Inc |  | 64124P101 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.12 |  |  |  |  |  | Neuberger Berman Mun | icipal Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 63193.50 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 135900.00 | 1623747.63 | 1623747.63 | 1375308.00 | 1375308.00 | -248439.63 | -248439.63 | 4.59 | False | 0.00 | N/A | 2.67 | 2.63 | 2.64 | 0.00 |  | 549300XIWEKOTC8HO652 | NBH<br> N | MP |
| 127 | Matisse Discounted Bond CEF | JQC | Nuveen Credit | Strategies Income |  | 67073D102 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 5.02 |  |  |  |  |  | Nuveen Credit | Strategies Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 101467.21 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 170247.00 | 846620.23 | 846620.23 | 854639.94 | 854639.94 | 8019.71 | 8019.71 | 11.87 | False | 0.00 | N/A | 1.66 | 1.64 | 1.64 | 0.00 |  |  | JQC<br> N | MP |
| 127 | Matisse Discounted Bond CEF | NQP | Nuveen Pennsylvania | Quality Municipal In |  | 670972108 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 11.89 |  |  |  |  |  | Nuveen Pennsylvania | Quality Municipal In |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12226.20 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 34440.00 | 360363.70 | 360363.70 | 409491.60 | 409491.60 | 49127.90 | 49127.90 | 2.99 | False | 0.00 | N/A | 0.80 | 0.78 | 0.79 | 0.00 |  |  | NQP<br> N | MP |
| 127 | Matisse Discounted Bond CEF | RFMZ | RiverNorth Flexible | Municipal Income Fun |  | 76883Y107 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 12.66 |  |  |  |  |  | RiverNorth Flexible | Municipal Income Fun |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51059.22 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 49190.00 | 617427.67 | 617427.67 | 622745.40 | 622745.40 | 5317.73 | 5317.73 | 8.20 | False | 0.00 | N/A | 1.21 | 1.19 | 1.20 | 0.00 |  | 549300U301TLYWQNC025 | RFMZ<br> N | MP |
| 127 | Matisse Discounted Bond CEF | FSCO | The FS Credit | Opportunities Corp |  | 30290Y101 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 6.30 |  |  |  |  |  | The FS Credit | Opportunities Corp |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 191700.00 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 300000.00 | 1899943.72 | 1899943.72 | 1890000.00 | 1890000.00 | -9943.72 | -9943.72 | 10.14 | False | 0.00 | N/A | 3.67 | 3.62 | 3.63 | 0.00 |  |  | FSCO<br> N | MP |
| 127 | Matisse Discounted Bond CEF | WIA | Western Asset | Securities & Income |  | 95766Q106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 8.27 |  |  |  |  |  | Western Asset | Securities & Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 98413.39 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 53254.00 | 428180.54 | 428180.54 | 440410.58 | 440410.58 | 12230.04 | 12230.04 | 22.35 | False | 0.00 | N/A | 0.86 | 0.84 | 0.85 | 0.00 |  |  | WIA<br> N | MP |
| 127 | Matisse Discounted Bond CEF | WIW | Western Asset | Opp & Income Fund |  | 95766R104 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 8.59 |  |  |  |  |  | Western Asset | Opp & Income Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 207000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 230000.00 | 2189332.61 | 2189332.61 | 1975700.00 | 1975700.00 | -213632.61 | -213632.61 | 10.48 | False | 0.00 | N/A | 3.84 | 3.78 | 3.80 | 0.00 |  |  | WIW<br> N | MP |
| 127 | Matisse Discounted Bond CEF | SBI | WESTERN ASSET | INTERMEDIATE |  | 958435109 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 7.68 |  |  |  |  |  | WESTERN ASSET | INTERMEDIATE |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1202.63 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 4147.00 | 37477.92 | 37477.92 | 31848.96 | 31848.96 | -5628.96 | -5628.96 | 3.78 | False | 0.00 | N/A | 0.06 | 0.06 | 0.06 | 0.00 |  |  | SBI<br> N | MP |
| 127 | Matisse Discounted Bond CEF | XFLT | XAI Octagon Floating | Rate Alternative In |  | 98400T106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 4.80 |  |  |  |  |  | XAI Octagon Floating | Rate Alternative In |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 388800.00 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 400000.00 | 2084100.07 | 2084100.07 | 1920000.00 | 1920000.00 | -164100.07 | -164100.07 | 20.25 | False | 0.00 | N/A | 3.73 | 3.67 | 3.69 | 0.00 |  |  | XFLT<br> N | MP |
| 127 | Matisse Discounted Bond CEF | VFL | DELAWARE INV NATL | MUNI FUND |  | 24610T108 | 1064 | Investment Companies |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 1/0/1900 |  |  | 10.27 |  |  |  |  |  | DELAWARE INV NATL | MUNI FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 79135.93 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 174693.00 | 1704407.41 | 1704407.41 | 1794097.11 | 1794097.11 | 89689.70 | 89689.70 | 4.41 | False | 0.00 | N/A | 3.49 | 3.43 | 3.45 | 0.00 |  |  | VFL<br> N | MP |
| 127 | Matisse Discounted Bond CEF | FMN | Federated Hermes Pre | mier Municipal Incom |  | 31423P108 | 1080 | Municipal |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 11.11 |  |  |  |  |  | Federated Hermes Pre | mier Municipal Incom |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52154.83 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 117731.00 | 1256153.02 | 1256153.02 | 1307991.41 | 1307991.41 | 51838.39 | 51838.39 | 3.99 | False | 0.00 | N/A | 2.54 | 2.50 | 2.51 | 0.00 |  | R05X5UQ874RGFF7HHD84 | FMN | MP |
| 127 | Matisse Discounted Bond CEF | FIGXX | Fidelity Investments | Money Market Funds |  | 316175108 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/1/2026 |  |  | 100.00 |  |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 735389.81 | L<br> N |  |  | 12/31/2025<br> C |  | 127;USD | USD | 20079396.09 | 20079396.09 | 20079396.09 | 20079396.09 | 20079396.09 | 0.00 | 0.00 | 3.66 | False | 3.65 |  | 39.03 | 38.41 | 38.57 | 0.00 |  |  | FIGXX<br> N | AC |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Starboard Investment Trust

- **b. Investment Company Act file number:** 811-22298

- **c. CIK number of Registrant:** 0001464413

- **d. LEI of Registrant:** 549300IGQEISLESO0528

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 116 South Franklin Street

  - **City:** Rocky Mount

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 27804

  - **Telephone number:** 252-972-9922

**Item A.2. Information about the Series.**

- **a. Name of Series:** Matisse Discounted Bond CEF Strategy

- **b. EDGAR series identifier (if any):** S000061872

- **c. LEI of Series:** 549300VDRUKECI4KMZ43

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $52270606.28

**Total Liabilities:** $216768.09

**Net Assets:** $52053838.19

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200403 | 0.57%                | -0.27%               | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $54790.64                | $50284.20                                  |
| Month 2  | $16175.52                | $-335353.81                                |
| Month 3  | $250644.61               | $-260172.23                                |

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BlackRock New York M | CLOSED-E | CUSIP: 09248L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69921 | NS      | $708998.94    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Municipal  | CLOSED-E | CUSIP: 09257P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90000 | NS      | $2053800.00   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BRANDYWINE GLOBAL    | CLOSED-E | CUSIP: 10537L104<br>LEI: 549300P4CDQCJBGI0833 | Long             | EC               | CORP              | US        |    145866 | NS      | $1220898.42   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Yield Munic | CLOSED-E | CUSIP: 59318E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    262208 | NS      | $920350.08    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Income Muni | CLOSED-E | CUSIP: 59318D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73090 | NS      | $270433.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Investment Grade | CLOSED-E | CUSIP: 59318B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86381 | NS      | $686728.95    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Pre | CLOSED-E | CUSIP: 31423P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117731 | NS      | $1307991.41   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| The FS Credit        | CLOSED-E | CUSIP: 30290Y101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $1890000.00   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Credit        | CLOSED-E | CUSIP: 67073D102<br>LEI: W4CSTD4RDGQSJ4FOVO30 | Long             | EC               | CORP              | US        |    170247 | NS      | $854639.94    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Strategic        | CLOSED-E | CUSIP: 05588W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141870 | NS      | $902293.20    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Municipal Income | CLOSED-E | CUSIP: 552738106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27412 | NS      | $148847.16    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldin | CLOSED-E | CUSIP: 09254L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78600 | NS      | $833160.00    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Mun | CLOSED-E | CUSIP: 64124P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135900 | NS      | $1375308.00   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Pennsylvania  | CLOSED-E | CUSIP: 670972108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34440 | NS      | $409491.60    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO California Mun | CLOSED-E | CUSIP: 72200N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    588502 | NS      | $5137622.46   | 9.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO New York Munic | CLOSED-E | CUSIP: 72200Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    618726 | NS      | $4263022.14   | 8.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Flexible  | CLOSED-E | CUSIP: 76883Y107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49190 | NS      | $622745.40    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ASSET        | CLOSED-E | CUSIP: 958435109<br>LEI: 5493000MG5MROBD48K57 | Long             | EC               | CORP              | US        |      4147 | NS      | $31848.96     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DELAWARE INV NATL    | CLOSED-E | CUSIP: 24610T108<br>LEI: NIC7ULNUGCUI836YP119 | Long             | EC               | CORP              | US        |    174693 | NS      | $1794097.11   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Senior       | CLOSED-E | CUSIP: 46131H107<br>LEI: 549300C38VE5Y5R75E56 | Long             | EC               | CORP              | US        |    489082 | NS      | $1599298.14   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset        | CLOSED-E | CUSIP: 95766Q106<br>LEI: 549300BKG7Y2MQAORR48 | Long             | EC               | CORP              | US        |     53254 | NS      | $440410.58    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset        | CLOSED-E | CUSIP: 95766R104<br>LEI: 549300Z3DNF4FJBJ4A87 | Long             | EC               | CORP              | US        |    230000 | NS      | $1975700.00   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| XAI Octagon Floating | CLOSED-E | CUSIP: 98400T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    400000 | NS      | $1920000.00   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |  20079396 | NS      | $20079396.09  | 38.57%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-26

**Name of Applicant:** Starboard Investment Trust

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

**Title:** Principal Accounting Officer/Principal Financial Officer