# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0001387131-23-000824
**Filing Date:** 2023-1
**Character Count:** 11860
**Document Hash:** 2f3f0154f3bf787c5a6865c69fbf9900
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-000824.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001387131-23-000824

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Starboard Investment Trust
- **CENTRAL INDEX KEY:** 0001464413
- **IRS NUMBER:** 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:** 23561958

**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

### Adaptive High Income ETF (Series ID: S000072158)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000227948 | Adaptive High Income ETF | AHHX            |

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | 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 | PROCESS_TYPE | 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 |
| 854 | Adaptive High Income ETF | XLE | Energy Select Sector | SPDR Fund |  | 81369Y506 | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 91.15 |  |  |  |  |  | Energy Select Sector | SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 62852.46 | L<br> N |  |  | 11/30/2022 | T |  | 854;USD | USD | 20565.00 | 1607739.76 | 1607739.76 | 1874499.75 | 1874499.75 | 266759.99 | 266759.99 | 3.35 | False | 0.00 | N/A | 5.45 | 5.41 | 5.45 | 0.00 |  |  |
| 854 | Adaptive High Income ETF | XLF | Financial Select Sec | tor SPDR Fund |  | 81369Y605 | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 36.31 |  |  |  |  |  | Financial Select Sec | tor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25316.86 | L<br> N |  |  | 11/30/2022 | T |  | 854;USD | USD | 37630.00 | 1294534.19 | 1294534.19 | 1366345.30 | 1366345.30 | 71811.11 | 71811.11 | 1.85 | False | 0.00 | N/A | 3.97 | 3.94 | 3.97 | 0.00 |  |  |
| 854 | Adaptive High Income ETF | MLPA | GLOBAL X MLP ETF |  |  | 37954Y343 | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 43.00 |  |  |  |  |  | GLOBAL X MLP ETF |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 138004.02 | L<br> N |  |  | 11/30/2022 | T |  | 854;USD | USD | 46466.00 | 1951845.85 | 1951845.85 | 1998038.00 | 1998038.00 | 46192.15 | 46192.15 | 6.91 | False | 0.00 | N/A | 5.81 | 5.76 | 5.81 | 0.00 |  |  |
| 854 | Adaptive High Income ETF | QQQ | Invesco QQQ Trust Se | ries 1 |  | 46090E103 | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 293.36 |  |  |  |  |  | Invesco QQQ Trust Se | ries 1 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16251.39 | L<br> N |  |  | 11/30/2022 | T |  | 854;USD | USD | 8245.00 | 2532511.58 | 2532511.58 | 2418753.20 | 2418753.20 | -113758.38 | -113758.38 | 0.67 | False | 0.00 | N/A | 7.03 | 6.97 | 7.03 | 0.00 |  |  |
| 854 | Adaptive High Income ETF | USHY | ISHARES BROAD USD | HIGH YIELD |  | 46435U853 | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 35.45 |  |  |  |  |  | ISHARES BROAD USD | HIGH YIELD |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1182585.09 | L<br> N |  |  | 11/30/2022 | T |  | 854;USD | USD | 560613.00 | 20048559.59 | 20048559.59 | 19873730.85 | 19873730.85 | -174828.74 | -174828.74 | 5.95 | False | 0.00 | N/A | 57.75 | 57.31 | 57.79 | 0.00 |  |  |
| 854 | Adaptive High Income ETF | FALN | ISHARES U.S. FALLEN | ANGLES |  | 46435G474 | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 24.97 |  |  |  |  |  | ISHARES U.S. FALLEN | ANGLES |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 150388.17 | L<br> N |  |  | 11/30/2022 | T |  | 854;USD | USD | 122029.00 | 3184805.28 | 3184805.28 | 3047064.13 | 3047064.13 | -137741.15 | -137741.15 | 4.94 | False | 0.00 | N/A | 8.85 | 8.79 | 8.86 | 0.00 |  |  |
| 854 | Adaptive High Income ETF | VNQ | VANGUARD REAL ESTATE | ETF |  | 922908553 | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 88.08 |  |  |  |  |  | VANGUARD REAL ESTATE | ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55475.04 | L<br> N |  |  | 11/30/2022 | T |  | 854;USD | USD | 17805.00 | 1686238.54 | 1686238.54 | 1568264.40 | 1568264.40 | -117974.14 | -117974.14 | 3.54 | False | 0.00 | N/A | 4.56 | 4.52 | 4.56 | 0.00 |  |  |
| 854 | Adaptive High Income ETF | FIGXX | Fidelity Investments | Money Market Funds |  | 316175108 | UNGROUPED SECURITIES |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/26/2023 |  |  | 100.00 |  |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 81084.55 | L<br> N |  |  | 11/30/2022 | T |  | 854;USD | USD | 2266784.90 | 2266784.90 | 2266784.90 | 2266784.90 | 2266784.90 | 0.00 | 0.00 | 4.17 | False | 4.17 |  | 6.59 | 6.54 | 6.59 | 0.00 |  |  |

---

## 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:** Adaptive High Income ETF

- **b. EDGAR series identifier (if any):** S000072158

- **c. LEI of Series:** 549300G9B7MO43BXQZ45

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

- **a. Date of fiscal year-end:** 2023-05-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $34678169.67

**Total Liabilities:** $288647.50

**Net Assets:** $34389522.17

**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 C000227948 | -4.84%               | 4.36%                | 3.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1904948.77                               |
| Month 2  | $-17326.03               | $1388538.20                                |
| Month 3  | $10962.89                | $925450.73                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ISHARES U.S. FALLEN  | ETF      | CUSIP: 46435G474<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122029 | NS      | $3047064.13   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL X MLP ETF     | ETF      | CUSIP: 37954Y343<br>LEI: 5493002HV8507QNNGD19 | Long             | EC               | CORP              | US        |     46466 | NS      | $1998038.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Se | ETF      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | CORP              | US        |      8245 | NS      | $2418753.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES BROAD USD    | ETF      | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | CORP              | US        |    560613 | NS      | $19873730.85  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| VANGUARD REAL ESTATE | ETF      | CUSIP: 922908553<br>LEI: 5493002789CX3L0CJP65 | Long             | EC               | CORP              | US        |     17805 | NS      | $1568264.40   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Select Sector | ETF      | CUSIP: 81369Y506<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20565 | NS      | $1874499.75   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Select Sec | ETF      | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             | EC               | CORP              | US        |     37630 | NS      | $1366345.30   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |   2523514 | NS      | $2523514.32   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-19

**Name of Applicant:** Starboard Investment Trust

**Signature:** Ashley Lanham

**Name of Signer:** Ashley Lanham

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