# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-25-004011
**Filing Date:** 2025-10
**Character Count:** 110068
**Document Hash:** 33a21673e17ced7aa287fe0f496d8ed0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004011.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002000324-25-004011

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**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:** 251419417

**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 Alpha Opportunities ETF (Series ID: S000070423)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000223904 | Adaptive Alpha Opportunities ETF | AGOX            |

## 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 | LONGSHORT | 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 |
| 863 | Adaptive Alpha Opportunities ETF | HWM | HOWMET AEROSPACE INC |  |  | 443201108 | 1002 | Defense |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 174.10 |  |  |  |  |  | HOWMET AEROSPACE INC |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4463.69 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 26257.00 | 1154549.10 | 1154549.10 | 4571343.70 | 4571343.70 | 3416794.60 | 3416794.60 | 0.10 | False | 0.00 | N/A | 1.34 | 1.32 | 1.34 | 0.00 |  |  | HWM<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | RKLB | Rocket Lab USA Inc |  |  | 773121108 | 1002 | Defense |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 48.60 |  |  |  |  |  | Rocket Lab USA Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 945.00 | 42602.30 | 42602.30 | 45927.00 | 45927.00 | 3324.70 | 3324.70 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | RKLB<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | TDG | TransDigm Group Inc |  |  | 893641100 | 1002 | Defense |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 1/0/1900 |  |  | 1398.88 |  |  |  |  |  | TransDigm Group Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 69335.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1981.00 | 1625895.13 | 1625895.13 | 2771181.28 | 2771181.28 | 1145286.15 | 1145286.15 | 2.50 | False | 0.00 | N/A | 0.81 | 0.80 | 0.81 | 0.00 |  |  | TDG<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | TSLA | Tesla Inc |  |  | 88160R101 | 1012 | Auto Manufacturers |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 333.87 |  |  |  |  |  | Tesla Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 30382.00 | 9460774.27 | 9460774.27 | 10143638.34 | 10143638.34 | 682864.07 | 682864.07 | 0.00 | False | 0.00 | N/A | 2.97 | 2.92 | 2.97 | 0.00 |  |  | TSLA<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | JPM | JPMorgan Chase & Co |  |  | 46625H100 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 301.42 |  |  |  |  |  | JPMorgan Chase & Co |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 139968.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 34560.00 | 8444144.35 | 8444144.35 | 10417075.20 | 10417075.20 | 1972930.85 | 1972930.85 | 1.34 | False | 0.00 | N/A | 3.05 | 3.00 | 3.05 | 0.00 |  |  | JPM<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | VRTX | Vertex Pharmaceutica | ls Inc |  | 92532F100 | 1017 | Biotech |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 391.02 |  |  |  |  |  | Vertex Pharmaceutica | ls Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 7603.00 | 2710158.08 | 2710158.08 | 2972925.06 | 2972925.06 | 262766.98 | 262766.98 | 0.00 | False | 0.00 | N/A | 0.87 | 0.86 | 0.87 | 0.00 |  |  | VRTX<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | ECL | Ecolab Inc |  |  | 278865100 | 1025 | Commercial Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MN | MINNESOTA | USD | US DOLLAR | 1/0/1900 |  |  | 277.04 |  |  |  |  |  | Ecolab Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8063.28 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 3733.00 | 725377.96 | 725377.96 | 1034190.32 | 1034190.32 | 308812.36 | 308812.36 | 0.78 | False | 0.00 | N/A | 0.30 | 0.30 | 0.30 | 0.00 |  |  | ECL<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | VRSK | Verisk Analytics Inc |  |  | 92345Y106 | 1025 | Commercial Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 1/0/1900 |  |  | 268.12 |  |  |  |  |  | Verisk Analytics Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17847.28 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 13123.00 | 2815211.84 | 2815211.84 | 3518538.76 | 3518538.76 | 703326.92 | 703326.92 | 0.51 | False | 0.00 | N/A | 1.03 | 1.01 | 1.03 | 0.00 |  |  | VRSK<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | AAPL | Apple Inc |  |  | 037833100 | 1027 | IT Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 232.14 |  |  |  |  |  | Apple Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3092.25 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 3255.00 | 537558.07 | 537558.07 | 755615.70 | 755615.70 | 218057.63 | 218057.63 | 0.41 | False | 0.00 | N/A | 0.22 | 0.22 | 0.22 | 0.00 |  |  | AAPL<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | RGTI | Rigetti Computing In | c |  | 76655K103 | 1027 | IT Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | DC | DISTRICT OF COLUMBIA | USD | US DOLLAR | 1/0/1900 |  |  | 16.23 |  |  |  |  |  | Rigetti Computing In | c |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 25275.00 | 206982.84 | 206982.84 | 410213.25 | 410213.25 | 203230.41 | 203230.41 | 0.00 | False | 0.00 | N/A | 0.12 | 0.12 | 0.12 | 0.00 |  |  | RGTI<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | AMP | Ameriprise Financial | Inc |  | 03076C106 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MN | MINNESOTA | USD | US DOLLAR | 1/0/1900 |  |  | 514.81 |  |  |  |  |  | Ameriprise Financial | Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14410.70 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 2719.00 | 921354.41 | 921354.41 | 1399768.39 | 1399768.39 | 478413.98 | 478413.98 | 1.03 | False | 0.00 | N/A | 0.41 | 0.40 | 0.41 | 0.00 |  |  | AMP<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | CBOE | Cboe Global Markets | Inc |  | 12503M108 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 235.95 |  |  |  |  |  | Cboe Global Markets | Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20319.60 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 9676.00 | 1476626.01 | 1476626.01 | 2283052.20 | 2283052.20 | 806426.19 | 806426.19 | 0.89 | False | 0.00 | N/A | 0.67 | 0.66 | 0.67 | 0.00 |  |  | CBOE<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | CEG | CONSTELLATION | ENERGY |  | 21037T109 | 1034 | Electric |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 307.98 |  |  |  |  |  | CONSTELLATION | ENERGY |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13172.78 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 11678.00 | 2285567.48 | 2285567.48 | 3596590.44 | 3596590.44 | 1311022.96 | 1311022.96 | 0.37 | False | 0.00 | N/A | 1.05 | 1.04 | 1.05 | 0.00 |  |  | CEG<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | NRG | NRG Energy Inc |  |  | 629377508 | 1034 | Electric |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 1/0/1900 |  |  | 145.56 |  |  |  |  |  | NRG Energy Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2559.45 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1695.00 | 169210.94 | 169210.94 | 246724.20 | 246724.20 | 77513.26 | 77513.26 | 1.04 | False | 0.00 | N/A | 0.07 | 0.07 | 0.07 | 0.00 |  |  | NRG<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | VST | Vistra Energy Corp |  |  | 92840M102 | 1034 | Electric |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 189.11 |  |  |  |  |  | Vistra Energy Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3950.65 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 4812.00 | 784468.81 | 784468.81 | 909997.32 | 909997.32 | 125528.51 | 125528.51 | 0.43 | False | 0.00 | N/A | 0.27 | 0.26 | 0.27 | 0.00 |  |  | VST<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | BMI | Badger Meter Inc |  |  | 056525108 | 1036 | Electronics |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 182.92 |  |  |  |  |  | Badger Meter Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13297.68 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 13432.00 | 2178178.66 | 2178178.66 | 2456981.44 | 2456981.44 | 278802.78 | 278802.78 | 0.54 | False | 0.00 | N/A | 0.72 | 0.71 | 0.72 | 0.00 |  |  | BMI<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | FTDR | frontdoor Inc |  |  | 35905A109 | 1038 | Engineering&Construc | tion | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 1/0/1900 |  |  | 60.75 |  |  |  |  |  | frontdoor Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 30822.00 | 1698787.38 | 1698787.38 | 1872436.50 | 1872436.50 | 173649.12 | 173649.12 | 0.00 | False | 0.00 | N/A | 0.55 | 0.54 | 0.55 | 0.00 |  |  | FTDR<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | IESC | IES Holdings Inc |  |  | 44951W106 | 1038 | Engineering&Construc | tion | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 349.31 |  |  |  |  |  | IES Holdings Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 5676.00 | 867264.42 | 867264.42 | 1982683.56 | 1982683.56 | 1115419.14 | 1115419.14 | 0.00 | False | 0.00 | N/A | 0.58 | 0.57 | 0.58 | 0.00 |  |  | IESC<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | BSX | Boston Scientific Co | rp |  | 101137107 | 1054 | Healthcare-Products |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 105.50 |  |  |  |  |  | Boston Scientific Co | rp |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 75388.00 | 7714963.82 | 7714963.82 | 7953434.00 | 7953434.00 | 238470.18 | 238470.18 | 0.00 | False | 0.00 | N/A | 2.33 | 2.29 | 2.33 | 0.00 |  |  | BSX<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | GRBK | Green Brick Partners | Inc |  | 392709101 | 1057 | Home Builders |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 69.84 |  |  |  |  |  | Green Brick Partners | Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1072.00 | 55828.97 | 55828.97 | 74868.48 | 74868.48 | 19039.51 | 19039.51 | 0.00 | False | 0.00 | N/A | 0.02 | 0.02 | 0.02 | 0.00 |  |  | GRBK<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | PGR | Progressive Corp/The |  |  | 743315103 | 1062 | Insurance |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 1/0/1900 |  |  | 247.06 |  |  |  |  |  | Progressive Corp/The |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1.60 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 4.00 | 820.84 | 820.84 | 988.24 | 988.24 | 167.40 | 167.40 | 0.16 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | PGR<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | AMZN | Amazon.com Inc |  |  | 023135106 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 1/0/1900 |  |  | 229.00 |  |  |  |  |  | Amazon.com Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 38263.00 | 6841637.41 | 6841637.41 | 8762227.00 | 8762227.00 | 1920589.59 | 1920589.59 | 0.00 | False | 0.00 | N/A | 2.56 | 2.53 | 2.57 | 0.00 |  |  | AMZN | MP |
| 863 | Adaptive Alpha Opportunities ETF | BKNG | Booking Holdings Inc |  |  | 09857L108 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 1/0/1900 |  |  | 5599.05 |  |  |  |  |  | Booking Holdings Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 296.00 | 753811.38 | 753811.38 | 1657318.80 | 1657318.80 | 903507.42 | 903507.42 | 0.00 | False | 0.00 | N/A | 0.48 | 0.48 | 0.49 | 0.00 |  |  | BKNG<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | META | META PLATFORMS INC. |  |  | 30303M102 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 738.70 |  |  |  |  |  | META PLATFORMS INC. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 6427.00 | 4563191.42 | 4563191.42 | 4747624.90 | 4747624.90 | 184433.48 | 184433.48 | 0.00 | False | 0.00 | N/A | 1.39 | 1.37 | 1.39 | 0.00 |  |  | META<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | CRS | Carpenter Technology | Corporation |  | 144285103 | 1065 | Iron/Steel |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 240.88 |  |  |  |  |  | Carpenter Technology | Corporation |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 326.40 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 408.00 | 49928.43 | 49928.43 | 98279.04 | 98279.04 | 48350.61 | 48350.61 | 0.33 | False | 0.00 | N/A | 0.03 | 0.03 | 0.03 | 0.00 |  |  | CRS<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | GE | General Electric Co |  |  | 369604301 | 1076 | Miscellaneous Manufa |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 275.20 |  |  |  |  |  | General Electric Co |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 682.24 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 2132.00 | 364806.74 | 364806.74 | 586726.40 | 586726.40 | 221919.66 | 221919.66 | 0.12 | False | 0.00 | N/A | 0.17 | 0.17 | 0.17 | 0.00 |  |  | GE<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | AROC | Archrock Inc |  |  | 03957W106 | 1084 | Oil&Gas Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 24.76 |  |  |  |  |  | Archrock Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19973.84 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 32744.00 | 732325.08 | 732325.08 | 810741.44 | 810741.44 | 78416.36 | 78416.36 | 2.46 | False | 0.00 | N/A | 0.24 | 0.23 | 0.24 | 0.00 |  |  | AROC<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | LLY | Eli Lilly & Co |  |  | 532457108 | 1088 | Private Equity |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 1/0/1900 |  |  | 732.58 |  |  |  |  |  | Eli Lilly & Co |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4366.32 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 966.00 | 802286.67 | 802286.67 | 707672.28 | 707672.28 | -94614.39 | -94614.39 | 0.62 | False | 0.00 | N/A | 0.21 | 0.20 | 0.21 | 0.00 |  |  | LLY<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | NVO | Novo Nordisk A/S |  |  | 670100205 | 1088 | Private Equity |  | COMMSTCK | COMMON STOCK |  |  |  | DKK | DENMARK |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 56.46 |  |  |  |  |  | Novo Nordisk A/S |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1160.61 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1129.00 | 100427.24 | 100444.18 | 63743.34 | 63743.34 | -36700.84 | -36700.84 | 1.82 | False | 0.00 | N/A | 0.02 | 0.02 | 0.02 | 0.00 |  | 529900UTAHSVRYZL0380 | NVO<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | TRGP | Targa Resources Corp |  |  | 87612G101 | 1089 | Pipelines |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 167.76 |  |  |  |  |  | Targa Resources Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11495.90 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 6214.00 | 1197446.33 | 1197446.33 | 1042460.64 | 1042460.64 | -154985.69 | -154985.69 | 1.10 | False | 0.00 | N/A | 0.30 | 0.30 | 0.31 | 0.00 |  |  | TRGP<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | CPRT | Copart Inc |  |  | 217204106 | 1095 | Retail |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 48.81 |  |  |  |  |  | Copart Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 52049.00 | 2131762.69 | 2131762.69 | 2540511.69 | 2540511.69 | 408749.00 | 408749.00 | 0.00 | False | 0.00 | N/A | 0.74 | 0.73 | 0.74 | 0.00 |  |  | CPRT<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | DG | Dollar General Corp |  |  | 256677105 | 1095 | Retail |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 1/0/1900 |  |  | 108.76 |  |  |  |  |  | Dollar General Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2577.52 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1111.00 | 92579.70 | 92579.70 | 120832.36 | 120832.36 | 28252.66 | 28252.66 | 2.13 | False | 0.00 | N/A | 0.04 | 0.03 | 0.04 | 0.00 |  |  | DG<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | WINA | Winmark Corp |  |  | 974250102 | 1095 | Retail |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MN | MINNESOTA | USD | US DOLLAR | 1/0/1900 |  |  | 463.84 |  |  |  |  |  | Winmark Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21812.50 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1745.00 | 640726.48 | 628253.98 | 809400.80 | 809400.80 | 181146.82 | 181146.82 | 2.69 | False | 0.00 | N/A | 0.24 | 0.23 | 0.24 | 0.00 |  | 549300Q9TEYQDQWWSY98 | WINA<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | AVGO | Broadcom Inc |  |  | 11135F101 | 1097 | Semiconductor Device |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 297.39 |  |  |  |  |  | Broadcom Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 483279.45 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 25369.00 | 6373951.86 | 6373951.86 | 7544486.91 | 7544486.91 | 1170535.05 | 1170535.05 | 6.41 | False | 0.00 | N/A | 2.21 | 2.17 | 2.21 | 0.00 |  |  | AVGO<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | NVDA | NVIDIA Corp |  |  | 67066G104 | 1097 | Semiconductor Device |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 174.18 |  |  |  |  |  | NVIDIA Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3836.64 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 23979.00 | 3716083.17 | 3716083.17 | 4176662.22 | 4176662.22 | 460579.05 | 460579.05 | 0.09 | False | 0.00 | N/A | 1.22 | 1.20 | 1.22 | 0.00 |  |  | NVDA<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | PLTR | Palantir Technologie | s Inc |  | 69608A108 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 1/0/1900 |  |  | 156.71 |  |  |  |  |  | Palantir Technologie | s Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 97910.00 | 14349794.82 | 14349794.82 | 15343476.10 | 15343476.10 | 993681.28 | 993681.28 | 0.00 | False | 0.00 | N/A | 4.49 | 4.42 | 4.49 | 0.00 |  | 549300UVN46B3BBDHO85 | PLTR<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | TYL | Tyler Technologies I | nc |  | 902252105 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 562.88 |  |  |  |  |  | Tyler Technologies I | nc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1583.00 | 828599.62 | 828599.62 | 891039.04 | 891039.04 | 62439.42 | 62439.42 | 0.00 | False | 0.00 | N/A | 0.26 | 0.26 | 0.26 | 0.00 |  |  | TYL<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | ZETA | Zeta Global Holdings | Corp |  | 98956A105 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 19.64 |  |  |  |  |  | Zeta Global Holdings | Corp |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 3746.00 | 55825.83 | 55825.83 | 73571.44 | 73571.44 | 17745.61 | 17745.61 | 0.00 | False | 0.00 | N/A | 0.02 | 0.02 | 0.02 | 0.00 |  | 2549008P9XSJQHGQ9S27 | ZETA<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | ANET | Arista Networks Inc |  |  | 040413205 | 1104 | Telecommunications |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 136.55 |  |  |  |  |  | Arista Networks Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1022.00 | 115777.93 | 115777.93 | 139554.10 | 139554.10 | 23776.17 | 23776.17 | 0.00 | False | 0.00 | N/A | 0.04 | 0.04 | 0.04 | 0.00 |  |  | ANET<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | T | AT&T Inc |  |  | 00206R102 | 1104 | Telecommunications |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 29.29 |  |  |  |  |  | AT&T Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 138276.03 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 124573.00 | 2102940.99 | 2102940.99 | 3648743.17 | 3648743.17 | 1545802.18 | 1545802.18 | 3.79 | False | 0.00 | N/A | 1.07 | 1.05 | 1.07 | 0.00 |  |  | T<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | COMM | CommScope Holding Co | Inc |  | 20337X109 | 1104 | Telecommunications |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 1/0/1900 |  |  | 16.04 |  |  |  |  |  | CommScope Holding Co | Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1266.00 | 6337.04 | 6337.04 | 20306.64 | 20306.64 | 13969.60 | 13969.60 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | COMM<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | VRT | VERTIV HOLDINGS |  |  | 92537N108 | C30C | Elect. Plant/Equip. |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 1/0/1900 |  |  | 127.55 |  |  |  |  |  | VERTIV HOLDINGS |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 2428.00 | 211864.27 | 211864.27 | 309691.40 | 309691.40 | 97827.13 | 97827.13 | 0.00 | False | 0.00 | N/A | 0.09 | 0.09 | 0.09 | 0.00 |  |  | VRT<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | AMD | Advanced Micro | Devices Inc |  | 007903107 | D40D | Semiconductors |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 162.63 |  |  |  |  |  | Advanced Micro | Devices Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 215.00 | 20133.15 | 20133.15 | 34965.45 | 34965.45 | 14832.30 | 14832.30 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | AMD<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | MSFT | Microsoft Corp |  |  | 594918104 | D50D | Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 1/0/1900 |  |  | 506.69 |  |  |  |  |  | Microsoft Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20690.64 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 7416.00 | 2972551.78 | 2972551.78 | 3757613.04 | 3757613.04 | 785061.26 | 785061.26 | 0.55 | False | 0.00 | N/A | 1.10 | 1.08 | 1.10 | 0.00 |  |  | MSFT<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | CRM | salesforce.com Inc |  |  | 79466L302 | D50D | Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 256.25 |  |  |  |  |  | salesforce.com Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 641.00 | 156344.82 | 156344.82 | 164256.25 | 164256.25 | 7911.43 | 7911.43 | 0.00 | False | 0.00 | N/A | 0.05 | 0.05 | 0.05 | 0.00 |  |  | CRM<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | ARGT | Global X MSCI Argent | ina ETF |  | 37950E259 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 80.15 |  |  |  |  |  | Global X MSCI Argent | ina ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19092.94 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 23341.00 | 1142070.28 | 1142070.28 | 1870781.15 | 1870781.15 | 728710.87 | 728710.87 | 1.02 | False | 0.00 | N/A | 0.55 | 0.54 | 0.55 | 0.00 |  | 5493002TMUWISFBTZV19 | ARGT<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | EPOL | iShares MSCI Poland | ETF |  | 46429B606 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 31.70 |  |  |  |  |  | iShares MSCI Poland | ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13753.76 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 51320.00 | 1511344.68 | 1511344.68 | 1626844.00 | 1626844.00 | 115499.32 | 115499.32 | 0.85 | False | 0.00 | N/A | 0.48 | 0.47 | 0.48 | 0.00 |  | 549300AWENQCY4VS9S36 | EPOL<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | EWO | ISHARES MSCI AUSTRIA |  |  | 464286202 | 1040 | Exchange Traded Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 30.81 |  |  |  |  |  | ISHARES MSCI AUSTRIA |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 49450.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 50000.00 | 1400500.00 | 1400500.00 | 1540500.00 | 1540500.00 | 140000.00 | 140000.00 | 3.21 | False | 0.00 | N/A | 0.45 | 0.44 | 0.45 | 0.00 |  |  | EWO<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | XAR | SPDR S&P AEROSPACE |  |  | 78464A631 | 1040 | Exchange Traded Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 217.44 |  |  |  |  |  | SPDR S&P AEROSPACE |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10187.35 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 13804.00 | 1728795.39 | 1728795.39 | 3001541.76 | 3001541.76 | 1272746.37 | 1272746.37 | 0.34 | False | 0.00 | N/A | 0.88 | 0.86 | 0.88 | 0.00 |  |  | XAR<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | XLC | Communication Servic | es Select Sector SPD |  | 81369Y852 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 111.39 |  |  |  |  |  | Communication Servic | es Select Sector SPD |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 66810.41 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 112098.00 | 11806912.23 | 11806912.23 | 12486596.22 | 12486596.22 | 679683.99 | 679683.99 | 0.54 | False | 0.00 | N/A | 3.65 | 3.60 | 3.66 | 0.00 |  |  | XLC<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | XLF | Financial Select Sec | tor SPDR Fund |  | 81369Y605 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 53.99 |  |  |  |  |  | Financial Select Sec | tor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 91198.28 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 142275.00 | 6493054.92 | 6493054.92 | 7681427.25 | 7681427.25 | 1188372.33 | 1188372.33 | 1.19 | False | 0.00 | N/A | 2.25 | 2.21 | 2.25 | 0.00 |  |  | XLF<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | COLO | Global X MSCI Colomb | ia ETF |  | 37954Y327 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 31.98 |  |  |  |  |  | Global X MSCI Colomb | ia ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 16368.00 | 479982.46 | 479982.46 | 523448.64 | 523448.64 | 43466.18 | 43466.18 | 0.00 | False | 0.00 | N/A | 0.15 | 0.15 | 0.15 | 0.00 |  | 98840072S6T63E2V1291 | COLO<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | QQQ | Invesco QQQ Trust Se | ries 1 |  | 46090E103 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 570.40 |  |  |  |  |  | Invesco QQQ Trust Se | ries 1 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51911.92 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 20470.00 | 10515312.09 | 10515312.09 | 11676088.00 | 11676088.00 | 1160775.91 | 1160775.91 | 0.44 | False | 0.00 | N/A | 3.41 | 3.36 | 3.42 | 0.00 |  |  | QQQ<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | IWM | iShares Russell 2000 | ETF |  | 464287655 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 235.17 |  |  |  |  |  | iShares Russell 2000 | ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 154386.88 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 57138.00 | 12291906.28 | 12291906.28 | 13437143.46 | 13437143.46 | 1145237.18 | 1145237.18 | 1.15 | False | 0.00 | N/A | 3.93 | 3.87 | 3.93 | 0.00 |  |  | IWM<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | KCE | SPDR S&P | CAPITAL MARKETS ETF |  | 78464A771 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 155.58 |  |  |  |  |  | SPDR S&P | CAPITAL MARKETS ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 48891.10 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 26328.00 | 2290662.20 | 2290662.20 | 4096110.24 | 4096110.24 | 1805448.04 | 1805448.04 | 1.19 | False | 0.00 | N/A | 1.20 | 1.18 | 1.20 | 0.00 |  |  | KCE<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | SPY | SPDR S&P 500 ETF Tru | st |  | 78462F103 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 645.05 |  |  |  |  |  | SPDR S&P 500 ETF Tru | st |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 135399.94 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 20410.00 | 12842003.54 | 12842003.54 | 13165470.50 | 13165470.50 | 323466.96 | 323466.96 | 1.03 | False | 0.00 | N/A | 3.85 | 3.79 | 3.85 | 0.00 |  |  | SPY<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | XLK | Technology Select Se | ctor SPDR Fund |  | 81369Y803 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 262.45 |  |  |  |  |  | Technology Select Se | ctor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14108.53 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 9670.00 | 2183942.64 | 2183942.64 | 2537891.50 | 2537891.50 | 353948.86 | 353948.86 | 0.56 | False | 0.00 | N/A | 0.74 | 0.73 | 0.74 | 0.00 |  |  | XLK<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | XLU | Utilities Select Sec | tor SPDR Fund |  | 81369Y886 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 84.32 |  |  |  |  |  | Utilities Select Sec | tor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1000.00 | 78268.01 | 78268.01 | 84320.00 | 84320.00 | 6051.99 | 6051.99 | 0.00 | False | 0.00 | N/A | 0.02 | 0.02 | 0.02 | 0.00 |  |  | XLU<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | SMH | VanEck Vectors Semic | onductor ETF |  | 92189F676 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 290.29 |  |  |  |  |  | VanEck Vectors Semic | onductor ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44665.99 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 28390.00 | 7573530.47 | 7573530.47 | 8241333.10 | 8241333.10 | 667802.63 | 667802.63 | 0.54 | False | 0.00 | N/A | 2.41 | 2.38 | 2.41 | 0.00 |  |  | SMH<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | VFH | Vanguard Financials | ETF |  | 92204A405 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 131.97 |  |  |  |  |  | Vanguard Financials | ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 132299.52 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 68906.00 | 6697143.46 | 6697143.46 | 9093524.82 | 9093524.82 | 2396381.36 | 2396381.36 | 1.45 | False | 0.00 | N/A | 2.66 | 2.62 | 2.66 | 0.00 |  |  | VFH<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | VGK | Vanguard FTSE Europe | ETF |  | 922042874 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 78.50 |  |  |  |  |  | Vanguard FTSE Europe | ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 131418.70 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 66710.00 | 5073723.96 | 5073723.96 | 5236735.00 | 5236735.00 | 163011.04 | 163011.04 | 2.51 | False | 0.00 | N/A | 1.53 | 1.51 | 1.53 | 0.00 |  | 5493002789CX3L0CJP65 | VGK<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | DARXX | DREYFUS TR SEC | CSH MGMT |  | 261941306 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 8/30/2025 |  |  | 100.00 |  |  |  |  |  | DREYFUS TR SEC | CSH MGMT |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4694007.70 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 116947921.00 | 116947921.00 | 116947921.00 | 116947921.00 | 116947921.00 | 0.00 | 0.00 | 4.01 | False | 4.00 |  | 34.19 | 33.70 | 34.24 | 0.00 |  |  | DARXX<br> N | AC |
| 863 | Adaptive Alpha Opportunities ETF | 2576554F | AMD 250919C0017500 |  | AMD 250919C00175000 | AMD250919C175.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 2.09 |  |  |  |  |  | AMD 250919C0017500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 150.00 | 199653.64 | 199653.64 | 31275.00 | 31275.00 | -168378.64 | -168378.64 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | 2576554F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 77B87Z47 | AMZN 250919C0023500 |  | AMZN 250919C00235000 | AMZN250919C235. | AMZN250919C235. | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 2.68 |  |  |  |  |  | AMZN 250919C0023500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1000.00 | 1091026.45 | 1091026.45 | 268000.00 | 268000.00 | -823026.45 | -823026.45 | 0.00 | False | 0.00 | N/A | 0.08 | 0.08 | 0.08 | 0.00 |  |  | 77B87Z47<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 1329074F | ANET 250912C0014000 |  | ANET 250912C00140000 | ANET250912C140. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/13/2025 |  |  | 3.10 |  |  |  |  |  | ANET 250912C0014000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 356712.13 | 356712.13 | 155000.00 | 155000.00 | -201712.13 | -201712.13 | 0.00 | False | 0.00 | N/A | 0.05 | 0.04 | 0.05 | 0.00 |  |  | 1329074F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 7C8D074F | BSX 250912C0010300 |  | BSX 250912C00103000 | BSX250912C103.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/13/2025 |  |  | 3.30 |  |  |  |  |  | BSX 250912C0010300 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 177412.13 | 177412.13 | 165000.00 | 165000.00 | -12412.13 | -12412.13 | 0.00 | False | 0.00 | N/A | 0.05 | 0.05 | 0.05 | 0.00 |  |  | 7C8D074F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 7A86074F | BSX 250919C0010500 |  | BSX 250919C00105000 | BSX250919C105.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 2.33 |  |  |  |  |  | BSX 250919C0010500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 150506.13 | 150506.13 | 116250.00 | 116250.00 | -34256.13 | -34256.13 | 0.00 | False | 0.00 | N/A | 0.03 | 0.03 | 0.03 | 0.00 |  |  | 7A86074F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 3876074D | CEG 250919C0034000 |  | CEG 250919C00340000 | CEG250919C340.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 2.43 |  |  |  |  |  | CEG 250919C0034000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1.00 | 2293.02 | 2293.02 | 242.50 | 242.50 | -2050.52 | -2050.52 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 3876074D<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 3877374D | CEG 250919P0034000 |  | CEG 250919P00340000 | CEG250919P340.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 32.65 |  |  |  |  |  | CEG 250919P0034000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1.00 | 2334.02 | 2334.02 | 3265.00 | 3265.00 | 930.98 | 930.98 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 3877374D<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 3Z06074D | GE 250919C0030000 |  | GE 250919C00300000 | GE250919C300.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 0.69 |  |  |  |  |  | GE 250919C0030000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -250.00 | -61241.93 | -61241.93 | -17125.00 | -17125.00 | 44116.93 | 44116.93 | 0.00 | False | 0.00 | N/A | -0.01 | 0.00 | -0.01 | 0.00 |  |  | 3Z06074D<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | AAA67C11 | HWM 250919C0017000 |  | HWM 250919C00170000 | HWM250919C170.0 | HWM250919C170.0 | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 7.75 |  |  |  |  |  | HWM 250919C0017000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -500.00 | -280888.45 | -280888.45 | -387500.00 | -387500.00 | -106611.55 | -106611.55 | 0.00 | False | 0.00 | N/A | -0.11 | -0.11 | -0.11 | 0.00 |  |  | AAA67C11<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | BD96514F | HWM 250919C0017500 |  | HWM 250919C00175000 | HWM250919C175.0 | HWM250919C175.0 | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 5.10 |  |  |  |  |  | HWM 250919C0017500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 275512.13 | 275512.13 | 255000.00 | 255000.00 | -20512.13 | -20512.13 | 0.00 | False | 0.00 | N/A | 0.07 | 0.07 | 0.07 | 0.00 |  |  | BD96514F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 1F570843 | META 250919C0069500 |  | META 250919C00695000 | META250919C695. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 50.10 |  |  |  |  |  | META 250919C0069500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 100.00 | 367940.65 | 367940.65 | 501000.00 | 501000.00 | 133059.35 | 133059.35 | 0.00 | False | 0.00 | N/A | 0.15 | 0.14 | 0.15 | 0.00 |  |  | 1F570843<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 1A563843 | META 250919P0069000 |  | META 250919P00690000 | META250919P690. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 4.38 |  |  |  |  |  | META 250919P0069000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 100.00 | 307264.65 | 307264.65 | 43750.00 | 43750.00 | -263514.65 | -263514.65 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | 1A563843<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 8D620840 | MSFT 250919C0051000 |  | MSFT 250919C00510000 | MSFT250919C510. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 8.03 |  |  |  |  |  | MSFT 250919C0051000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 200.00 | 365731.29 | 365731.29 | 160500.00 | 160500.00 | -205231.29 | -205231.29 | 0.00 | False | 0.00 | N/A | 0.05 | 0.05 | 0.05 | 0.00 |  |  | 8D620840<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 8D633840 | MSFT 250919P0051000 |  | MSFT 250919P00510000 | MSFT250919P510. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 10.08 |  |  |  |  |  | MSFT 250919P0051000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 200.00 | 298339.29 | 298339.29 | 201500.00 | 201500.00 | -96839.29 | -96839.29 | 0.00 | False | 0.00 | N/A | 0.06 | 0.06 | 0.06 | 0.00 |  |  | 8D633840<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | C0DD074Z | NEM 250912C0006800 |  | NEM 250912C00068000 | NEM250912C68.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/13/2025 |  |  | 6.25 |  |  |  |  |  | NEM 250912C0006800 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1000.00 | 296336.25 | 296336.25 | 625000.00 | 625000.00 | 328663.75 | 328663.75 | 0.00 | False | 0.00 | N/A | 0.18 | 0.18 | 0.18 | 0.00 |  |  | C0DD074Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | DDDD074Z | NEM 250912C0007500 |  | NEM 250912C00075000 | NEM250912C75.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/13/2025 |  |  | 1.40 |  |  |  |  |  | NEM 250912C0007500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -1000.00 | -79287.75 | -79287.75 | -139500.00 | -139500.00 | -60212.25 | -60212.25 | 0.00 | False | 0.00 | N/A | -0.04 | -0.04 | -0.04 | 0.00 |  |  | DDDD074Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | CDD6544Z | NEM 250919C0006500 |  | NEM 250919C00065000 | NEM250919C65.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 9.48 |  |  |  |  |  | NEM 250919C0006500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 2000.00 | 562048.50 | 562048.50 | 1895000.00 | 1895000.00 | 1332951.50 | 1332951.50 | 0.00 | False | 0.00 | N/A | 0.55 | 0.55 | 0.55 | 0.00 |  |  | CDD6544Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | DDD6544Z | NEM 250919C0007500 |  | NEM 250919C00075000 | NEM250919C75.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 1.88 |  |  |  |  |  | NEM 250919C0007500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -2000.00 | -87951.50 | -87951.50 | -375000.00 | -375000.00 | -287048.50 | -287048.50 | 0.00 | False | 0.00 | N/A | -0.11 | -0.11 | -0.11 | 0.00 |  |  | DDD6544Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | CF46554F | NRG 250919C0017000 |  | NRG 250919C00170000 | NRG250919C170.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 0.28 |  |  |  |  |  | NRG 250919C0017000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 300.00 | 379023.29 | 379023.29 | 8250.00 | 8250.00 | -370773.29 | -370773.29 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | CF46554F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | AD07544C | NVDA 250829C0020500 |  | NVDA 250829C00205000 | NVDA250829C205. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 0.01 |  |  |  |  |  | NVDA 250829C0020500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -1000.00 | -39975.75 | -39975.75 | -500.00 | -500.00 | 39475.75 | 39475.75 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | AD07544C<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | D806644F | NVDA 250829P0017000 |  | NVDA 250829P00170000 | NVDA250829P170. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 0.01 |  |  |  |  |  | NVDA 250829P0017000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -500.00 | -88987.87 | -88987.87 | -250.00 | -250.00 | 88737.87 | 88737.87 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | D806644F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2806644F | NVDA 250829P0018000 |  | NVDA 250829P00180000 | NVDA250829P180. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 5.85 |  |  |  |  |  | NVDA 250829P0018000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 258466.13 | 258466.13 | 292500.00 | 292500.00 | 34033.87 | 34033.87 | 0.00 | False | 0.00 | N/A | 0.09 | 0.08 | 0.09 | 0.00 |  |  | 2806644F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2917644F | NVDA 250919C0018000 |  | NVDA 250919C00180000 | NVDA250919C180. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 3.28 |  |  |  |  |  | NVDA 250919C0018000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 483012.13 | 483012.13 | 163750.00 | 163750.00 | -319262.13 | -319262.13 | 0.00 | False | 0.00 | N/A | 0.05 | 0.05 | 0.05 | 0.00 |  |  | 2917644F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2B67544F | NVDA 250919C0018250 |  | NVDA 250919C00182500 | NVDA250919C182. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 2.46 |  |  |  |  |  | NVDA 250919C0018250 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 300.00 | 243607.28 | 243607.28 | 73800.00 | 73800.00 | -169807.28 | -169807.28 | 0.00 | False | 0.00 | N/A | 0.02 | 0.02 | 0.02 | 0.00 |  |  | 2B67544F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | D9C6634F | NVDA 250919P0017000 |  | NVDA 250919P00170000 | NVDA250919P170. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 3.75 |  |  |  |  |  | NVDA 250919P0017000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1000.00 | 246024.25 | 246024.25 | 375000.00 | 375000.00 | 128975.75 | 128975.75 | 0.00 | False | 0.00 | N/A | 0.11 | 0.11 | 0.11 | 0.00 |  |  | D9C6634F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2936644F | NVDA 250919P0018000 |  | NVDA 250919P00180000 | NVDA250919P180. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 8.68 |  |  |  |  |  | NVDA 250919P0018000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 300.00 | 221195.27 | 221195.27 | 260250.00 | 260250.00 | 39054.73 | 39054.73 | 0.00 | False | 0.00 | N/A | 0.08 | 0.07 | 0.08 | 0.00 |  |  | 2936644F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 3019644F | NVDA 251017C0018000 |  | NVDA 251017C00180000 | NVDA251017C180. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 6.65 |  |  |  |  |  | NVDA 251017C0018000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 2000.00 | 2475548.51 | 2475548.51 | 1330000.00 | 1330000.00 | -1145548.51 | -1145548.51 | 0.00 | False | 0.00 | N/A | 0.39 | 0.38 | 0.39 | 0.00 |  |  | 3019644F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 35C9534F | NVDA 251017C0018500 |  | NVDA 251017C00185000 | NVDA251017C185. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 4.80 |  |  |  |  |  | NVDA 251017C0018500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 385013.13 | 385013.13 | 240000.00 | 240000.00 | -145013.13 | -145013.13 | 0.00 | False | 0.00 | N/A | 0.07 | 0.07 | 0.07 | 0.00 |  |  | 35C9534F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | C5C8634F | NVDA 251017P0017500 |  | NVDA 251017P00175000 | NVDA251017P175. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 8.85 |  |  |  |  |  | NVDA 251017P0017500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 327014.13 | 327014.13 | 442500.00 | 442500.00 | 115485.87 | 115485.87 | 0.00 | False | 0.00 | N/A | 0.13 | 0.13 | 0.13 | 0.00 |  |  | C5C8634F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | FCCD554Z | NVO 250912C0004700 |  | NVO 250912C00047000 | NVO250912C47.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/13/2025 |  |  | 9.10 |  |  |  |  |  | NVO 250912C0004700 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 400.00 | 115609.70 | 115609.70 | 364000.00 | 364000.00 | 248390.30 | 248390.30 | 0.00 | False | 0.00 | N/A | 0.11 | 0.10 | 0.11 | 0.00 |  |  | FCCD554Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 07A5504Z | PLTR 250829P0015750 |  | PLTR 250829P00157500 | PLTR250829P157. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 0.82 |  |  |  |  |  | PLTR 250829P0015750 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 289012.13 | 289012.13 | 41000.00 | 41000.00 | -248012.13 | -248012.13 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | 07A5504Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2034544Z | PLTR 250919C0016000 |  | PLTR 250919C00160000 | PLTR250919C160. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 5.73 |  |  |  |  |  | PLTR 250919C0016000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1000.00 | 1213404.26 | 1213404.26 | 572500.00 | 572500.00 | -640904.26 | -640904.26 | 0.00 | False | 0.00 | N/A | 0.17 | 0.16 | 0.17 | 0.00 |  |  | 2034544Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 24C4604Z | PLTR 250919C0017500 |  | PLTR 250919C00175000 | PLTR250919C175. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 1.69 |  |  |  |  |  | PLTR 250919C0017500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -500.00 | -209487.87 | -209487.87 | -84500.00 | -84500.00 | 124987.87 | 124987.87 | 0.00 | False | 0.00 | N/A | -0.02 | -0.02 | -0.02 | 0.00 |  |  | 24C4604Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 0695504Z | PLTR 250919P0015750 |  | PLTR 250919P00157500 | PLTR250919P157. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 7.30 |  |  |  |  |  | PLTR 250919P0015750 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 250.00 | 245235.06 | 245235.06 | 182500.00 | 182500.00 | -62735.06 | -62735.06 | 0.00 | False | 0.00 | N/A | 0.05 | 0.05 | 0.05 | 0.00 |  |  | 0695504Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2035644Z | PLTR 250919P0016000 |  | PLTR 250919P00160000 | PLTR250919P160. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 8.65 |  |  |  |  |  | PLTR 250919P0016000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1250.00 | 1481654.32 | 1481654.32 | 1081250.00 | 1081250.00 | -400404.32 | -400404.32 | 0.00 | False | 0.00 | N/A | 0.32 | 0.31 | 0.32 | 0.00 |  |  | 2035644Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 593A544D | PLTR 251017C0020000 |  | PLTR 251017C00200000 | PLTR251017C200. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 1.61 |  |  |  |  |  | PLTR 251017C0020000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -750.00 | -367652.81 | -367652.81 | -120375.00 | -120375.00 | 247277.81 | 247277.81 | 0.00 | False | 0.00 | N/A | -0.04 | -0.03 | -0.04 | 0.00 |  |  | 593A544D<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 6C3B644Z | PLTR 251017P0013500 |  | PLTR 251017P00135000 | PLTR251017P135. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 3.78 |  |  |  |  |  | PLTR 251017P0013500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -750.00 | -430312.84 | -430312.84 | -283125.00 | -283125.00 | 147187.84 | 147187.84 | 0.00 | False | 0.00 | N/A | -0.08 | -0.08 | -0.08 | 0.00 |  |  | 6C3B644Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2BC6534A | QQQ 250829C0057500 |  | QQQ 250829C00575000 | QQQ250829C575.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 0.01 |  |  |  |  |  | QQQ 250829C0057500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 118922.13 | 118922.13 | 250.00 | 250.00 | -118672.13 | -118672.13 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 2BC6534A<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2BC7634A | QQQ 250829P0057500 |  | QQQ 250829P00575000 | QQQ250829P575.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 5.72 |  |  |  |  |  | QQQ 250829P0057500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 128409.13 | 128409.13 | 285750.00 | 285750.00 | 157340.87 | 157340.87 | 0.00 | False | 0.00 | N/A | 0.08 | 0.08 | 0.08 | 0.00 |  |  | 2BC7634A<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 38667Z41 | QQQ 250919C0056600 |  | QQQ 250919C00566000 | QQQ250919C566.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 12.44 |  |  |  |  |  | QQQ 250919C0056600 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 200.00 | 320205.29 | 320205.29 | 248700.00 | 248700.00 | -71505.29 | -71505.29 | 0.00 | False | 0.00 | N/A | 0.07 | 0.07 | 0.07 | 0.00 |  |  | 38667Z41<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 34Z6614A | QQQ 250919C0056800 |  | QQQ 250919C00568000 | QQQ250919C568.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 11.11 |  |  |  |  |  | QQQ 250919C0056800 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 250.00 | 323274.06 | 323274.06 | 277625.00 | 277625.00 | -45649.06 | -45649.06 | 0.00 | False | 0.00 | N/A | 0.08 | 0.08 | 0.08 | 0.00 |  |  | 34Z6614A<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | DC56004A | QQQ 250919C0058000 |  | QQQ 250919C00580000 | QQQ250919C580.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 4.62 |  |  |  |  |  | QQQ 250919C0058000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 250.00 | 317756.06 | 317756.06 | 115500.00 | 115500.00 | -202256.06 | -202256.06 | 0.00 | False | 0.00 | N/A | 0.03 | 0.03 | 0.03 | 0.00 |  |  | DC56004A<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 34Z7514A | QQQ 250919P0056800 |  | QQQ 250919P00568000 | QQQ250919P568.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 7.75 |  |  |  |  |  | QQQ 250919P0056800 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 250.00 | 241554.06 | 241554.06 | 193750.00 | 193750.00 | -47804.06 | -47804.06 | 0.00 | False | 0.00 | N/A | 0.06 | 0.06 | 0.06 | 0.00 |  |  | 34Z7514A<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2864554F | SMCI 250912C0005800 |  | SMCI 250912C00058000 | SMCI250912C58.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/13/2025 |  |  | 0.02 |  |  |  |  |  | SMCI 250912C0005800 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 750.00 | 433614.19 | 433614.19 | 1500.00 | 1500.00 | -432114.19 | -432114.19 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 2864554F<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | F3C6524D | SMH 250829C0029000 |  | SMH 250829C00290000 | SMH250829C290.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 0.95 |  |  |  |  |  | SMH 250829C0029000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 264700.13 | 264700.13 | 47500.00 | 47500.00 | -217200.13 | -217200.13 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | F3C6524D<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | Z6D7644D | SMH 250829P0028500 |  | SMH 250829P00285000 | SMH250829P285.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 0.01 |  |  |  |  |  | SMH 250829P0028500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 284795.13 | 284795.13 | 500.00 | 500.00 | -284295.13 | -284295.13 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | Z6D7644D<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | Z5B6544D | SMH 250919C0028750 |  | SMH 250919C00287500 | SMH250919C287.5 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 8.10 |  |  |  |  |  | SMH 250919C0028750 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 300.00 | 314709.29 | 314709.29 | 243000.00 | 243000.00 | -71709.29 | -71709.29 | 0.00 | False | 0.00 | N/A | 0.07 | 0.07 | 0.07 | 0.00 |  |  | Z5B6544D<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 62Z6544C | SMH 250919C0030000 |  | SMH 250919C00300000 | SMH250919C300.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 2.58 |  |  |  |  |  | SMH 250919C0030000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -600.00 | -279585.45 | -279585.45 | -154800.00 | -154800.00 | 124785.45 | 124785.45 | 0.00 | False | 0.00 | N/A | -0.05 | -0.04 | -0.05 | 0.00 |  |  | 62Z6544C<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 67F6524C | SMH 250919C0030500 |  | SMH 250919C00305000 | SMH250919C305.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 1.74 |  |  |  |  |  | SMH 250919C0030500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -500.00 | -169773.87 | -169773.87 | -87000.00 | -87000.00 | 82773.87 | 82773.87 | 0.00 | False | 0.00 | N/A | -0.03 | -0.03 | -0.03 | 0.00 |  |  | 67F6524C<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 24A72B13 | SMH 250919P0024500 |  | SMH 250919P00245000 | SMH250919P245.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 0.42 |  |  |  |  |  | SMH 250919P0024500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 835014.73 | 835014.73 | 21000.00 | 21000.00 | -814014.73 | -814014.73 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | 24A72B13<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 3FZ65149 | SPY 250829C0064000 |  | SPY 250829C00640000 | SPY250829C640.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 4.93 |  |  |  |  |  | SPY 250829C0064000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 500.00 | 254942.13 | 254942.13 | 246500.00 | 246500.00 | -8442.13 | -8442.13 | 0.00 | False | 0.00 | N/A | 0.07 | 0.07 | 0.07 | 0.00 |  |  | 3FZ65149<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 2ZD65149 | SPY 250919C0065000 |  | SPY 250919C00650000 | SPY250919C650.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 4.98 |  |  |  |  |  | SPY 250919C0065000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -500.00 | -223917.87 | -223917.87 | -249000.00 | -249000.00 | -25082.13 | -25082.13 | 0.00 | False | 0.00 | N/A | -0.07 | -0.07 | -0.07 | 0.00 |  |  | 2ZD65149<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 7D8Z4949 | SPY 250930P0060000 |  | SPY 250930P00600000 | SPY250930P600.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/1/2025 |  |  | 1.76 |  |  |  |  |  | SPY 250930P0060000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -500.00 | -186737.87 | -186737.87 | -88000.00 | -88000.00 | 98737.87 | 98737.87 | 0.00 | False | 0.00 | N/A | -0.03 | -0.03 | -0.03 | 0.00 |  |  | 7D8Z4949<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 4ACZ6049 | SPY 250930P0063400 |  | SPY 250930P00634000 | SPY250930P634.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/1/2025 |  |  | 5.63 |  |  |  |  |  | SPY 250930P0063400 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 250.00 | 265506.06 | 265506.06 | 140625.00 | 140625.00 | -124881.06 | -124881.06 | 0.00 | False | 0.00 | N/A | 0.04 | 0.04 | 0.04 | 0.00 |  |  | 4ACZ6049<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 7F17424Z | TRGP 250919P0016000 |  | TRGP 250919P00160000 | TRGP250919P160. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 1.60 |  |  |  |  |  | TRGP 250919P0016000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -100.00 | -35097.57 | -35097.57 | -16000.00 | -16000.00 | 19097.57 | 19097.57 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 7F17424Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 6F17424Z | TRGP 250919P0017000 |  | TRGP 250919P00170000 | TRGP250919P170. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 5.30 |  |  |  |  |  | TRGP 250919P0017000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 100.00 | 75402.43 | 75402.43 | 53000.00 | 53000.00 | -22402.43 | -22402.43 | 0.00 | False | 0.00 | N/A | 0.02 | 0.02 | 0.02 | 0.00 |  |  | 6F17424Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 78Z75C47 | TSLA 250829C0037500 |  | TSLA 250829C00375000 | TSLA250829C375. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 0.01 |  |  |  |  |  | TSLA 250829C0037500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -300.00 | -283792.06 | -283792.06 | -150.00 | -150.00 | 283642.06 | 283642.06 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 78Z75C47<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | 0DZ66C47 | TSLA 250829P0030000 |  | TSLA 250829P00300000 | TSLA250829P300. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 0.01 |  |  |  |  |  | TSLA 250829P0030000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -300.00 | -306292.06 | -306292.06 | -150.00 | -150.00 | 306142.06 | 306142.06 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 0DZ66C47<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | C276674Z | XHB 250919C0011600 |  | XHB 250919C00116000 | XHB250919C116.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 2.73 |  |  |  |  |  | XHB 250919C0011600 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1000.00 | 344576.25 | 344576.25 | 272500.00 | 272500.00 | -72076.25 | -72076.25 | 0.00 | False | 0.00 | N/A | 0.08 | 0.08 | 0.08 | 0.00 |  |  | C276674Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | F476674Z | XHB 250919C0012000 |  | XHB 250919C00120000 | XHB250919C120.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 1.48 |  |  |  |  |  | XHB 250919C0012000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | -2000.00 | -358399.50 | -358399.50 | -295000.00 | -295000.00 | 63399.50 | 63399.50 | 0.00 | False | 0.00 | N/A | -0.09 | -0.09 | -0.09 | 0.00 |  |  | F476674Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | F076674Z | XHB 250919C0012400 |  | XHB 250919C00124000 | XHB250919C124.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 0.36 |  |  |  |  |  | XHB 250919C0012400 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1000.00 | 83024.25 | 83024.25 | 35500.00 | 35500.00 | -47524.25 | -47524.25 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | F076674Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | C626734Z | XLC 250919C0010700 |  | XLC 250919C00107000 | XLC250919C107.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 4.45 |  |  |  |  |  | XLC 250919C0010700 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 2000.00 | 548048.50 | 548048.50 | 890000.00 | 890000.00 | 341951.50 | 341951.50 | 0.00 | False | 0.00 | N/A | 0.26 | 0.26 | 0.26 | 0.00 |  |  | C626734Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | C936074Z | XLC 250919C0010800 |  | XLC 250919C00108000 | XLC250919C108.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 3.75 |  |  |  |  |  | XLC 250919C0010800 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 15.00 | 3636.36 | 3636.36 | 5625.00 | 5625.00 | 1988.64 | 1988.64 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | C936074Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | C146504Z | XLC 251219C0010900 |  | XLC 251219C00109000 | XLC251219C109.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 12/20/2025 |  |  | 5.95 |  |  |  |  |  | XLC 251219C0010900 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1000.00 | 535024.25 | 535024.25 | 595000.00 | 595000.00 | 59975.75 | 59975.75 | 0.00 | False | 0.00 | N/A | 0.17 | 0.17 | 0.17 | 0.00 |  |  | C146504Z<br> N | MP |
| 863 | Adaptive Alpha Opportunities ETF | C92C074F | ZETA 250912C0002000 |  | ZETA 250912C00020000 | ZETA250912C20.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/13/2025 |  |  | 0.73 |  |  |  |  |  | ZETA 250912C0002000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 863;USD | USD | 1000.00 | 160019.25 | 160019.25 | 72500.00 | 72500.00 | -87519.25 | -87519.25 | 0.00 | False | 0.00 | N/A | 0.02 | 0.02 | 0.02 | 0.00 |  |  | C92C074F<br> N | MP |

---

## 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 Alpha Opportunities ETF

- **b. EDGAR series identifier (if any):** S000070423

- **c. LEI of Series:** 549300P51JP3J8J79150

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $347000939.31

**Total Liabilities:** $5426433.65

**Net Assets:** $341574505.66

**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 C000223904 | 4.34%                | 1.90%                | -1.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $35549665.50             | $11816599.39                               |
| Month 2  | $19563706.04             | $-6710196.95                               |
| Month 3  | $15336434.52             | $-12278864.54                              |

**Designated Index Information**

- **Index Name:** n/a

- **Index Identifier:** n/a

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Apple Inc            | COMMSTCK | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      3255 | NS      | $755615.70    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro       | COMMSTCK | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       215 | NS      | $34965.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial | COMMSTCK | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      2719 | NS      | $1399768.39   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc       | COMMSTCK | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     38263 | NS      | $8762227.00   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc  | COMMSTCK | CUSIP: 040413205<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1022 | NS      | $139554.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc         | COMMSTCK | CUSIP: 03957W106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32744 | NS      | $810741.44    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc         | COMMSTCK | CUSIP: 11135F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25369 | NS      | $7544486.91   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc | COMMSTCK | CUSIP: 09857L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       296 | NS      | $1657318.80   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc     | COMMSTCK | CUSIP: 056525108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13432 | NS      | $2456981.44   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Co | COMMSTCK | CUSIP: 101137107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75388 | NS      | $7953434.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets  | COMMSTCK | CUSIP: 12503M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9676 | NS      | $2283052.20   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION        | COMMSTCK | CUSIP: 21037T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11678 | NS      | $3596590.44   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Holding Co | COMMSTCK | CUSIP: 20337X109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1266 | NS      | $20306.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc           | COMMSTCK | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     52049 | NS      | $2540511.69   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| salesforce.com Inc   | COMMSTCK | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       641 | NS      | $164256.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology | COMMSTCK | CUSIP: 144285103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       408 | NS      | $98279.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp  | COMMSTCK | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      1111 | NS      | $120832.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc           | COMMSTCK | CUSIP: 278865100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3733 | NS      | $1034190.32   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| frontdoor Inc        | COMMSTCK | CUSIP: 35905A109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30822 | NS      | $1872436.50   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co  | COMMSTCK | CUSIP: 369604301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2132 | NS      | $586726.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners | COMMSTCK | CUSIP: 392709101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1072 | NS      | $74868.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC | COMMSTCK | CUSIP: 443201108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26257 | NS      | $4571343.70   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc     | COMMSTCK | CUSIP: 44951W106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5676 | NS      | $1982683.56   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co  | COMMSTCK | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     34560 | NS      | $10417075.20  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co       | COMMSTCK | CUSIP: 532457108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       966 | NS      | $707672.28    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC.  | COMMSTCK | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      6427 | NS      | $4747624.90   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp       | COMMSTCK | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      7416 | NS      | $3757613.04   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc       | COMMSTCK | CUSIP: 629377508<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1695 | NS      | $246724.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp          | COMMSTCK | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     23979 | NS      | $4176662.22   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S     | COMMSTCK | CUSIP: 670100205<br>LEI: N/A                  | Long             | EC               | CORP              | DK        |      1129 | NS      | $63743.34     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The | COMMSTCK | CUSIP: 743315103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         4 | NS      | $988.24       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologie | COMMSTCK | CUSIP: 69608A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97910 | NS      | $15343476.10  | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigetti Computing In | COMMSTCK | CUSIP: 76655K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25275 | NS      | $410213.25    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab USA Inc   | COMMSTCK | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       945 | NS      | $45927.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc             | COMMSTCK | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    124573 | NS      | $3648743.17   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc  | COMMSTCK | CUSIP: 893641100<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | EC               | CORP              | US        |      1981 | NS      | $2771181.28   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp | COMMSTCK | CUSIP: 87612G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6214 | NS      | $1042460.64   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc            | COMMSTCK | CUSIP: 88160R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30382 | NS      | $10143638.34  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies I | COMMSTCK | CUSIP: 902252105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1583 | NS      | $891039.04    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc | COMMSTCK | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     13123 | NS      | $3518538.76   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS      | COMMSTCK | CUSIP: 92537N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2428 | NS      | $309691.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceutica | COMMSTCK | CUSIP: 92532F100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7603 | NS      | $2972925.06   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Energy Corp   | COMMSTCK | CUSIP: 92840M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4812 | NS      | $909997.32    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp         | COMMSTCK | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1745 | NS      | $809400.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings | COMMSTCK | CUSIP: 98956A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3746 | NS      | $73571.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X MSCI Argent | ETF      | CUSIP: 37950E259<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23341 | NS      | $1870781.15   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X MSCI Colomb | ETF      | CUSIP: 37954Y327<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16368 | NS      | $523448.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Poland  | ETF      | CUSIP: 46429B606<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51320 | NS      | $1626844.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ISHARES MSCI AUSTRIA | ETF      | CUSIP: 464286202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $1540500.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 | ETF      | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Long             | EC               | CORP              | US        |     57138 | NS      | $13437143.46  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P             | ETF      | CUSIP: 78464A771<br>LEI: 549300BBJPWNKDPREW36 | Long             | EC               | CORP              | US        |     26328 | NS      | $4096110.24   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Se | ETF      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | CORP              | US        |     20470 | NS      | $11676088.00  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Vectors Semic | ETF      | CUSIP: 92189F676<br>LEI: 549300MJTG2N9QRH7I02 | Long             | EC               | CORP              | US        |     28390 | NS      | $8241333.10   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Tru | ETF      | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | CORP              | US        |     20410 | NS      | $13165470.50  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Financials  | ETF      | CUSIP: 92204A405<br>LEI: 549300MP6BT0L4Q61L10 | Long             | EC               | CORP              | US        |     68906 | NS      | $9093524.82   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Europe | ETF      | CUSIP: 922042874<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66710 | NS      | $5236735.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P AEROSPACE   | ETF      | CUSIP: 78464A631<br>LEI: 5493006TZ0473G1GOE68 | Long             | EC               | CORP              | US        |     13804 | NS      | $3001541.76   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Communication Servic | ETF      | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Long             | EC               | CORP              | US        |    112098 | NS      | $12486596.22  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Select Sec | ETF      | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             | EC               | CORP              | US        |    142275 | NS      | $7681427.25   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology Select Se | ETF      | CUSIP: 81369Y803<br>LEI: 549300BR5T0JNM2MW070 | Long             | EC               | CORP              | US        |      9670 | NS      | $2537891.50   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Utilities Select Sec | ETF      | CUSIP: 81369Y886<br>LEI: 549300ERQDM80PRYUH21 | Long             | EC               | CORP              | US        |      1000 | NS      | $84320.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DREYFUS TR SEC       | MONEYMKT | CUSIP: 261941306<br>LEI: 549300U78VESCW509025 | Long             | STIV             |  | US        | 116947921 | NS      | $116947921.00 | 34.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologie | OPTION   | CUSIP: 69608A108<br>LEI: N/A                  | Long             | DE               |  | US        |       250 | NC      | $182500.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologie | OPTION   | CUSIP: 69608A108<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $41000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesla Inc            | OPTION   | CUSIP: 88160R101<br>LEI: N/A                  | Short            | DE               |  | US        |      -300 | NC      | $-150.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Arista Networks Inc  | OPTION   | CUSIP: 040413205<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $155000.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| META PLATFORMS INC.  | OPTION   | CUSIP: 30303M102<br>LEI: N/A                  | Long             | DE               |  | US        |       100 | NC      | $43750.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| META PLATFORMS INC.  | OPTION   | CUSIP: 30303M102<br>LEI: N/A                  | Long             | DE               |  | US        |       100 | NC      | $501000.00    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologie | OPTION   | CUSIP: 69608A108<br>LEI: N/A                  | Long             | DE               |  | US        |      1000 | NC      | $572500.00    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologie | OPTION   | CUSIP: 69608A108<br>LEI: N/A                  | Long             | DE               |  | US        |      1250 | NC      | $1081250.00   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| VanEck Vectors Semic | OPTION   | CUSIP: 92189F676<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $21000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologie | OPTION   | CUSIP: 69608A108<br>LEI: N/A                  | Short            | DE               |  | US        |      -500 | NC      | $-84500.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Micro       | OPTION   | CUSIP: 007903107<br>LEI: N/A                  | Long             | DE               |  | US        |       150 | NC      | $31275.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $292500.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SUPER MICRO          | OPTION   | CUSIP: 86800U302<br>LEI: N/A                  | Long             | DE               |  | US        |       750 | NC      | $1500.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $163750.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Long             | DE               |  | US        |       300 | NC      | $260250.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Long             | DE               |  | US        |       300 | NC      | $73800.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $250.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $285750.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Tru | OPTION   | CUSIP: 78462F103<br>LEI: N/A                  | Short            | DE               |  | US        |      -500 | NC      | $-249000.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Long             | DE               |  | US        |      2000 | NC      | $1330000.00   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Long             | DE               |  | US        |       250 | NC      | $277625.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Long             | DE               |  | US        |       250 | NC      | $193750.00    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $240000.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Long             | DE               |  | US        |       200 | NC      | $248700.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION        | OPTION   | CUSIP: 21037T109<br>LEI: N/A                  | Long             | DE               |  | US        |         1 | NC      | $242.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION        | OPTION   | CUSIP: 21037T109<br>LEI: N/A                  | Long             | DE               |  | US        |         1 | NC      | $3265.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Tru | OPTION   | CUSIP: 78462F103<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $246500.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| General Electric Co  | OPTION   | CUSIP: 369604301<br>LEI: N/A                  | Short            | DE               |  | US        |      -250 | NC      | $-17125.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Tru | OPTION   | CUSIP: 78462F103<br>LEI: N/A                  | Long             | DE               |  | US        |       250 | NC      | $140625.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologie | OPTION   | CUSIP: 69608A108<br>LEI: N/A                  | Short            | DE               |  | US        |      -750 | NC      | $-120375.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| VanEck Vectors Semic | OPTION   | CUSIP: 92189F676<br>LEI: N/A                  | Short            | DE               |  | US        |      -600 | NC      | $-154800.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| VanEck Vectors Semic | OPTION   | CUSIP: 92189F676<br>LEI: N/A                  | Short            | DE               |  | US        |      -500 | NC      | $-87000.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Palantir Technologie | OPTION   | CUSIP: 69608A108<br>LEI: N/A                  | Short            | DE               |  | US        |      -750 | NC      | $-283125.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Targa Resources Corp | OPTION   | CUSIP: 87612G101<br>LEI: N/A                  | Long             | DE               |  | US        |       100 | NC      | $53000.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Amazon.com Inc       | OPTION   | CUSIP: 023135106<br>LEI: N/A                  | Long             | DE               |  | US        |      1000 | NC      | $268000.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesla Inc            | OPTION   | CUSIP: 88160R101<br>LEI: N/A                  | Short            | DE               |  | US        |      -300 | NC      | $-150.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Boston Scientific Co | OPTION   | CUSIP: 101137107<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $116250.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Boston Scientific Co | OPTION   | CUSIP: 101137107<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $165000.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Tru | OPTION   | CUSIP: 78462F103<br>LEI: N/A                  | Short            | DE               |  | US        |      -500 | NC      | $-88000.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Targa Resources Corp | OPTION   | CUSIP: 87612G101<br>LEI: N/A                  | Short            | DE               |  | US        |      -100 | NC      | $-16000.00    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp       | OPTION   | CUSIP: 594918104<br>LEI: N/A                  | Long             | DE               |  | US        |       200 | NC      | $160500.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp       | OPTION   | CUSIP: 594918104<br>LEI: N/A                  | Long             | DE               |  | US        |       200 | NC      | $201500.00    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC | OPTION   | CUSIP: 443201108<br>LEI: N/A                  | Short            | DE               |  | US        |      -500 | NC      | $-387500.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Short            | DE               |  | US        |     -1000 | NC      | $-500.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC | OPTION   | CUSIP: 443201108<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $255000.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp.        | OPTION   | CUSIP: 651639106<br>LEI: N/A                  | Long             | DE               |  | US        |      1000 | NC      | $625000.00    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Communication Servic | OPTION   | CUSIP: 81369Y852<br>LEI: N/A                  | Long             | DE               |  | US        |      1000 | NC      | $595000.00    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P Homebuilder | OPTION   | CUSIP: 78464A888<br>LEI: N/A                  | Long             | DE               |  | US        |      1000 | NC      | $272500.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $442500.00    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Communication Servic | OPTION   | CUSIP: 81369Y852<br>LEI: N/A                  | Long             | DE               |  | US        |      2000 | NC      | $890000.00    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Zeta Global Holdings | OPTION   | CUSIP: 98956A105<br>LEI: N/A                  | Long             | DE               |  | US        |      1000 | NC      | $72500.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Communication Servic | OPTION   | CUSIP: 81369Y852<br>LEI: N/A                  | Long             | DE               |  | US        |        15 | NC      | $5625.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp.        | OPTION   | CUSIP: 651639106<br>LEI: N/A                  | Long             | DE               |  | US        |      2000 | NC      | $1895000.00   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy Inc       | OPTION   | CUSIP: 629377508<br>LEI: N/A                  | Long             | DE               |  | US        |       300 | NC      | $8250.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Short            | DE               |  | US        |      -500 | NC      | $-250.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp          | OPTION   | CUSIP: 67066G104<br>LEI: N/A                  | Long             | DE               |  | US        |      1000 | NC      | $375000.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Long             | DE               |  | US        |       250 | NC      | $115500.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp.        | OPTION   | CUSIP: 651639106<br>LEI: N/A                  | Short            | DE               |  | US        |     -2000 | NC      | $-375000.00   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp.        | OPTION   | CUSIP: 651639106<br>LEI: N/A                  | Short            | DE               |  | US        |     -1000 | NC      | $-139500.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P Homebuilder | OPTION   | CUSIP: 78464A888<br>LEI: N/A                  | Long             | DE               |  | US        |      1000 | NC      | $35500.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| VanEck Vectors Semic | OPTION   | CUSIP: 92189F676<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $47500.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P Homebuilder | OPTION   | CUSIP: 78464A888<br>LEI: N/A                  | Short            | DE               |  | US        |     -2000 | NC      | $-295000.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S     | OPTION   | CUSIP: 670100205<br>LEI: N/A                  | Long             | DE               |  | US        |       400 | NC      | $364000.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| VanEck Vectors Semic | OPTION   | CUSIP: 92189F676<br>LEI: N/A                  | Long             | DE               |  | US        |       300 | NC      | $243000.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| VanEck Vectors Semic | OPTION   | CUSIP: 92189F676<br>LEI: N/A                  | Long             | DE               |  | US        |       500 | NC      | $500.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** Starboard Investment Trust

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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