# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-26-000176
**Filing Date:** 2026-1
**Character Count:** 28887
**Document Hash:** 38484cd4345192ebd8c796778a0b7c3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000176.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0002000324-26-000176

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**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:** 26560214

**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 Hedged Multi-Asset Income ETF (Series ID: S000072156)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000227946 | Adaptive Hedged Multi-Asset Income ETF | AMAX            |

## 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 | 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 |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 02660TAS | AHM 2004-1 4M1 | 04/25/2044 VAR |  | 02660TAS2 | 1112 | WL Collateral CMO |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 4/25/2044 |  |  | 90.02 |  |  |  |  | AHM 2004-1 4M1 | 04/25/2044 VAR |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7612.61 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 123641.78 | 118696.10 | 119328.05 | 111297.80 | 111297.80 | -8030.25 | -8030.25 | 6.99 | False | 7.28 |  | 0.30 | 0.28 | 0.28 | 4616000.00 |  |  | 02660TAS<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 12668AJS | CWALT 2005-J11 | 03/25/2022 5% |  | 12668AJS5 | 1112 | WL Collateral CMO |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/25/2035 |  |  | 98.74 |  |  |  |  | CWALT 2005-J11 | 04/25/2021 5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1294.89 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 25897.76 | 23049.04 | 25897.76 | 25571.08 | 25571.08 | -326.68 | -326.68 | 5.06 | False | 5.16 |  | 0.07 | 0.06 | 0.06 | 3000000.00 |  |  | 12668AJS<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 02147TAQ | CWALT 2006-28CB A15 | 10/25/2036 6.5% |  | 02147TAQ9 | 1112 | WL Collateral CMO |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/25/2036 |  |  | 32.02<br> M |  |  |  |  | CWALT 2006-28CB A15 | 10/25/2036 6.5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33971.41 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 522637.00 | 202249.19 | 237755.69 | 167352.97 | 167352.97 | -70402.72 | -70402.72 | 20.30 | False | 24.32 |  | 0.45 | 0.42 | 0.42 | 2819808.00 |  |  | 02147TAQ<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | MSTR | MicroStrategy Inc |  |  | 594972408 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 1/0/1900 |  |  | 177.18 |  |  |  |  | MicroStrategy Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 19429.00 | 5628866.44 | 5628866.44 | 3442430.22 | 3442430.22 | -2186436.22 | -2186436.22 | 0.00 | False | 0.00 | N/A | 9.17 | 8.55 | 8.58 | 0.00 |  |  | MSTR<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | IGLD | FT Vest Gold Strateg | y Target Income ETF |  | 33733E856 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 25.49 |  |  |  |  | FT Vest Gold Strateg | y Target Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 110107.00 | 2541016.31 | 2541016.31 | 2806627.43 | 2806627.43 | 265611.12 | 265611.12 | 0.00 | False | 0.00 | N/A | 7.48 | 6.97 | 7.00 | 0.00 |  |  | IGLD<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | APLY | YieldMax AAPL Option | Income Strategy ETF |  | 88634T857 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 13.90 |  |  |  |  | YieldMax AAPL Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 32152.00 | 507970.00 | 507970.00 | 446912.80 | 446912.80 | -61057.20 | -61057.20 | 0.00 | False | 0.00 | N/A | 1.19 | 1.11 | 1.11 | 0.00 |  | 724500D4BFEWKWVC1G62 | APLY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | AMZY | Yieldmax Amzn Option | Income ETF |  | 88634T840 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 13.67 |  |  |  |  | Yieldmax Amzn Option | Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 27472.00 | 480268.33 | 480268.33 | 375542.24 | 375542.24 | -104726.09 | -104726.09 | 0.00 | False | 0.00 | N/A | 1.00 | 0.93 | 0.94 | 0.00 |  | 5493006A16BQWRTCWU76 | AMZY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | GOOY | YieldMax GOOGL Optio | n Income Strategy ET |  | 88634T790 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 15.39 |  |  |  |  | YieldMax GOOGL Optio | n Income Strategy ET |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 36117.00 | 526658.99 | 526658.99 | 555840.63 | 555840.63 | 29181.64 | 29181.64 | 0.00 | False | 0.00 | N/A | 1.48 | 1.38 | 1.39 | 0.00 |  |  | GOOY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | FBY | Yieldmax Meta Option | Income Strategy ETF |  | 88634T816 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 13.02 |  |  |  |  | Yieldmax Meta Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 26056.00 | 457286.44 | 457286.44 | 339249.12 | 339249.12 | -118037.32 | -118037.32 | 0.00 | False | 0.00 | N/A | 0.90 | 0.84 | 0.85 | 0.00 |  | 549300AHI52ML3CFNR76 | FBY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | MSFO | YieldMax MSFT Option | Income Strategy ETF |  | 88634T428 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 15.97 |  |  |  |  | YieldMax MSFT Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 24699.00 | 439985.88 | 439985.88 | 394443.03 | 394443.03 | -45542.85 | -45542.85 | 0.00 | False | 0.00 | N/A | 1.05 | 0.98 | 0.98 | 0.00 |  | 529900FST0HX3U5LMT27 | MSFO<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | NVDY | YieldMax NVDA Option | Income Strategy ETF |  | 88634T774 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 14.38 |  |  |  |  | YieldMax NVDA Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 25694.00 | 514057.88 | 514057.88 | 369479.72 | 369479.72 | -144578.16 | -144578.16 | 0.00 | False | 0.00 | N/A | 0.98 | 0.92 | 0.92 | 0.00 |  | 549300NB95KDV3FTQM03 | NVDY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | TSLY | Yieldmax Tsla Option | Income ETF |  | 88636J444 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 7.71 |  |  |  |  | Yieldmax Tsla Option | Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 502.00 | 5654.39 | 5654.39 | 3870.42 | 3870.42 | -1783.97 | -1783.97 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  | 549300X6ZY65U9N3R703 | TSLY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | TLT | iShares 20+ Year Tre | asury Bond ETF |  | 464287432 | 1031 | Debt Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 90.21 |  |  |  |  | iShares 20+ Year Tre | asury Bond ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 321079.31 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 96074.00 | 8523449.70 | 8523449.70 | 8666835.54 | 8666835.54 | 143385.84 | 143385.84 | 3.70 | False | 0.00 | N/A | 23.09 | 21.53 | 21.61 | 0.00 |  |  | TLT<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income 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 |  |  | 619.25 |  |  |  |  | Invesco QQQ Trust Se | ries 1 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10613.16 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 4185.00 | 2433047.13 | 2433047.13 | 2591561.25 | 2591561.25 | 158514.12 | 158514.12 | 0.41 | False | 0.00 | N/A | 6.91 | 6.44 | 6.46 | 0.00 |  |  | QQQ<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income 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 |  |  | 683.39 |  |  |  |  | SPDR S&P 500 ETF Tru | st |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50637.32 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 7633.00 | 4920651.46 | 4920651.46 | 5216315.87 | 5216315.87 | 295664.41 | 295664.41 | 0.97 | False | 0.00 | N/A | 13.90 | 12.96 | 13.00 | 0.00 |  |  | SPY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | GDX | VanEck Vectors Gold | Miners ETF |  | 92189F106 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 83.23 |  |  |  |  | VanEck Vectors Gold | Miners ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21100.60 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 44329.00 | 2447217.44 | 2447217.44 | 3689502.67 | 3689502.67 | 1242285.23 | 1242285.23 | 0.57 | False | 0.00 | N/A | 9.83 | 9.16 | 9.20 | 0.00 |  |  | GDX<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | USOI | X-Links Crude Oil Sh | ares Covered Call ET |  | 22539U602 | 1026 | Commodity Fund |  | ETN | EXCHANGE TRADED NOTE | EXCHANGE TRADED NOTE |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 48.66 |  |  |  |  | X-Links Crude Oil Sh | ares Covered Call ET |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1484734.87 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 40334.00 | 1998779.60 | 1998779.60 | 1962660.51 | 1962660.51 | -36119.09 | -36119.09 | 75.65 | False | 0.00 | N/A | 5.23 | 4.87 | 4.89 | 0.00 |  | 549300506SI9CRFV9Z86 | USOI<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | FIGXX | Fidelity Investments | Money Market Funds |  | 316175108 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 11/29/2025 |  |  | 100.00 |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9750.32 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 252609.52 | 252609.52 | 252609.52 | 252609.52 | 252609.52 | 0.00 | 0.00 | 3.86 | False | 3.85 |  | 0.67 | 0.63 | 0.63 | 0.00 |  |  | FIGXX<br> N | AC |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 59974D3D | GDX 251219P0006800 |  | GDX 251219P00068000 | GDX251219P68.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 12/20/2025 |  |  | 0.14 |  |  |  |  | GDX 251219P0006800 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 260.00 | 83704.87 | 83704.87 | 3640.00 | 3640.00 | -80064.87 | -80064.87 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | 59974D3D<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | F06B0FFD | MSTR 251226C0027500 |  | MSTR 251226C00275000 | MSTR251226C275. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 12/27/2025 |  |  | 0.83 |  |  |  |  | MSTR 251226C0027500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 60.00 | 75661.12 | 75661.12 | 4950.00 | 4950.00 | -70711.12 | -70711.12 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | F06B0FFD<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 052A57FZ | MSTR 251226P0018000 |  | MSTR 251226P00180000 | MSTR251226P180. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 12/27/2025 |  |  | 15.45 |  |  |  |  | MSTR 251226P0018000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 194.00 | 366677.63 | 366677.63 | 299730.00 | 299730.00 | -66947.63 | -66947.63 | 0.00 | False | 0.00 | N/A | 0.80 | 0.74 | 0.75 | 0.00 |  |  | 052A57FZ<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | D62F5ZFB | QQQ 251231P0058000 |  | QQQ 251231P00580000 | QQQ251231P580.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/1/2026 |  |  | 3.76 |  |  |  |  | QQQ 251231P0058000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | -37.00 | -48908.31 | -48908.31 | -13893.50 | -13893.50 | 35014.81 | 35014.81 | 0.00 | False | 0.00 | N/A | -0.04 | -0.03 | -0.03 | 0.00 |  |  | D62F5ZFB<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 454F7C3A | QQQ 251231P0060000 |  | QQQ 251231P00600000 | QQQ251231P600.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/1/2026 |  |  | 7.14 |  |  |  |  | QQQ 251231P0060000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 37.00 | 72784.69 | 72784.69 | 26418.00 | 26418.00 | -46366.69 | -46366.69 | 0.00 | False | 0.00 | N/A | 0.07 | 0.07 | 0.07 | 0.00 |  |  | 454F7C3A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 24CF7C3A | SPY 251231P0064000 |  | SPY 251231P00640000 | SPY251231P640.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/1/2026 |  |  | 2.51 |  |  |  |  | SPY 251231P0064000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | -67.00 | -46094.75 | -46094.75 | -16817.00 | -16817.00 | 29277.75 | 29277.75 | 0.00 | False | 0.00 | N/A | -0.04 | -0.04 | -0.04 | 0.00 |  |  | 24CF7C3A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | Z4CF7C3A | SPY 251231P0068000 |  | SPY 251231P00680000 | SPY251231P680.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/1/2026 |  |  | 9.69 |  |  |  |  | SPY 251231P0068000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 67.00 | 109278.25 | 109278.25 | 64923.00 | 64923.00 | -44355.25 | -44355.25 | 0.00 | False | 0.00 | N/A | 0.17 | 0.16 | 0.16 | 0.00 |  |  | Z4CF7C3A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 9A070FFZ | TLT 251128C0009000 |  | TLT 251128C00090000 | TLT251128C90.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 11/29/2025 |  |  | 0.16 |  |  |  |  | TLT 251128C0009000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | -950.00 | -18982.23 | -18982.23 | -15200.00 | -15200.00 | 3782.23 | 3782.23 | 0.00 | False | 0.00 | N/A | -0.04 | -0.04 | -0.04 | 0.00 |  |  | 9A070FFZ<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | AMAXCFC | RH Hedged Multi-Asse | Income (Cayman) Fund |  | AMAXCFC |  | UNGROUPED SECURITIES |  | PRIVATE | PRIVATE SECURITY |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 14.59<br> M |  |  |  |  | RH Hedged Multi-Asset | Income (Cayman) Fund Ltd |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 11/28/2025<br> C |  | 801;USD | USD | 394556.93 | 4115058.12 | 4115058.12 | 5756160.27 | 5756160.27 | 1641102.15 | 1641102.15 | 0.00 | False | 0.00 | N/A | 15.34 | 14.30 | 14.35 | 0.00 |  |  | AMAXCFC<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 Hedged Multi-Asset Income ETF

- **b. EDGAR series identifier (if any):** S000072156

- **c. LEI of Series:** 549300EHSSN4HK394B90

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

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

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $40261858.38

**Total Liabilities:** $148352.87

**Net Assets:** $40113505.51

**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 C000227946 | 3.98%                | 0.53%                | -0.28%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-101377.55              | $1195818.82                                |
| Month 2  | $181785.24               | $-393895.68                                |
| Month 3  | $219.31                  | $-723751.52                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CWALT 2006-28CB A15  | CMO      | CUSIP: 02147TAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    522637 | NS      | $167352.97    | 0.42%             | 2036-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AHM 2004-1 4M1       | CMO      | CUSIP: 02660TAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123642 | NS      | $111297.80    | 0.28%             | 2044-04-25      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| CWALT 2005-J11       | CMO      | CUSIP: 12668AJS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25898 | NS      | $25571.08     | 0.06%             | 2035-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | COMMSTCK | CUSIP: 594972408<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19429 | NS      | $3442430.22   | 8.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Amzn Option | ETF      | CUSIP: 88634T840<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27472 | NS      | $375542.24    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax AAPL Option | ETF      | CUSIP: 88634T857<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32152 | NS      | $446912.80    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Meta Option | ETF      | CUSIP: 88634T816<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26056 | NS      | $339249.12    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Vectors Gold  | ETF      | CUSIP: 92189F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44329 | NS      | $3689502.67   | 9.20%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax GOOGL Optio | ETF      | CUSIP: 88634T790<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36117 | NS      | $555840.63    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| FT Vest Gold Strateg | ETF      | CUSIP: 33733E856<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110107 | NS      | $2806627.43   | 7.00%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax MSFT Option | ETF      | CUSIP: 88634T428<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24699 | NS      | $394443.03    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax NVDA Option | ETF      | CUSIP: 88634T774<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25694 | NS      | $369479.72    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Se | ETF      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | CORP              | US        |      4185 | NS      | $2591561.25   | 6.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Tru | ETF      | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | CORP              | US        |      7633 | NS      | $5216315.87   | 13.00%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares 20+ Year Tre | ETF      | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             | EC               | CORP              | US        |     96074 | NS      | $8666835.54   | 21.61%            |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Tsla Option | ETF      | CUSIP: 88636J444<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       502 | NS      | $3870.42      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| X-Links Crude Oil Sh | ETN      | CUSIP: 22539U602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40334 | NS      | $1962660.51   | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |    252610 | NS      | $252609.52    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |       194 | NC      | $299730.00    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street SPDR    | OPTION   | CUSIP: 78462F103<br>LEI: N/A                  | Short            | DE               |  | US        |       -67 | NC      | $-16817.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Long             | DE               |  | US        |        37 | NC      | $26418.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| VanEck Vectors Gold  | OPTION   | CUSIP: 92189F106<br>LEI: N/A                  | Long             | DE               |  | US        |       260 | NC      | $3640.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares 20+ Year Tre | OPTION   | CUSIP: 464287432<br>LEI: N/A                  | Short            | DE               |  | US        |      -950 | NC      | $-15200.00    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Short            | DE               |  | US        |       -37 | NC      | $-13893.50    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |        60 | NC      | $4950.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street SPDR    | OPTION   | CUSIP: 78462F103<br>LEI: N/A                  | Long             | DE               |  | US        |        67 | NC      | $64923.00     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| RH Hedged Multi-Asse | PRIVATE  | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    394557 | NS      | $5756160.27   | 14.35%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-22

**Name of Applicant:** Starboard Investment Trust

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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