# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-25-004002
**Filing Date:** 2025-10
**Character Count:** 27024
**Document Hash:** 78d0f1b7223f728f63dcfb7d6fb3b596
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004002.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002000324-25-004002

**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:** 251419365

**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 |  |  | 87.68 |  |  |  |  | AHM 2004-1 4M1 | 04/25/2044 VAR |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8272.34 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 125144.19 | 120138.42 | 120713.32 | 109725.80 | 109725.80 | -10987.52 | -10987.52 | 7.49 | False | 7.83 |  | 0.50 | 0.37 | 0.37 | 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 | 9/25/2025 |  |  | 64.32 |  |  |  |  | CWALT 2005-J11 | 04/25/2021 5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4435.18 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 88703.55 | 78946.30 | 88703.55 | 57052.09 | 57052.09 | -31651.46 | -31651.46 | 7.77 | False | 775.26 |  | 0.26 | 0.19 | 0.19 | 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 |  |  | 31.83<br> M |  |  |  |  | CWALT 2006-28CB A15 | 10/25/2036 6.5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34056.88 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 523951.99 | 202249.19 | 235630.62 | 166766.22 | 166766.22 | -68864.40 | -68864.40 | 20.42 | False | 24.25 |  | 0.76 | 0.56 | 0.57 | 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 |  |  | 334.41 |  |  |  |  | MicroStrategy Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 7221.00 | 2844521.70 | 2844521.70 | 2414774.61 | 2414774.61 | -429747.09 | -429747.09 | 0.00 | False | 0.00 | N/A | 10.93 | 8.17 | 8.19 | 0.00 |  |  | MSTR<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 |  |  | 13.29 |  |  |  |  | YieldMax AAPL Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 24216.00 | 399471.44 | 399471.44 | 321830.64 | 321830.64 | -77640.80 | -77640.80 | 0.00 | False | 0.00 | N/A | 1.46 | 1.09 | 1.09 | 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 |  |  | 15.17 |  |  |  |  | Yieldmax Amzn Option | Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 20652.00 | 379326.28 | 379326.28 | 313290.84 | 313290.84 | -66035.44 | -66035.44 | 0.00 | False | 0.00 | N/A | 1.42 | 1.06 | 1.06 | 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 |  |  | 13.58 |  |  |  |  | YieldMax GOOGL Optio | n Income Strategy ET |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 27189.00 | 399294.59 | 399294.59 | 369226.62 | 369226.62 | -30067.97 | -30067.97 | 0.00 | False | 0.00 | N/A | 1.67 | 1.25 | 1.25 | 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 |  |  | 16.08 |  |  |  |  | Yieldmax Meta Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 19608.00 | 363183.08 | 363183.08 | 315296.64 | 315296.64 | -47886.44 | -47886.44 | 0.00 | False | 0.00 | N/A | 1.43 | 1.07 | 1.07 | 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 |  |  | 17.43 |  |  |  |  | YieldMax MSFT Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 18623.00 | 335886.85 | 335886.85 | 324598.89 | 324598.89 | -11287.96 | -11287.96 | 0.00 | False | 0.00 | N/A | 1.47 | 1.10 | 1.10 | 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 |  |  | 16.65 |  |  |  |  | YieldMax NVDA Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 19370.00 | 412570.94 | 412570.94 | 322510.50 | 322510.50 | -90060.44 | -90060.44 | 0.00 | False | 0.00 | N/A | 1.46 | 1.09 | 1.09 | 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 |  |  | 7.83 |  |  |  |  | Yieldmax Tsla Option | Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 378.00 | 4618.33 | 4618.33 | 2959.74 | 2959.74 | -1658.59 | -1658.59 | 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 |  |  | 86.60 |  |  |  |  | iShares 20+ Year Tre | asury Bond ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 74814.01 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 22386.00 | 1935867.14 | 1935867.14 | 1938627.60 | 1938627.60 | 2760.46 | 2760.46 | 3.86 | False | 0.00 | N/A | 8.78 | 6.56 | 6.58 | 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 |  |  | 570.40 |  |  |  |  | Invesco QQQ Trust Se | ries 1 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13258.21 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 5228.00 | 3011213.59 | 3011213.59 | 2982051.20 | 2982051.20 | -29162.39 | -29162.39 | 0.44 | False | 0.00 | N/A | 13.50 | 10.08 | 10.11 | 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 |  |  | 645.05 |  |  |  |  | SPDR S&P 500 ETF Tru | st |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 47333.59 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 7135.00 | 4557209.23 | 4557209.23 | 4602431.75 | 4602431.75 | 45222.52 | 45222.52 | 1.03 | False | 0.00 | N/A | 20.84 | 15.56 | 15.61 | 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 |  |  | 63.17 |  |  |  |  | VanEck Vectors Gold | Miners ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15874.60 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 33350.00 | 1645465.09 | 1645465.09 | 2106719.50 | 2106719.50 | 461254.41 | 461254.41 | 0.75 | False | 0.00 | N/A | 9.54 | 7.12 | 7.15 | 0.00 |  |  | GDX<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 | 8/30/2025 |  |  | 100.00 |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8198.73 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 195122.28 | 195122.28 | 195122.28 | 195122.28 | 195122.28 | 0.00 | 0.00 | 4.20 | False | 4.19 |  | 0.88 | 0.66 | 0.66 | 0.00 |  |  | FIGXX<br> N | AC |
| 801 | Adaptive Hedged Multi-Asset Income ETF | ZD14735D | MSTR 250829C0036000 |  | MSTR 250829C00360000 | MSTR250829C360. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/30/2025 |  |  | 0.01 |  |  |  |  | MSTR 250829C0036000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | -70.00 | -53832.51 | -53832.51 | -35.00 | -35.00 | 53797.51 | 53797.51 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | ZD14735D<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | DFB8144A | MSTR 250905C0045000 |  | MSTR 250905C00450000 | MSTR250905C450. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/6/2025 |  |  | 0.16 |  |  |  |  | MSTR 250905C0045000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 30.00 | 21480.73 | 21480.73 | 480.00 | 480.00 | -21000.73 | -21000.73 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | DFB8144A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | BD04404A | MSTR 250919C0042000 |  | MSTR 250919C00420000 | MSTR250919C420. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 1.88 |  |  |  |  | MSTR 250919C0042000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 35.00 | 17352.52 | 17352.52 | 6562.50 | 6562.50 | -10790.02 | -10790.02 | 0.00 | False | 0.00 | N/A | 0.03 | 0.02 | 0.02 | 0.00 |  |  | BD04404A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | AC25435D | MSTR 250919P0032000 |  | MSTR 250919P00320000 | MSTR250919P320. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/20/2025 |  |  | 11.43 |  |  |  |  | MSTR 250919P0032000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 70.00 | 57821.70 | 57821.70 | 79975.00 | 79975.00 | 22153.30 | 22153.30 | 0.00 | False | 0.00 | N/A | 0.36 | 0.27 | 0.27 | 0.00 |  |  | AC25435D<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 1C0Z494A | QQQ 250930P0054000 |  | QQQ 250930P00540000 | QQQ250930P540.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/1/2025 |  |  | 3.75 |  |  |  |  | QQQ 250930P0054000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | -23.00 | -8325.44 | -8325.44 | -8625.00 | -8625.00 | -299.56 | -299.56 | 0.00 | False | 0.00 | N/A | -0.04 | -0.03 | -0.03 | 0.00 |  |  | 1C0Z494A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 2C0Z494A | QQQ 250930P0057000 |  | QQQ 250930P00570000 | QQQ250930P570.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/1/2025 |  |  | 10.51 |  |  |  |  | QQQ 250930P0057000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 23.00 | 20596.56 | 20596.56 | 24173.00 | 24173.00 | 3576.44 | 3576.44 | 0.00 | False | 0.00 | N/A | 0.11 | 0.08 | 0.08 | 0.00 |  |  | 2C0Z494A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income 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 |  | 801;USD | USD | -30.00 | -8249.27 | -8249.27 | -5280.00 | -5280.00 | 2969.27 | 2969.27 | 0.00 | False | 0.00 | N/A | -0.02 | -0.02 | -0.02 | 0.00 |  |  | 7D8Z4949<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 3D8Z4949 | SPY 250930P0064000 |  | SPY 250930P00640000 | SPY250930P640.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/1/2025 |  |  | 7.13 |  |  |  |  | SPY 250930P0064000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 30.00 | 26910.73 | 26910.73 | 21390.00 | 21390.00 | -5520.73 | -5520.73 | 0.00 | False | 0.00 | N/A | 0.10 | 0.07 | 0.07 | 0.00 |  |  | 3D8Z4949<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 |  |  | 13.74<br> M |  |  |  |  | RH Hedged Multi-Asset | Income (Cayman) Fund Ltd |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 8/29/2025<br> C |  | 801;USD | USD | 394556.93 | 4115058.12 | 4115058.12 | 5421403.58 | 5421403.58 | 1306345.46 | 1306345.46 | 0.00 | False | 0.00 | N/A | 24.55 | 18.33 | 18.39 | 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:** 2025-08-31

**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:** $29572943.08

**Total Liabilities:** $88390.32

**Net Assets:** $29484552.76

**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 | 2.34%                | 1.04%                | 1.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-303305.72              | $771299.84                                 |
| Month 2  | $31899.98                | $-80761.69                                 |
| Month 3  | $650686.66               | $-759638.94                                |

**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        |    523952 | NS      | $166766.22    | 0.57%             | 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        |    125144 | NS      | $109725.80    | 0.37%             | 2044-04-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| CWALT 2005-J11       | CMO      | CUSIP: 12668AJS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88704 | NS      | $57052.09     | 0.19%             | 2025-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | COMMSTCK | CUSIP: 594972408<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7221 | NS      | $2414774.61   | 8.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Amzn Option | ETF      | CUSIP: 88634T840<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20652 | NS      | $313290.84    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax AAPL Option | ETF      | CUSIP: 88634T857<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24216 | NS      | $321830.64    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Meta Option | ETF      | CUSIP: 88634T816<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19608 | NS      | $315296.64    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Vectors Gold  | ETF      | CUSIP: 92189F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33350 | NS      | $2106719.50   | 7.15%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax GOOGL Optio | ETF      | CUSIP: 88634T790<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27189 | NS      | $369226.62    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax MSFT Option | ETF      | CUSIP: 88634T428<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18623 | NS      | $324598.89    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax NVDA Option | ETF      | CUSIP: 88634T774<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19370 | NS      | $322510.50    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Se | ETF      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | CORP              | US        |      5228 | NS      | $2982051.20   | 10.11%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Tru | ETF      | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | CORP              | US        |      7135 | NS      | $4602431.75   | 15.61%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares 20+ Year Tre | ETF      | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             | EC               | CORP              | US        |     22386 | NS      | $1938627.60   | 6.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Tsla Option | ETF      | CUSIP: 88636J444<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       378 | NS      | $2959.74      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |    195122 | NS      | $195122.28    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Short            | DE               |  | US        |       -23 | NC      | $-8625.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Se | OPTION   | CUSIP: 46090E103<br>LEI: N/A                  | Long             | DE               |  | US        |        23 | NC      | $24173.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Tru | OPTION   | CUSIP: 78462F103<br>LEI: N/A                  | Long             | DE               |  | US        |        30 | NC      | $21390.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR S&P 500 ETF Tru | OPTION   | CUSIP: 78462F103<br>LEI: N/A                  | Short            | DE               |  | US        |       -30 | NC      | $-5280.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |        70 | NC      | $79975.00     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |        35 | NC      | $6562.50      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |        30 | NC      | $480.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Short            | DE               |  | US        |       -70 | NC      | $-35.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RH Hedged Multi-Asse | PRIVATE  | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    394557 | NS      | $5421403.58   | 18.39%            |  |  |  | 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