# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0001999371-25-010980
**Filing Date:** 2025-8
**Character Count:** 228703
**Document Hash:** 8c8c4890ecefdced39c81bbb57186899
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-010980.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001999371-25-010980

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22298
- **FILM NUMBER:** 251198142

**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            |

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

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

### RH Tactical Rotation ETF (Series ID: S000072157)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000227947 | RH Tactical Rotation ETF | RHRX            |

### RH Tactical Outlook ETF (Series ID: S000072159)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000227949 | RH Tactical Outlook ETF | RHTX            |

?xml version='1.0' encoding='ASCII'? adaptive_tsr

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-22298**

**Starboard Investment Trust**

(Exact name of registrant as specified in charter)

**116 South Franklin Street, Rocky Mount, North Carolina 27804**

(Address of principal executive offices) (Zip code)

**Paracorp Inc.**

**2140 South Dupont Hwy., Camden, DE 19934**

(Name and address of agent for service)

Registrant's telephone number, including area code: **252-972-9922**

Date of fiscal year end: **May 31**

Date of reporting period: **May 31, 2025**

**Item 1.** **Report to Stockholders**

(a) **Adaptive Alpha Opportunities ETF Tailored Shareholder Report**

#### Adaptive Alpha Opportunities ETF
Ticker: AGOX

Exchange: NYSE Arca

**annual Shareholder Report May 31, 2025** 

This annual shareholder report contains important information about Adaptive Alpha Opportunities ETF for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://etfpages.com/AGOX. You can also request this information by contacting us at (800) 773-3863.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AGOX | $125 | 1.19% |

---

#### How did the Fund perform last year and what affected its performance?
For the fiscal year ended May 31, 2025, the Fund returned 10.13%.The Fund underperformed the MSCI ACWI Index and the Morningstar Moderate Aggressive Target Risk Index, which returned 14.16% and 11.96%, respectively, for the same period.

Adaptive Alpha Opportunities ETF (AGOX) remains largely diversified across countries and sectors. There are periods where AGOX uses its "Global-go-anywhere" classification to take advantage of a focused approach to a sector or group of sectors.During the one year period ended 5/31/2025, AGOX held modest allocations towards tech and semiconductor related positions. The VanEck Semiconductor ETF (SMH), Technology Select Sector SPDR ETF (XLK), and Invesco QQQ Trust (QQQ) all had drawdowns during the period that exceeded that of the benchmark resulting in a negative impact on relative performance. This impact was greatest during the semiconductor related sell offs in August 2024 and January 2025. US equity markets have generally trended positively over past year, which has benefitted the Fund's US growth-oriented portfolio.

The main detractors from performance included:

&nbsp;&nbsp;&nbsp;&nbsp;• Super Micro Computer Inc (SMCI)

&nbsp;&nbsp;&nbsp;&nbsp;• Meta Platform Inc Class A (META)

&nbsp;&nbsp;&nbsp;&nbsp;• Novo Nordisk AS ADR (NVO)

The main contributors to performance included:

&nbsp;&nbsp;&nbsp;&nbsp;• Howmet Aerospace Inc (HWM)

&nbsp;&nbsp;&nbsp;&nbsp;• NVIDIA Corp (NVDA)

&nbsp;&nbsp;&nbsp;&nbsp;• Carpenter Technology Corp (CRS)

#### How did the Fund perform since inception?
*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.*

#### Cumulative Performance
From June 1, 2024 through May 31, 2025

Initial Investment of $10,000![](vtg1mdhm5mj4.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year**<br>| **5 Year**<br>| **Since**<br>**Inception**<br>|
| **AGOX**<br>| 10.13%<br>| 11.99%<br>| 10.85%<br>|
| **MSCI ACWI Index**<br>| 14.16%<br>| 13.88%<br>| 10.43%<br>|
| **Morningstar Moderate Aggressive**<br>**Target Risk Index**<br>| 11.96%<br>| 10.07%<br>| 8.38%<br>|

---

**Adaptive Alpha Opportunities ETF Tailored Shareholder Report**

#### Key Fund Statistics
(as of May 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size** | $316695429 |
| **Number of Holdings** | 200 |
| **Net Advisory Fee** | $3079699 |
| **Portfolio Turnover Rate** | 508.72% |

---

#### What did the Fund invest in?
(as of May 31, 2025)

#### Sector Breakdown (% of net assets)
![](klja1mcxpxgox.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **Dreyfus Treasury Securities Cash Management** | 14.1% |
| **Howmet Aerospace Inc** | 6.5% |
| **Meta Platforms Inc** | 5.9% |
| **Financial Select Sector SPDR Fund** | 5.4% |
| **Microsoft Corp** | 5.4% |
| **Amazon.com Inc** | 4.6% |
| **Palantir Technologies Inc** | 4.1% |
| **Broadcom Inc** | 3.6% |
| **iShares Russell 2000 ETF** | 3.5% |
| **Constellation Energy Corp** | 3.0% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://etfpages.com/AGOX.
**Adaptive Hedged Multi-Asset Income ETF Tailored Shareholder Report**

#### Adaptive Hedged Multi-Asset Income ETF
Ticker: AMAX

Exchange: NYSE Arca

**annual Shareholder Report May 31, 2025** 

This annual shareholder report contains important information about Adaptive Hedged Multi-Asset Income ETF for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://etfpages.com/AMAX. You can also request this information by contacting us at (800) 773-3863.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMAX | $105 | 1.02% |

---

#### How did the Fund perform last year and what affected its performance?
For the fiscal year ended May 31, 2025, the Fund returned 6.32%.The Fund outperformed the Bloomberg Capital US Aggregate Bond Index, which returned 5.46% for the same period.

For the majority of the year, Adaptive Hedged Multi Asset Income ETF (AMAX) maintained its three part portfolio in equities, treasuries and gold. The Fund's aggregate performance was favorably influenced by upward trends in the equity and gold markets, and the recurring income derived from the implementation of covered call options.

The main detractors from performance included:

&nbsp;&nbsp;&nbsp;&nbsp;• YieldMax NVDA Option Income Strategy ETF (NVDY)

&nbsp;&nbsp;&nbsp;&nbsp;• YieldMax AAPL Option Income Strategy ETF (APLY)

&nbsp;&nbsp;&nbsp;&nbsp;• YieldMax GOOGL Option Income Strategy ETF (GOOY)

The main contributors to performance included:

&nbsp;&nbsp;&nbsp;&nbsp;• SPDR S&P 500 ETF (SPY)

&nbsp;&nbsp;&nbsp;&nbsp;• Invesco QQQ Trust (QQQ)

&nbsp;&nbsp;&nbsp;&nbsp;• Strategy Class A (MSTR)

#### How did the Fund perform since inception?
*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.*

#### Cumulative Performance
From June 1, 2024 through May 31, 2025

Initial Investment of $10,000![](pf3t1mdhlvi9i.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year**<br>| **5 Year**<br>| **Since**<br>**Inception**<br>|
| **AMAX**<br>| 6.32%<br>| 1.96%<br>| 2.40%<br>|
| **Bloomberg Capital US Aggregate** <br>**Bond Index**<br>| 5.46%<br>| -0.90%<br>| 2.42%<br>|

---

**Adaptive Hedged Multi-Asset Income ETF Tailored Shareholder Report**

#### Key Fund Statistics
(as of May 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size** | $22029024 |
| **Number of Holdings** | 23 |
| **Net Advisory Fee** | $838 |
| **Portfolio Turnover Rate** | 720.72% |

---

#### What did the Fund invest in?
(as of May 31, 2025)

#### Security Type Breakdown (% of net assets)
![](pf3t1mdhlwiug.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **SPDR S&P 500 ETF Trust** | 15.3% |
| **FT Vest Gold Strategy Target Income ETF**  | 12.3% |
| **MicroStrategy Inc** | 11.6% |
| **Invesco QQQ Trust Series 1** | 10.6% |
| **iShares Bitcoin Trust ETF** | 9.7% |
| **iShares 20+ Year Treasury Bond ETF** | 7.0% |
| **VanEck Gold Miners ETF** | 6.1% |
| **YieldMax GOOGL Option Income Strategy ETF** | 1.2% |
| **Yieldmax Amzn Option Income ETF** | 1.2% |
| **YieldMax MSFT Option Income Strategy ETF** | 1.2% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://etfpages.com/AMAX.
**RH Tactical Outlook ETF Tailored Shareholder Report**

#### RH Tactical Outlook ETF
Ticker: RHTX

Exchange: NYSE Arca

**annual Shareholder Report May 31, 2025** 

This annual shareholder report contains important information about RH Tactical Outlook ETF for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://etfpages.com/RHTX. You can also request this information by contacting us at (800) 773-3863.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| RHTX | $129 | 1.25% |

---

#### How did the Fund perform last year and what affected its performance?
For the fiscal year ended May 31, 2025, the Fund returned 6.69%.The Fund underperformed the CRSP US Total Market Index and the Morningstar Moderate Aggressive Target Risk Index, which returned 13.00% and 11.96%, respectively, for the same period.

RH Tactical Outlook ETF (RHTX) maintained its multi-cap equity and precious metal exposure for the majority of the year. Although the precious metals that RHTX holds (GLD, SLV) provide some diversification benefit, the large equity bias included US mid caps and US small caps which underperformed large caps during the period.RHTX also used bitcoin related ETFs and equities to generate covered call income and to fund the purchase of long protective puts. The Fund's aggregate performance was favorably influenced by upward trends in equity and gold markets.While the Fund benefitted from its US large-cap exposure, the underperformance of its US small and mid-cap equity positions led to the Fund lagging its benchmark.

The main detractors from performance included:

&nbsp;&nbsp;&nbsp;&nbsp;• iShares Russell 2000 ETF (IWM)

&nbsp;&nbsp;&nbsp;&nbsp;• SPDR Portfolio S&P 400 Mid Cap ETF (SPMD)

The main contributors to performance included:

&nbsp;&nbsp;&nbsp;&nbsp;• SPDR S&P 500 ETF (SPY)

&nbsp;&nbsp;&nbsp;&nbsp;• SPDR Gold Shares (GLD)

#### How did the Fund perform since inception?
*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.*

#### Cumulative Performance
From June 1, 2024 through May 31, 2025

Initial Investment of $10,000![](jcvtv1mdoi19ke.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year**<br>| **5 Year**<br>| **Since**<br>**Inception**<br>|
| **RHTX**<br>| 6.69%<br>| 7.18%<br>| 6.20%<br>|
| **CRSP US Total Market Index**<br>| 13.00%<br>| 15.24%<br>| N/A\*<br>|
| **Morningstar Moderate Aggressive**<br>**Target Risk Index**<br>| 11.96%<br>| 10.07%<br>| 8.38%<br>|

---

\* The index was created after the since inception date of the Fund.

**RH Tactical Outlook ETF Tailored Shareholder Report**

#### Key Fund Statistics
(as of May 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size** | $8090432 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover Rate** | 44.37% |

---

#### What did the Fund invest in?
(as of May 31, 2025)

#### Security Type Breakdown (% of net assets)
![](elir1mdhmxxgv.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Total Net Assets)** |
| **SPDR S&P 500 ETF Trust** | 47.5% |
| **SPDR Portfolio S&P 400 Mid Cap ETF** | 25.5% |
| **MicroStrategy Inc** | 8.6% |
| **iShares Russell 2000 ETF** | 7.7% |
| **SPDR Gold Shares** | 6.2% |
| **iShares Silver Trust** | 4.4% |
| **MicroStrategy Inc** | 0.3% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://etfpages.com/RHTX.
**RH Tactical Rotation ETF Tailored Shareholder Report**

#### RH Tactical Rotation ETF
Ticker: RHRX

Exchange: NYSE Arca

**annual Shareholder Report May 31, 2025** 

This annual shareholder report contains important information about RH Tactical Rotation ETF for the period June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://etfpages.com/RHRX. You can also request this information by contacting us at (800) 773-3863.

#### What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| RHRX | $129 | 1.25% |

---

#### How did the Fund perform last year and what affected its performance?
For the fiscal year ended May 31, 2025, the Fund returned 5.46%.The Fund underperformed the S&P 500 and the Morningstar Moderate Aggressive Target Risk Index, which returned 13.52% and 11.96%, respectively, for the same period.

RH Tactical Rotation ETF (RHRX) maintained its half broad equities and half "tri-sector" approach utilizing research to choose in-favor sectors to hold at any given time.Although the sector concentration can enhance returns, focused sell-off scenarios (such as the sell off of the AI company DeepSeek in January 2025) can reduce alpha. RHRX also used Adaptive's Growth or Value (GVI) model to determine when to allocate the broad equities portion of the portfolio between growth and value focus. Favorable market conditions for US large-cap growth companies had a positive impact on the segment of the Fund's portfolio allocated to these investments.

The main detractors from performance included:

&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Semiconductor ETF (SMH)

&nbsp;&nbsp;&nbsp;&nbsp;• The Consumer Discret Sel Sect SPDR ETF (XLY)

&nbsp;&nbsp;&nbsp;&nbsp;• The Technology Select Sector SPDR ETF (XLK)

The main contributors to performance included:

&nbsp;&nbsp;&nbsp;&nbsp;• SPDR S&P 500 ETF (SPY)

&nbsp;&nbsp;&nbsp;&nbsp;• Comm Svcs Sel Sect SPDR ETF (XLC)

&nbsp;&nbsp;&nbsp;&nbsp;• SPDR NYSE Technology ETF (XNTK)

#### How did the Fund perform since inception?
*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.*

#### Cumulative Performance
From June 1, 2024 through May 31, 2025

Initial Investment of $10,000![](zjb71mdoi8i74.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year**<br>| **5 Year**<br>| **Since**<br>**Inception**<br>|
| **RHRX**<br>| 5.46%<br>| 8.76%<br>| 6.16%<br>|
| **S&P 500**<br>| 13.52%<br>| 15.94%<br>| 13.73%<br>|
| **Morningstar Moderate Aggressive**<br>**Target Risk Index**<br>| 11.96%<br>| 10.07%<br>| 8.38%<br>|

---

**RH Tactical Rotation ETF Tailored Shareholder Report**

#### Key Fund Statistics
(as of May 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size** | $14838587 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover Rate** | 249.34% |

---

#### What did the Fund invest in?
(as of May 31, 2025)

#### Sector Breakdown (% of net assets)
![](aqjvn1mcxs9kcd.jpg)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Total Net Assets)** |
| **SPDR Portfolio S&P 500 Growth ETF** | 24.2% |
| **SPDR S&P 500 ETF Trust** | 23.4% |
| **SPDR NYSE Technology ETF** | 19.1% |
| **Communication Services Select Sector SPDR Fund** | 17.4% |
| **Consumer Discretionary Select Sector SPDR Fund** | 15.0% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://etfpages.com/RHRX.
(b) Not applicable.

**Item 2.** **Code of Ethics.**

(a) The
 registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal
 executive officer, principal accounting officer or controller, and principal financial officer, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(c) During
 the period covered by this report, there have been no substantive amendments to the provisions of the Code of Ethics.

(d) During
 the period covered by this report , t he
 registrant did not grant any waivers to the provisions of the Code of Ethics.

(e) Not
 applicable.

(f)(1) A copy of the Code of Ethics is filed with this Form N-CSR as [Exhibit 19(a)(1)](ex19-a1.htm)

**Item 3.** **Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that there is at least one member who qualifies as an audit committee financial expert, as that term is defined under Item 3(b) of Form N-CSR, serving on its audit committee.

As of the date of this report, the registrant's audit committee financial expert is Mr. James H. Speed, Jr. Mr. Speed is "independent" for purposes of Item 3 of Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services**

(a) Audit
 Fees

Audit fees billed for the Adaptive Alpha Opportunities ETF, Adaptive Hedged Multi-Asset Income ETF, RH Tactical Outlook ETF, and RH Tactical Rotation ETF (the "Funds"), each a series of the Trust, for the last two fiscal years are reflected in the table below.

For the fiscal year ended May 31, 2024, these amounts represent aggregate fees billed for professional services rendered by the registrant's independent accountant, Tait, Weller & Baker LLP (" Accountant"), in connection with the audit of the registrants' annual financial statements and for services that are normally provided by the Accountant in connection with the registrant's statutory and regulatory filings for that fiscal year.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | &nbsp;&nbsp;**May 31, 2024** |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;$14500 |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;$12000 |

---

For the fiscal year ended May 31, 2025, these amounts represent aggregate fees billed for professional services rendered by the Accountant, in connection with the audit of the registrants' annual financial statements and for services that are normally provided by the Accountant in connection with the registrants' statutory and regulatory filings for that fiscal year.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | &nbsp;&nbsp;**May 31, 2025** |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;$14500 |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;$12000 |

---

(b) Audit-Related
 Fees

The audit-related fees billed for the Funds for the fiscal year ended May 31, 2024, for professional services rendered by the registrant's Accountant, in connection with two semi-annual examinations and a surprise examination of the 17f-1 security counts, are reflected in the table below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | &nbsp;&nbsp;**May 31, 2024** |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;$5500 |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;$5500 |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;$5500 |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;$5500 |

---

The audit-related fees billed for the Funds for the fiscal year ended May 31, 2025, for professional services rendered by the registrant's Accountant, in connection with two semi-annual examinations and a surprise examination of the 17f-1 security counts, are reflected in the table below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | &nbsp;&nbsp;**May 31, 2025** |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;$5500 |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;$5500 |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;$5500 |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;$5500 |

---

(c) Tax
 Fees

These amounts represent the aggregate fees billed in the fiscal year ended May 31, 2024, for professional services rendered by the Accountant for tax compliance, tax advice, and tax planning, and are reflected in the table below. These services were for the completion of the Funds' federal and state income tax returns, excise tax returns, and assistance with distribution calculations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | &nbsp;&nbsp;**May 31, 2024** |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;$3000 |

---

These amounts represent aggregate fees billed in the fiscal year ended May 31, 2025, for professional services rendered by the Accountant for tax compliance, tax advice, and tax planning, and are reflected in the table below. These services were for the completion of the Funds' federal and state income tax returns, excise tax returns, and assistance with distribution calculations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | &nbsp;&nbsp;**May 31, 2025** |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;$3000 |

---

(d) All
 Other Fees

There were no other fees billed in each of the fiscal years ended May 31, 2024 and May 31, 2025, for products and services provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this item.

---

| | |
|:---|:---|
| (e)(1) | The registrants' Board of Trustees pre-approved the engagement of the Accountant for the fiscal year ended May 31, 2025, at an audit committee meeting of the Board of Trustees called for such purpose; and will pre-approve the Accountant for each fiscal year thereafter at an audit committee meeting called for such purpose. The charter of the audit committee states that the audit committee should pre-approve any audit services and, when appropriate, evaluate and pre-approve any non-audit services provided by the Accountant to the registrant and to pre-approve, when appropriate, any non-audit services provided by the Accountant to the registrant's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if the engagement relates directly to the operations and financial reporting of the registrant. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) There
 were no services as described in each of paragraph (b) through (d) of this Item that were approved by the audit committee pursuant to
 paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not
 applicable.

(g) Aggregate
 non-audit fees billed by the Accountant to the Funds for services rendered for the fiscal year ended May 31, 2024, for services rendered
 are reflected in the table below. There were no fees billed by the Accountant for non-audit services rendered to the Funds' investment
 adviser, or any other entity controlling, controlled by, or under common control with the Funds' investment adviser for the fiscal
 year ended May 31, 2024.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | &nbsp;&nbsp;**May 31, 2024** |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;$3000 |

---

Aggregate non-audit fees billed by the Accountant to the Funds for services rendered for the fiscal year ended May 31, 2025, for services rendered are reflected in the table below. There were no fees billed by the Accountant for non-audit services rendered to the Funds' investment adviser, or any other entity controlling, controlled by, or under common control with the Funds' investment adviser for the fiscal year ended May 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | &nbsp;&nbsp;**May 31, 2025** |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;$3000 |

---

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

(a) The
 Funds are listed issuers as defined in Rule 10A-3 under the Exchange Act of 1934 and have a separately designated standing audit committee
 established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The Funds' audit committee members are James H.
 Speed, Jr., J. Buckley Strandberg, and Theo H. Pitt, Jr.

(b) Not
 applicable.

Item 6. Investments

A copy of the Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Annual Financial Statements

As of May 31, 2025

**Adaptive ETFs**

**Adaptive Alpha Opportunities ETF**

**Adaptive Hedged Multi-Asset Income ETF**

**RH Tactical Outlook ETF**

**RH Tactical Rotation ETF**

The financial statements and other information contained herein are submitted for the general information of the shareholders of the Adaptive Alpha Opportunities ETF, Adaptive Hedged Multi-Asset Income ETF, RH Tactical Outlook ETF, and the RH Tactical Rotation ETF (each a "Fund" or "ETF" and collectively, the "Funds", "ETFs" or the "Adaptive ETFs"). The Adaptive ETFs' shares are not deposits or obligations of, or guaranteed by, any depository institution. The Adaptive ETFs' shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

---

| | |
|:---|:---|
| &nbsp;&nbsp;[Schedule of Investments (N-CSR Item 6)](#adaptivea001) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Financial Statements (N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#adaptivea002) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#adaptivea003) | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#adaptivea004) | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#adaptivea005) | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;[Notes to Financial Statements](#adaptivea006) | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#adaptivea007) | &nbsp;&nbsp;39 |
| &nbsp;&nbsp;[Tax Information](#adaptivea008) | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;[Changes In and Disagreements with Accountants (N-CSR Item 8)](#adaptivea009) | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;[Matters Submitted for Shareholder Vote (N-CSR Item 9)](#adaptivea010) | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;[Renumeration Paid to Directors, Officers and Others (N-CSR Item 10)](#adaptivea011) | &nbsp;&nbsp;40 |
| &nbsp;&nbsp;[Approval of Investment Advisory Agreement (N-CSR Item 11)](#adaptivea012) | &nbsp;&nbsp;40 |

---

**Adaptive Alpha Opportunities ETF**

**Schedule of Investments**

*As of May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Long Investments** |  |  |
| **Common Stocks - 58.53%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 7.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Inc | 121363 | $3373892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings Inc | 296 | 1633603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc | 28621 | 18531811 |
|  |  | 23539306 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 6.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co (a) | 10612 | 832936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc (a) | 71800 | 14719718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart Inc (a) | 50729 | 2611529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp (a) | 3 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Brick Partners Inc (a) | 1072 | 62658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Inc (a) | 313 | 108442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winmark Corp | 1715 | 728566 |
|  |  | 19064166 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 0.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp | 21111 | 2053045 |
| &nbsp;&nbsp;&nbsp;**Energy - 0.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Inc | 31904 | 794410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp | 6064 | 957688 |
|  |  | 1752098 |
| &nbsp;&nbsp;&nbsp;**Financials - 7.95%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial Inc | 2659 | 1354069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets Inc | 9436 | 2161976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp (a) | 1603 | 2767227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 33690 | 8894160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp/The | 16904 | 4816457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial Inc | 7962 | 1170255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics Inc | 12793 | 4018793 |
|  |  | 25182937 |
| &nbsp;&nbsp;&nbsp;**Health Care - 2.10%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 966 | 712589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc (a) | 3704 | 1019563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S | 22889 | 1636564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc (a) | 7423 | 3281337 |
|  |  | 6650053 |
| &nbsp;&nbsp;&nbsp;**Industrials - 11.57%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter Inc | 13102 | 3252178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp | 10567 | 994038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontdoor Inc (a) | 30042 | 1652610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co | 2102 | 516903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace Inc | 121088 | 20571640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IES Holdings Inc (a) | 5556 | 1442671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog Inc | 6045 | 1120199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp (a) | 99912 | 2676642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group Inc | 1927 | 2829665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co | 2368 | 255578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WW Grainger Inc | 1235 | 1343137 |
|  |  | 36655261 |
| &nbsp;&nbsp;&nbsp;**Materials - 0.34%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp | 408 | 95880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab Inc | 3643 | 967654 |
|  |  | 1063534 |

---

*See Notes to Financial Statements*

**Adaptive Alpha Opportunities ETF**

**Schedule of Investments** (continued)

*As of May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Technology - 17.20%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc (a) | 8381 | $928028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3195 | 641716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks Inc (a) | 14628 | 1267370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 47633 | 11530520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Holding Co Inc (a) | 194668 | 1175795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 37069 | 17065085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies Inc (a) | 97540 | 12853821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rigetti Computing Inc (a) | 49557 | 600135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce Inc | 16641 | 4416022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions Inc | 7082 | 488870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer Inc (a) | 100 | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies Inc (a) | 1553 | 896065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp (a) | 197288 | 2592364 |
|  |  | 54459793 |
| &nbsp;&nbsp;&nbsp;**Utilities - 4.71%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp | 31191 | 9549125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy Inc | 19473 | 3035841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp | 14604 | 2344964 |
|  |  | 14929930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks (Cost $152,439,797)** |  | 185350123 |
| **Exchange-Traded Products - 19.85%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 0.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 8893 | 901750 |
|  |  | Spacer |
| &nbsp;&nbsp;&nbsp;**Financials - 12.68%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Select Sector SPDR Fund | 338615 | 17255820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 54138 | 11102080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P Capital Markets ETF | 26328 | 3556386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Financials ETF | 67136 | 8249672 |
|  |  | 40163958 |
| &nbsp;&nbsp;&nbsp;**Global - 0.65%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global X MSCI Argentina ETF | 22741 | 2051920 |
|  |  | Spacer |
| &nbsp;&nbsp;&nbsp;**Industrials - 0.83%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P Aerospace & Defense ETF | 13804 | 2640429 |
|  |  | Spacer |
| &nbsp;&nbsp;&nbsp;**Technology - 5.38%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | 2388 | 1239635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Select Sector SPDR Fund | 29394 | 6787369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF (a) | 37532 | 8998297 |
|  |  | 17025301 |
| &nbsp;&nbsp;&nbsp;**Utilities - 0.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities Select Sector SPDR Fund | 1000 | 81920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange-Traded Products (Cost $54,201,554)** |  | 62865278 |

---

*See Notes to Financial Statements*

**Adaptive Alpha Opportunities ETF**

**Schedule of Investments** (continued)

*As of May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Exercise Price** | **Exercise Date** | **Notional Value** | **Value** |
| **Call Options Purchased - 9.08%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 500 | $205.00 | 6/20/2025 | $10250000 | $286250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise Inc | 100 | 680.00 | 6/20/2025 | 6800000 | 764000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp | 2000 | 106.00 | 6/6/2025 | 21200000 | 165000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 1000 | 242.50 | 6/6/2025 | 24250000 | 937752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 1000 | 215.00 | 6/20/2025 | 21500000 | 3047500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 1000 | 101.50 | 6/6/2025 | 10150000 | 101029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp | 1000 | 105.00 | 6/20/2025 | 10500000 | 435000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp | 800 | 97.00 | 6/20/2025 | 7760000 | 420824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace Inc | 2000 | 170.00 | 6/6/2025 | 34000000 | 580000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | 250 | 519.00 | 6/20/2025 | 12975000 | 262750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc | 400 | 660.00 | 6/20/2025 | 26400000 | 475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 150 | 122.00 | 6/20/2025 | 1830000 | 214500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 500 | 129.00 | 6/20/2025 | 6450000 | 436250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 3000 | 131.00 | 6/20/2025 | 39300000 | 2212500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 4000 | 132.00 | 6/20/2025 | 52800000 | 2690000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 4500 | 135.00 | 6/20/2025 | 60750000 | 2250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 3000 | 136.00 | 6/20/2025 | 40800000 | 1342500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 500 | 155.00 | 6/20/2025 | 7750000 | 17750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 2500 | 160.00 | 6/20/2025 | 40000000 | 47500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 145 | 190.00 | 6/20/2025 | 2755000 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies Inc | 1500 | 125.00 | 6/20/2025 | 18750000 | 1721250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies Inc | 2000 | 123.00 | 7/11/2025 | 24600000 | 3260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp | 1000 | 27.00 | 6/20/2025 | 2700000 | 183000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp | 500 | 28.50 | 6/20/2025 | 1425000 | 59250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp | 500 | 28.50 | 6/27/2025 | 1425000 | 71000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 500 | 42.50 | 6/6/2025 | 2125000 | 33500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 500 | 38.00 | 6/13/2025 | 1900000 | 165000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 1000 | 44.00 | 6/13/2025 | 4400000 | 88000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Inc | 2 | 255.00 | 6/20/2025 | 51000 | 18490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Inc | 800 | 320.00 | 6/20/2025 | 25600000 | 2848000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 140 | 185.00 | 6/20/2025 | 2590000 | 769300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 219 | 205.00 | 6/20/2025 | 4489500 | 776355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 500 | 210.00 | 6/20/2025 | 10500000 | 1537500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 500 | 240.00 | 6/20/2025 | 12000000 | 370000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 500 | 250.00 | 6/20/2025 | 12500000 | 155000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp | 1 | 14.00 | 6/13/2025 | 1400 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options Purchased<br>(Premium Paid $26,692,826)** |  |  |  |  | 28742133 |
| **Put Options Purchased - 4.96%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co | 100 | 95.00 | 6/6/2025 | 950000 | 164500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 500 | 205.00 | 6/20/2025 | 10250000 | 275000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 237 | 170.00 | 6/20/2025 | 4029000 | 5807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 250 | 220.00 | 6/20/2025 | 5500000 | 103125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 250 | 230.00 | 6/20/2025 | 5750000 | 173125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp | 200 | 200.00 | 6/20/2025 | 4000000 | 22500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp | 150 | 270.00 | 6/20/2025 | 4050000 | 37125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp | 500 | 75.00 | 6/20/2025 | 3750000 | 9750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Select Sector SPDR Fund | 2000 | 51.00 | 6/6/2025 | 10200000 | 90059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences Inc | 1000 | 100.00 | 7/18/2025 | 10000000 | 239000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace Inc | 1000 | 170.00 | 6/6/2025 | 17000000 | 272500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace Inc | 2016 | 170.00 | 6/20/2025 | 34272000 | 977760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 500 | 206.00 | 6/6/2025 | 10300000 | 127874 |

---

*See Notes to Financial Statements*

**Adaptive Alpha Opportunities ETF**

**Schedule of Investments** (continued)

*As of May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Exercise Price** | **Exercise Date** | **Notional Value** | **Value** |
| **Put Options Purchased (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 500 | $210.00 | 6/20/2025 | $10500000 | $7750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 1000 | 105.00 | 6/20/2025 | 10500000 | 18000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 500 | 109.00 | 6/20/2025 | 5450000 | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 1500 | 130.00 | 6/20/2025 | 19500000 | 419250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 2000 | 135.00 | 6/20/2025 | 27000000 | 960000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 1000 | 95.00 | 6/27/2025 | 9500000 | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 2000 | 100.00 | 7/18/2025 | 20000000 | 93000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 2000 | 130.00 | 7/18/2025 | 26000000 | 1045000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 2000 | 140.00 | 7/18/2025 | 28000000 | 2010000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 2000 | 165.00 | 7/18/2025 | 33000000 | 6065000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies Inc | 1000 | 130.00 | 6/6/2025 | 13000000 | 420268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies Inc | 267 | 120.00 | 6/20/2025 | 3204000 | 75160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies Inc | 500 | 130.00 | 6/20/2025 | 6500000 | 318750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp | 500 | 23.00 | 6/20/2025 | 1150000 | 23500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp | 500 | 28.00 | 6/20/2025 | 1400000 | 125250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 1000 | 42.00 | 6/6/2025 | 4200000 | 274000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Inc | 200 | 220.00 | 6/20/2025 | 4400000 | 10100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Inc | 2 | 255.00 | 6/20/2025 | 51000 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Inc | 200 | 280.00 | 6/20/2025 | 5600000 | 42700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 300 | 190.00 | 6/20/2025 | 5700000 | 8700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 219 | 200.00 | 6/20/2025 | 4380000 | 11607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 300 | 245.00 | 6/20/2025 | 7350000 | 298500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | 500 | 245.00 | 9/19/2025 | 12250000 | 955000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Put Options Purchased<br>(Premiums Paid $23,506,643)** |  |  |  |  | 15707351 |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investment - 14.10%** | **Shares** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management, 3.88% (b) (Cost $44,670,862) | 44670862 | 44670862 |
| **Total Long Investment (Cost/Premium Paid $301,511,681)** |  | 337335747 |
| **Short Investments** |  |  |
| **Common Stocks - (1.22)%** |  |  |
| &nbsp;&nbsp;&nbsp;**Health Care - (0.06)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp (a) (Cost $179,759) | (1712) | (180205) |
|  |  | Spacer |
| &nbsp;&nbsp;&nbsp;**Technology - (1.16)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp (Cost $3,157,609) | (27221) | (3678374) |
| **Total Short Investment (Cost $3,337,368)** |  | (3858579) |
|  |  | Spacer |
| **Investments, at Value (Cost $298,174,313) - 105.30%** |  | $333477168 |
| **Options Written (Premiums Received $26,167,357) - (5.51)%** |  | (17461770) |
| **Other Assets Less Liabilities - 0.21%** |  | 680031 |
| **Net Assets - 100.00%** |  | $316695429 |

---

(a) Non-income producing investment

(b) Represents 7-day effective SEC yield as of May 31, 2025.

*See Notes to Financial Statements*

**Adaptive Alpha Opportunities ETF**

**Schedule of Options Written** 

*As of May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Exercise Price** | **Exercise Date** | **Notional Value** | **Value** |
| **Call Options Written - (4.92)%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise Inc | (100) | $650.00 | 6/20/2025 | $(6500000) | $(1045000) |
| &nbsp;&nbsp;&nbsp;Broadcom Inc | (1100) | 240.00 | 6/20/2025 | (26400000) | (1460250) |
| &nbsp;&nbsp;&nbsp;Broadcom Inc | (1000) | 250.00 | 6/20/2025 | (25000000) | (872500) |
| &nbsp;&nbsp;&nbsp;Broadcom Inc | (500) | 250.00 | 7/18/2025 | (12500000) | (638750) |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp | (150) | 330.00 | 7/18/2025 | (4950000) | (178500) |
| &nbsp;&nbsp;&nbsp;Dollar General Corp | (500) | 105.00 | 6/20/2025 | (5250000) | (108000) |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc | (500) | 170.00 | 9/19/2025 | (8500000) | (677500) |
| &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | (200) | 529.78 | 6/20/2025 | (10595600) | (101300) |
| &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | (250) | 560.00 | 7/18/2025 | (14000000) | (44875) |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc | (100) | 630.00 | 6/20/2025 | (6300000) | (284250) |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc | (100) | 725.00 | 6/20/2025 | (7250000) | (8900) |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc | (500) | 680.00 | 7/18/2025 | (34000000) | (756250) |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc | (400) | 750.00 | 8/15/2025 | (30000000) | (429000) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (500) | 123.00 | 6/20/2025 | (6150000) | (671250) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (4000) | 137.00 | 6/20/2025 | (54800000) | (1610000) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (1000) | 138.00 | 6/20/2025 | (13800000) | (357500) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (1) | 140.00 | 6/20/2025 | (14000) | (283) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (2000) | 195.00 | 6/20/2025 | (39000000) | (11000) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (2000) | 140.00 | 7/18/2025 | (28000000) | (1145000) |
| &nbsp;&nbsp;&nbsp;Palantir Technologies Inc | (500) | 160.00 | 7/18/2025 | (8000000) | (168750) |
| &nbsp;&nbsp;&nbsp;Palantir Technologies Inc | (1000) | 150.00 | 8/15/2025 | (15000000) | (1065000) |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp | (2000) | 35.00 | 6/20/2025 | (7000000) | (46000) |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | (383) | 70.00 | 6/20/2025 | (2681000) | (2298) |
| &nbsp;&nbsp;&nbsp;Tesla Inc | (250) | 450.00 | 7/18/2025 | (11250000) | (180000) |
| &nbsp;&nbsp;&nbsp;Tesla Inc | (1000) | 420.00 | 8/15/2025 | (42000000) | (1895000) |
| &nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | (1000) | 225.00 | 6/20/2025 | (22500000) | (1740000) |
| &nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | (700) | 260.00 | 6/20/2025 | (18200000) | (72100) |
| &nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | (300) | 290.00 | 7/18/2025 | (8700000) | (12300) |
| &nbsp;&nbsp;&nbsp;**Call Options Written (Premium Received $14,802,333)** |  |  |  |  | (15581556) |
| **Put Options Written - (0.59)%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise Inc | (100) | 450.00 | 6/20/2025 | (4500000) | (24000) |
| &nbsp;&nbsp;&nbsp;Broadcom Inc | (600) | 125.00 | 6/20/2025 | (7500000) | (1800) |
| &nbsp;&nbsp;&nbsp;Broadcom Inc | (137) | 148.00 | 6/20/2025 | (2027600) | (1096) |
| &nbsp;&nbsp;&nbsp;Broadcom Inc | (100) | 150.00 | 6/20/2025 | (1500000) | (850) |
| &nbsp;&nbsp;&nbsp;Broadcom Inc | (500) | 130.00 | 7/18/2025 | (6500000) | (7750) |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp | (200) | 175.00 | 6/20/2025 | (3500000) | (7500) |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp | (500) | 150.00 | 6/20/2025 | (7500000) | (53750) |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp | (500) | 210.00 | 6/20/2025 | (10500000) | (10000) |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp | (300) | 220.00 | 8/15/2025 | (6600000) | (105000) |
| &nbsp;&nbsp;&nbsp;Dollar General Corp | (800) | 85.00 | 6/13/2025 | (6800000) | (70000) |
| &nbsp;&nbsp;&nbsp;Dollar General Corp | (500) | 60.00 | 6/20/2025 | (3000000) | (2000) |
| &nbsp;&nbsp;&nbsp;Gilead Sciences Inc | (1000) | 85.00 | 7/18/2025 | (8500000) | (47000) |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc | (1716) | 150.00 | 7/18/2025 | (25740000) | (304590) |
| &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | (200) | 430.00 | 6/20/2025 | (8600000) | (5200) |
| &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | (500) | 425.00 | 7/18/2025 | (21250000) | (62000) |
| &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | (250) | 475.00 | 7/18/2025 | (11875000) | (107250) |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | (500) | 170.00 | 6/20/2025 | (8500000) | (1500) |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc | (100) | 500.00 | 6/20/2025 | (5000000) | (3700) |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc | (100) | 610.00 | 6/20/2025 | (6100000) | (55750) |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc | (400) | 530.00 | 8/15/2025 | (21200000) | (322000) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (2000) | 85.00 | 6/20/2025 | (17000000) | (18000) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (2000) | 90.00 | 6/20/2025 | (18000000) | (17000) |

---

*See Notes to Financial Statements*

**Adaptive Alpha Opportunities ETF**

**Schedule of Options Written** (continued)

*As of May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Exercise Price** | **Exercise Date** | **Notional Value** | **Value** |
| **Put Options Written (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (500) | $95.00 | 6/20/2025 | $(4750000) | $(5250) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (1500) | 100.00 | 6/20/2025 | (15000000) | (20250) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (1000) | 102.00 | 6/20/2025 | (10200000) | (15000) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (237) | 104.00 | 6/20/2025 | (2464800) | (3910) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (500) | 129.00 | 6/20/2025 | (6450000) | (125500) |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | (2263) | 95.00 | 7/18/2025 | (21498500) | (75810) |
| &nbsp;&nbsp;&nbsp;Palantir Technologies Inc | (17) | 100.00 | 7/18/2025 | (170000) | (2848) |
| &nbsp;&nbsp;&nbsp;Tesla Inc | (500) | 180.00 | 6/20/2025 | (9000000) | (13250) |
| &nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | (360) | 185.00 | 6/20/2025 | (6660000) | (7560) |
| &nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | (300) | 210.00 | 7/18/2025 | (6300000) | (83100) |
| &nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | (500) | 200.00 | 10/17/2025 | (10000000) | (300000) |
| &nbsp;&nbsp;&nbsp;**Put Options Written <br>(Premium Received $11,365,024)** |  |  |  |  | (1880214) |
| &nbsp;&nbsp;&nbsp;**Total Options Written <br>(Premiums Received $26,167,357) - (5.51)%** |  |  |  |  | $(17461770) |

---

*See Notes to Financial Statements*

**Adaptive Hedged Multi-Asset Income ETF**

**Consolidated Schedule of Investments**

*As of May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks - 11.57%** |  |  |
| &nbsp;&nbsp;&nbsp;**Technology - 11.57%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy Inc (Cost $2,817,333) | 6904 | $2547990 |
| **Exchange-Traded Products – 68.05%** |  |  |
| &nbsp;&nbsp;&nbsp;**Commodity Funds – 28.19%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FT Vest Gold Strategy Target Income ETF | 125240 | 2717708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF (a) | 36000 | 2140560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Gold Miners ETF | 26628 | 1348708 |
|  |  | 6206976 |
| &nbsp;&nbsp;&nbsp;**Debt Funds – 7.00%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | 17878 | 1542514 |
| &nbsp;&nbsp;&nbsp;**Large-Cap Funds - 15.31%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 5724 | 3373668 |
| &nbsp;&nbsp;&nbsp;**Technology – 17.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 | 4500 | 2335995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax MSFT Option Income Strategy ETF | 14866 | 255993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax NVDA Option Income Strategy ETF | 15465 | 238934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yieldmax TSLA Option Income ETF | 304 | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax AAPL Option Income Strategy ETF | 19344 | 251665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yieldmax AMZN Option Income ETF | 16509 | 263649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YieldMax GOOGL Option Income Strategy ETF | 21725 | 267869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yieldmax META Option Income Strategy ETF | 15687 | 250051 |
|  |  | 3866977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange-Traded Products (Cost $14,914,003)** |  | 14990135 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Exercise Price** | **Exercise Date** | **Notional Value** | |
| **Call Options Purchased - 0.01%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy Inc (Premiums Paid $46,586) | 35 | $465.00 | 6/13/2025 | $1627500 | 3098 |
| **Put Options Purchased - 0.47%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF | 361 | 48.00 | 6/20/2025 | 1732800 | 8664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy Inc | 70 | 365.00 | 6/13/2025 | 2555000 | 94150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Put Options Purchased (Premiums Paid $204,965)** |  |  |  |  | 102814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Collateralized Mortgage Obligations - 1.64%** | **Principal** | **Interest Rate** | **Maturity Date** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust 2005-J11 | $88704 | 5.000% | 11/25/2020 | 86491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust 2006-28CB | 525569 | 6.500% | 10/25/2036 | 168154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Home Mortgage Investment Trust 2004-1 | 129154 | 6.540% | 4/25/2044 | 106373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations (Cost $446,861)** |  |  |  | 361018 |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investment - 0.80%** | **Shares** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Government Portfolio, 4.19% (b) (Cost $177,303) | 177303 | 177303 |
| **Investments, at Value (Cost $18,607,050) - 81.52%** |  | 18182358 |
| **Options Written (Premiums Received $66,957) - (0.30)%** |  | (66957) |
| **Other Assets Less Liabilities – 17.76%** |  | 3913623 |
| **Net Assets - 100.00%** |  | $22029024 |

---

(a) Non-income producing

(b) Represents 7-day effective SEC yield as of May 31, 2025.

*See Notes to Financial Statements* 

**Adaptive Hedged Multi-Asset Income ETF**

**Consolidated Schedule of Options Written** 

*As of May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of Contracts** | **Exercise Price** | **Exercise Date** | **Notional Value** | **Value** |
| **Call Options Written - (0.30)%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF | (360) | $60.50 | 6/6/2025 | $(2178000) | $(24109) |
| &nbsp;&nbsp;&nbsp;MicroStrategy Inc | (69) | 375.00 | 6/6/2025 | (2587500) | (42848) |
| &nbsp;&nbsp;&nbsp;**Call Options Written <br>(Premium Received $66,957)** |  |  |  |  | $(66957) |

---

*See Notes to Financial Statements* 

**RH Tactical Outlook ETF**

**Schedule of Investments**

*As of May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks - 8.62%** |  |  |
| &nbsp;&nbsp;&nbsp;**Technology - 8.62%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy Inc (Cost $770,877) | 1889 | $697154 |
| **Exchange-Traded Products - 91.30%** |  |  |
| &nbsp;&nbsp;&nbsp;**Commodity Funds - 10.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Silver Trust (a) | 11846 | 355380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Gold Shares (a) | 1656 | 502762 |
|  |  | 858142 |
| &nbsp;&nbsp;&nbsp;**Large-Cap Funds - 47.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 6518 | 3841644 |
| &nbsp;&nbsp;&nbsp;**Mid-Cap Funds - 25.51%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 400 Mid Cap ETF | 39171 | 2063920 |
| &nbsp;&nbsp;&nbsp;**Small-Cap Funds - 7.70%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | 3037 | 622798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange-Traded Products (Cost $5,781,082)** |  | 7386504 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of Contracts** | **Exercise Price** | **Exercise Date** | **Notional Value** | |
| **Call Options Purchased - 0.01%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy Inc (Premiums Paid $13,310) | 10 | $465.00 | 6/13/2025 | $465000 | 885 |
| **Put Options Purchased - 0.33%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy Inc (Premiums Paid $13,310) | 20 | 365.00 | 6/13/2025 | 730000 | 26900 |
| **Investments, at Value (Cost $6,612,590) - 100.26%** |  |  |  |  | 8111443 |
| **Options Written (Premiums Received $11,799) - (0.15)%** |  |  |  |  | (11799) |
| **Liabilities in Excess of Other Assets - (0.11)%** |  |  |  |  | (9212) |
| **Net Assets - 100.00%** |  |  |  |  | $8090432 |

---

(a) Non-income producing

**Schedule of Options Written** 

*As of May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of Contracts** | **Exercise Price** | **Exercise Date** | **Notional Value** | **Value** |
| **Call Options Written - (0.15)%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy Inc (Premium Paid $11,799) | (19) | $375.00 | 6/7/2025 | $(712500) | $(11799) |

---

*See Notes to Financial Statements* 

**RH Tactical Rotation ETF**

**Schedule of Investments**

*As of May 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | |
| **Exchange-Traded Products - 99.09%** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 17.41%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services Select Sector SPDR Fund | 25482 | $2583875 |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 14.99%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Select Sector SPDR Fund | 10400 | 2223520 | 5 |
| &nbsp;&nbsp;&nbsp;**Large-Cap Funds - 47.61%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Growth ETF | 40000 | 3587600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 5900 | 3477401 |  |
|  |  | 7065001 |  |
| &nbsp;&nbsp;&nbsp;**Technology - 19.08%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR NYSE Technology ETF | 13110 | 2831384 |  |
| **Investments, at Value (Cost $13,487,634) - 99.09%** |  | 14703780 |  |
| **Other Assets Less Liabilities - 0.91%** |  | 134807 |  |
| **Net Assets - 100.00%** |  | $14838587 |  |

---

*See Notes to Financial Statements* 

**Adaptive ETFs**

**Statement of Assets and Liabilities**

*As of May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Adaptive Alpha Opportunities ETF | Adaptive Hedged Multi-Asset Income ETF (a) | RH Tactical Outlook ETF | RH Tactical Rotation ETF |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long Investments, at value | $337335747 | $18182358 | $8111443 | $14703780 |
| &nbsp;&nbsp;&nbsp;Cash | 7021510 | 3890034 |  | 157648 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment sold | 9332879 | 67954 | 11799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 53528 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 189667 | 4239 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 199716 | 11346 | 6869 | 5099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 5672 | 3444 | 2964 | 2978 |
| &nbsp;&nbsp;&nbsp;Total assets | 354138719 | 22159375 | 8133075 | 14869505 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short Investments, at value | 3858579 |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written, at value | 17461770 | 66957 | 11799 |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to custodian |  |  | 3273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | 16073276 | 5079 | 165 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 37251 | 26143 | 18728 | 17669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees and meeting expenses | 123 | 665 | 2 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operational expenses | 12013 | 31306 | 8468 | 12810 |
| &nbsp;&nbsp;&nbsp;Other expenses | 278 | 201 | 208 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 37443290 | 130351 | 42643 | 30918 |
| Total Net Assets | $316695429 | $22029024 | $8090432 | $14838587 |
| Net Assets Consist of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $285518201 | $30467042 | $10927812 | $19681535 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | 31177228 | (8438018) | (2837382) | (4842948) |
| Total Net Assets | $316695429 | $22029024 | $8090432 | $14838587 |
| ETF Shares Outstanding, no par value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited authorized shares) | 11303738 | 2840546 | 503586 | 947274 |
| Net Asset Value, Per Share | $28.02 | $7.76 | $16.07 | $15.66 |
| &nbsp;&nbsp;&nbsp;Long investments, at cost | $301511681 | $18607050 | $6612590 | $13487634 |
| &nbsp;&nbsp;&nbsp;Short investments, at cost | 3337368 |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written, premiums received | 26167357 | 66957 | 11799 |  |

---

(a) Consolidated

*See Notes to Financial Statements* 

**Adaptive ETFs**

**Statement of Operations**

*For the fiscal year ended May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Adaptive Alpha Opportunities ETF | Adaptive Hedged Multi-Asset Income ETF (a) | RH Tactical Outlook ETF | RH Tactical Rotation ETF |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of withholding tax of $14,125, $5,041, $0, and $0) | $2100280 | $1058250 | $110856 | $191824 |
| &nbsp;&nbsp;&nbsp;Interest | 1197270 | 59996 |  |  |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 3297550 | 1118246 | 110856 | 191824 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 3079699 | 168088 | 91324 | 157580 |
| &nbsp;&nbsp;&nbsp;Administration fees | 305470 | 19814 | 12838 | 19737 |
| &nbsp;&nbsp;&nbsp;Professional fees | 107549 | 97356 | 77340 | 78651 |
| &nbsp;&nbsp;&nbsp;Custody fees | 105629 | 11429 | 14416 | 6864 |
| &nbsp;&nbsp;&nbsp;Distribution fees | 18875 | 19101 | 18541 | 18974 |
| &nbsp;&nbsp;&nbsp;Compliance fees | 57587 | 16704 | 15160 | 13924 |
| &nbsp;&nbsp;&nbsp;Fund Accounting Fee | 22247 | 22301 | 22238 | 22244 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 27421 | 16971 | 12414 | 12745 |
| &nbsp;&nbsp;&nbsp;Shareholder fulfillment fees | 27495 | 8125 | 830 | 2166 |
| &nbsp;&nbsp;&nbsp;Trustee fees and meeting expenses | 17457 | 13282 | 12746 | 12999 |
| &nbsp;&nbsp;&nbsp;Security pricing fees | 51427 | 9118 | 2845 | 3709 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 5475 | 3650 | 3478 | 3501 |
| &nbsp;&nbsp;&nbsp;Registration and filing expenses | 3696 | 981 |  | 545 |
| &nbsp;&nbsp;&nbsp;Other expenses | 2088 | 2016 | 2018 | 2019 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 3832115 | 408936 | 286188 | 355658 |
| &nbsp;&nbsp;&nbsp;Fees waived by Advisor |  | (167250) | (160601) | (158682) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 3832115 | 241686 | 125587 | 196976 |
| Net Investment Income (Loss) | (534565) | 876560 | (14731) | (5152) |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment transactions | (113887948) | (1312825) | (60593) | 1301089 |
| &nbsp;&nbsp;&nbsp; Options written | 130820092 | 2097509 | 175297 | 29345 |
| &nbsp;&nbsp;&nbsp; In-kind transactions | 3072666 | 18470 | 467935 | 591272 |
| &nbsp;&nbsp;&nbsp; Total realized gain | 20004810 | 803154 | 582639 | 1921706 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment transactions | (8077880) | (462889) | 81484 | (1162940) |
| &nbsp;&nbsp;&nbsp; Options written | 15543780 | 592 | - | (4804) |
| &nbsp;&nbsp;&nbsp;Total change in unrealized appreciation (depreciation) | 7465900 | (462297) | 81484 | (1167744) |
| Net Realized and Unrealized Gain (Loss) on Investments | 27470710 | 340857 | 664123 | 753962 |
| Net Increase in Net Assets Resulting from Operations | $26936145 | $1217417 | $649392 | $748810 |
| (a) Consolidated |  |  |  |  |

---

*See Notes to Financial Statements* 

**Adaptive ETFs** 

**Statements of Changes in Net Assets** 

*For the fiscal years ended* 

---

| | | |
|:---|:---|:---|
|  | Adaptive Alpha Opportunities ETF | Adaptive Alpha Opportunities ETF |
|  | *May 31, 2025* | *May 31, 2024* |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(534565) | $185974 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investment transactions | (113887948) | (9072550) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from options written | 130820092 | 5470057 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind transactions | 3072666 | 4363737 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments/options written | 7465900 | 41847409 |
| Net Increase in Net Assets Resulting from Operations | 26936145 | 42794627 |
| Distributions to Shareholders From: |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (12200415) | (614635) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |
| Net Decrease in Net Assets Resulting from Distributions | (12200415) | (614635) |
| Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 51027165 | 84385059 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (18058846) | (53128852) |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | 32968319 | 31256207 |
| Net Increase (Decrease) in Net Assets | 47704049 | 73436199 |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 268991380 | 195555181 |
| &nbsp;&nbsp;&nbsp;End of Year | $316695429 | $268991380 |
| Share Information: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1820000 | 3550000 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (690000) | (2230000) |
| Net Increase (Decrease) in Capital Shares | 1130000 | 1320000 |
| (a) Consolidated |  |  |

---

*See Notes to Financial Statements* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Adaptive Hedged Multi-Asset Income ETF (a) | Adaptive Hedged Multi-Asset Income ETF (a) | RH Tactical Outlook ETF | RH Tactical Outlook ETF | RH Tactical Rotation ETF | RH Tactical Rotation ETF |
| *May 31, 2025* | *May 31, 2024* | *May 31, 2025* | *May 31, 2024* | *May 31, 2025* | *May 31, 2024* |
| $876560 | $530397 | $(14731) | $22450 | $(5152) | $(18505) |
| (1312825) | (294499) | (60593) | 17325 | 1301089 | 255209 |
| 2097509 | 900266 | 175297 | (133666) | 29345 | (207740) |
| 18470 | 196565 | 467935 | 500844 | 591272 | 911033 |
| (462297) | 713986 | 81484 | 1371685 | (1167744) | 2437538 |
| 1217417 | 2046715 | 649392 | 1778638 | 748810 | 3377535 |
| (876560) | (527681) |  |  |  |  |
| (832125) | (1694662) |  |  |  |  |
| (1708685) | (2222343) |  |  |  |  |
| 4792938 | 14758931 |  | 817232 | 3417933 | 10311601 |
| (1254722) | (43581321) | (2099615) | (13755553) | (3695220) | (18546957) |
| 3538216 | (28822390) | (2099615) | (12938321) | (277287) | (8235356) |
| 3046948 | (28998018) | (1450223) | (11159683) | 471523 | (4857821) |
| 18982076 | 47980094 | 9540655 | 20700338 | 14367064 | 19224885 |
| $22029024 | $18982076 | $8090432 | $9540655 | $14838587 | $14367064 |
| 600000 | 1970000 |  | 60000 | 220000 | 810000 |
| (160000) | (5740000) | (130000) | (1040000) | (240000) | (1460000) |
| 440000 | (3770000) | (130000) | (980000) | (20000) | (650000) |

---

*See Notes to Financial Statements* 

**Adaptive Alpha Opportunities ETF**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *May 31,* | *May 31,* | *May 31,* | *May 31,* | *May 31,* |
| *For a share outstanding during each fiscal year ended* | *2025* | *2024* | *2023* | *2022* | *2021* |
| Net Asset Value, Beginning of Period | $26.44 | $22.09 | $22.29 | $25.77 | $17.78 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.05) | 0.02 | 0.08 | (0.01) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.70 | 4.40 | (0.24) | (1.85) | 8.36 |
| Total from Investment Operations | 2.65 | 4.42 | (0.16) | (1.86) | 8.19 |
| Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.07) | (0.04) | (0.05) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.07) |  |  | (1.57) | (0.18) |
| Total Distributions | (1.07) | (0.07) | (0.04) | (1.62) | (0.20) |
| Net Asset Value, End of Period | $28.02 | $26.44 | $22.09 | $22.29 | $25.77 |
| Total Return | 10.13% | 20.01% | (0.71)% | (8.05)% | 46.18% |
| Net Assets, End of Period (in thousands) | $316695 | $268991 | $195555 | $211849 | $153188 |
| Ratios of: |  |  |  |  |  |
| Gross Expenses to Average Net Assets (b) | 1.24% | 1.22% | 1.19% | 1.18% | 1.45% (c) |
| Net Expenses to Average Net Assets (b) | 1.24% | 1.22% | 1.19% | 1.18% | 1.26% (c) |
| Net Investment Income (Loss) to Average Net Assets (b) | (0.17)% | 0.08% | 0.36% | (0.02)% | (0.75)% |
| Portfolio turnover rate (d) | 726.64% | 368.05% | 22.32% | 25.74% | 94.33% |

---

(a) Calculated using the average shares method.

(b) Does not include expenses of the investment companies in which the Fund invests.

(c) Includes interest expense of 0.01% for the fiscal year ended May 31, 2021.

(d) Excludes securities received or delivered in-kind.

*See Notes to Financial Statements* 

**Adaptive Hedged Multi-Asset Income ETF**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *May 31,* | *May 31,* | *May 31,* | *May 31,* | *May 31,* |
| *For a share outstanding during each fiscal year ended* | *2025(a)* | *2024(a)* | *2023* | *2022* | *2021* |
| Net Asset Value, Beginning of Period | $7.91 | $7.78 | $8.50 | $9.83 | $9.79 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.33 | 0.13 | 0.62 | 0.73 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.15 | 0.54 | (0.72) | (1.38) | 0.06 |
| Total from Investment Operations | 0.48 | 0.67 | (0.10) | (0.65) | 0.32 |
| Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.13) | (0.27) | (0.68) | (0.28) |
| &nbsp;&nbsp;&nbsp;Return of Capital | (0.31) | (0.41) | (0.35) |  |  |
| Total Distributions | (0.63) | (0.54) | (0.62) | (0.68) | (0.28) |
| Net Asset Value, End of Period | $7.76 | $7.91 | $7.78 | $8.50 | $9.83 |
| Total Return | 6.32% | 9.01% | (1.06)% | (6.98)% (d) | 3.29% |
| Net Assets, End of Period (in thousands) | $22029 | $18982 | $47980 | $48711 | $18911 |
| Ratios of: |  |  |  |  |  |
| Gross Expenses to Average Net Assets (c) | 1.95% | 1.64% | 1.27% | 2.29% (e) | 1.86% |
| Net Expenses to Average Net Assets (c) | 1.15% | 1.02% | 0.85% | 1.74% (e) | 1.25% |
| Net Investment Income to Average Net Assets (c) | 4.17% | 1.71% | 7.88% | 7.83% (e) | 2.58% |
| Portfolio turnover rate (f) | 720.72% | 596.01% | 155.15% | 225.13% | 148.62% |

---

(a) Consolidated

(b) Calculated using the average shares method.

(c) Does not include expenses of the investment companies in which
 the Fund invests.

(d) The total return includes tax expenses. The impact on total returns
 was (0.44)%

(e) Gross expenses, net expenses, and net investment income include
 tax expenses. The impact on the ratios is 0.78%.

(f) Excludes securities received or delivered in-kind.

*See Notes to Financial Statements* 

**RH Tactical Outlook ETF**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *May 31,* | *May 31,* | *May 31,* | *May 31,* | *May 31,* |
| *For a share outstanding during each fiscal year ended* | *2025* | *2024* | *2023* | *2022* | *2021* |
| Net Asset Value, Beginning of Period | $15.06 | $12.83 | $13.71 | $14.44 | $11.36 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.03) | 0.02 | (0.03) | (0.03) | 0.00 (c) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.04 | 2.21 | (0.85) | (0.70) | 3.08 |
| Total from Investment Operations | 1.01 | 2.23 | (0.88) | (0.73) | 3.08 |
| Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |
| Total Distributions |  |  |  |  |  |
| Net Asset Value, End of Period | $16.07 | $15.06 | $12.83 | $13.71 | $14.44 |
| Total Return | 6.69% | 17.38% | (6.43)% | (5.05)% | 27.11% |
| Net Assets, End of Period (in thousands) | $8090 | $9541 | $20700 | $27605 | $10816 |
| Ratios of: |  |  |  |  |  |
| Gross Expenses to Average Net Assets (b) | 3.14% | 2.21% | 1.78% | 2.01% | 2.92% |
| Net Expenses to Average Net Assets (b) | 1.38% | 1.25% | 1.25% | 1.26% | 1.25% |
| Net Investment Income (Loss) to Average Net Assets (b) | (0.16)% | 0.16% | (0.23)% | (0.20)% | (0.01)% |
| Portfolio turnover rate (d) | 44.37% | 88.96% | 164.54% | 120.07% | 143.64% |

---

(a) Calculated using the average shares method.

(b) Does not include expenses of the investment companies in which the Fund invests.

(c) Less than $0.01 per share.

(d) Excludes securities received or delivered in-kind.

*See Notes to Financial Statements* 

**RH Tactical Rotation ETF**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *May 31,* | *May 31,* | *May 31,* | *May 31,* | *May 31,* |
| *For a share outstanding during each fiscal year ended* | *2025* | *2024* | *2023* | *2022* | *2021* |
| Net Asset Value, Beginning of Period | $14.85 | $11.89 | $12.74 | $13.36 | $10.40 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) | (0.01) | 0.01 | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.82 | 2.97 | (0.86) | (0.60) | 3.09 |
| Total from Investment Operations | 0.81 | 2.96 | (0.85) | (0.62) | 3.09 |
| Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.13) |
| Total Distributions |  |  |  |  | (0.13) |
| Net Asset Value, End of Period | $15.66 | $14.85 | $11.89 | $12.74 | $13.36 |
| Total Return | 5.46% | 24.95% | (6.69)% | (4.64)% | 29.80% |
| Net Assets, End of Period (in thousands) | $14839 | $14367 | $19225 | $27484 | $19021 |
| Ratios of: |  |  |  |  |  |
| Gross Expenses to Average Net Assets (b) | 2.26% | 2.04% | 1.82% | 1.74% | 2.34% |
| Net Expenses to Average Net Assets (b) | 1.25% | 1.25% | 1.24% | 1.25% | 1.25% |
| Net Investment Income (Loss) to Average Net Assets (b) | (0.03)% | (0.11)% | 0.11% | (0.18)% | 0.06% |
| Portfolio turnover rate | 249.34% (c) | 243.76% (c) | 78.83 %(c) | 293.36% (c) | 529.41% |

---

(a) Calculated using the average shares method.

(b) Does not include expenses of the investment companies in which the Fund invests.

(c) Excludes securities received or delivered in-kind.

*See Notes to Financial Statements* 

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

**1.** **Organization and Significant Accounting Policies** 

The Adaptive ETFs (the "Funds") are each a series of the Starboard Investment Trust ("Trust"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund is a separate, diversified series of the Trust. Each Fund is actively managed and does not seek to replicate the performance of an index.

The Adaptive Alpha Opportunities ETF seeks to achieve its investment objective of capital appreciation by investing primarily in exchange-traded funds that are registered under the 1940 Act and not affiliated with the Fund ("Portfolio Funds") that invest in equity securities of any market capitalization of issuers from a number of countries throughout the world, including emerging market countries. In addition to its indirect investments, the Adaptive Alpha Opportunities ETF may also invest directly in equity securities and fixed income securities, as well as put and call options and cash and cash equivalents as part of its risk management strategy.

The Adaptive Hedged Multi-Asset Income ETF seeks to achieve its investment objective of total return through a combination of capital appreciation and current income by investing in Portfolio Funds or by making direct investments. The Fund's portfolio will consist of a mix of direct and indirect investments through Portfolio Funds and each may be all of the Fund's portfolio or none of the Fund's portfolio at any given time. In addition, the Fund may also invest directly in put and call options on index ETFs, sector ETFs, individual equities, and cash and cash equivalents as part of its risk management strategy. The Fund intends to invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Subsidiary"). The Subsidiary will invest its assets in ETNs and ETFs that provide exposure to commodities.

The RH Tactical Outlook ETF seeks to achieve its investment objective of total return through a combination of capital appreciation and current income, with a secondary goal of downside protection by investing in Portfolio Funds. In addition to its indirect investments, the Fund may also invest directly in put and call options on index ETFs, sector ETFs, individual equities, and cash and cash equivalents as part of its risk management strategy. The strategy will follow an asset allocation strategy under which the Advisor selects ETFs that invest in equity securities and fixed income securities.

The RH Tactical Rotation ETF seeks to achieve its investment objective of capital appreciation by investing in Portfolio Funds. In addition to its indirect investments, the Fund may also invest directly in put and call options, index ETFs, sector ETFs, individual equities, and cash and cash equivalents as part of its risk management strategy.

The Trust will issue and redeem shares at Net Asset Value ("NAV") only in a large, specified number of shares called a "Creation Unit" or multiples thereof. A Creation Unit consists of 10,000 shares. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash. As a practical matter, only authorized participants may purchase or redeem these Creation Units. Except when aggregated in Creation Units, the shares are not redeemable securities of the Funds. The prices at which creations and redemptions occur are based on the next calculation of NAV after an order is received in proper form by Capital Investment Group, Inc. (the "Distributor"). Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers. Shares of the Funds are listed for trading on NYSE Arca under the trading symbols of each Fund listed in the table below, and because shares will trade at market prices rather than NAV, shares of the Funds may trade at a price greater than or less than NAV.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Trading Symbol (Ticker)** |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;AGOX |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;AMAX |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;RHTX |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;RHRX |

---

*Transaction Fees*

The consideration for the purchase of Creation Units of the Funds generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. The Funds may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to Clear Street LLC or UMB Bank, the Funds' custodians, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.

*Collateral*

When the Funds are awaiting settlements on in-kind transactions, they may receive collateral consisting of cash or cash equivalents, or securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, or any combination thereof. Nevertheless, the Funds risk a delay in the recovery of the collateral, or even the loss of rights in the

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

collateral deposited by the borrower if the borrower should fail financially. In addition, there is a possibility that the in-kind transaction will not settle in the usual manner and cause unintended market exposure and additional trade and other expenses to the Funds. As well, any investments made with the collateral received are subject to the risks associated with such investments. If such investments lose value, the Funds will have to cover the loss when repaying the collateral.

The Date of Initial Public Investment for each Fund:

---

| | |
|:---|:---|
| &nbsp;&nbsp;*ETF* |  |
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;September 20, 2012 |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp; October 2, 2009 |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;September 20, 2012 |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;September 20, 2012 |

---

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 "Financial Services – Investment Companies."

*Investment Valuation*

Each Fund's securities and investments are carried at fair value. Equity securities listed on an exchange or quoted on a national market system are valued at the last quoted sales price provided by a third-party pricing service at the time the valuation is made (generally 4:00 p.m. Eastern Time) or, if there are no sales, at the mean of the most recent bid and asked prices. Price information on listed securities is taken from the exchange where the security is primarily traded by the Funds. Equity securities traded in the over-the-counter markets are generally valued at the NASDAQ Official Closing Price at the close of regular trading on the exchange on the day the security is valued or, if there are no sales, at the mean of the most recent bid and asked prices. Fixed income securities are valued at market value. Market value generally means a valuation (i) obtained from an exchange, a pricing service or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker (or dealer), or (iii) based on amortized cost. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value. Unlisted securities for which market quotations are readily available are valued at the latest quoted sales price, if available, at the time of valuation, otherwise, at the latest quoted bid price. Options are valued at the mean of the last quoted bid and ask prices provided by a third-party pricing service from the primary exchange or the board of trade on which such options are traded. Foreign securities listed on foreign exchanges are valued with quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the portfolio security is principally traded closes early or if trading of the particular portfolio security is halted during the day and does not resume prior to each Fund's net asset value calculation) or which cannot be accurately valued using each Fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board of Trustees (the "Trustees"). A portfolio security's "fair value" price may differ from the price next available for that portfolio security using each Fund's normal pricing procedures.

*Underlying Funds*

*Open-End Funds* - Open-end funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the boards of directors of the open-end funds. Open-end funds are valued at their respective net asset values as reported by such investment companies.

*Fair Value Measurement*

Each Fund has adopted ASC Topic 820, *Fair Value Measurements*. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1: Unadjusted quoted prices in active markets for identical securities assets or liabilities that the funds have the ability to access.

---

| | |
|:---|:---|
| Level 2: | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, credit spreads, yield curves, and market-collaborated input. |

---

---

| | |
|:---|:---|
| Level 3: | Unobservable inputs for the asset or liability to the extent that observable inputs are not available, representing the assumptions that a market participant would use in valuing the asset or liability at the measurement date; they would be based on the best information available, which may include the funds' own data. |

---

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs as of May 31, 2025 for each Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adaptive Alpha Opportunities ETF (a)** | | | | |
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Common Stocks\* | $185350123 | $185350123 | $- | $- |
| Exchange-Traded Products\* | 62865278 | 62865278 |  |  |
| Options Purchased | 44449484 |  | 44449484 |  |
| Short-Term Investment | 44670862 | 44670862 | - | - |
| *Total Assets* | $337335747 | $292886263 | $44449484 | $- |
| *Liabilities* |  |  |  |  |
| Common Stocks\* | $(3858579) | $(3858579) | $- | $- |
| Options Written | (17461770) | - | (17461770) | - |
| *Total Liabilities* | $(21320349) | $(3858579) | $(17461770) | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adaptive Hedged Multi-Asset Income ETF** | | | | |
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Common Stocks\* | $2547990 | $2547990 | $- | $- |
| Exchange-Traded Products\* | 14990135 | 14990135 |  |  |
| Options Purchased | 105912 |  | 105912 |  |
| Collateralized Mortgage Obligations | 361018 |  | 361018 |  |
| Short-Term Investment | 177303 | 177303 | - | - |
| *Total Assets* | $18182358 | $17715428 | $466930 | $- |
| *Liabilities* |  |  |  |  |
| Options Written | $(66957) | $- | $(66957) | $- |
| *Total Liabilities* | $(66957) | $- | $(66957) | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RH Tactical Outlook ETF (a)** | | | | |
| *Assets* | *Total* | *Level 1* | *Level 2* | *Level 3* |
| Common Stocks\* | $697154 | $697154 | $- | $- |
| Exchange-Traded Products\* | 7386504 | 7386504 |  |  |
| Options Purchased | 27785 | - | 27785 | - |
| *Total Assets* | $8111443 | $8083658 | $27785 | $- |
| *Liabilities* |  |  |  |  |
| Options Written | $(11799) | $- | $(11799) | $- |
| *Total Liabilities* | $(11799) | $- | $(11799) | $- |

---

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RH Tactical Rotation ETF (a)** | | | | |
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Exchange-Traded Products\* | $14703780 | $14703780 | $- | $- |
| *Total Assets* | $14703780 | $14703780 | $- | $- |

---

\* Refer to the Schedules of Investments for a breakdown by sector.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Funds held no Level 3 securities
 during the fiscal year ended May 31, 2025.

*Purchased Options* 

When the Funds purchase an option, an amount equal to the premium paid by the Funds is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

*Written Options*

When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss (depending on if the premium is less than the amount paid for the closing purchase transaction). If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written options are non-income producing securities.

*Derivative Financial Instruments*

The Funds may invest in derivative financial instruments (derivatives) in order to manage risk or gain exposure to various other investments or markets. During the fiscal year ended May 31, 2025, Adaptive Alpha Opportunities, Adaptive Hedged Multi Asset Income, and RH Tactical Rotation used put and call options for hedging and income purposes. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the Funds to gains or losses in excess of the amounts shown on each Fund's Statement of Assets and Liabilities.

Derivatives are marked to market daily based upon quotations from market makers or the Funds' independent pricing services and the Funds' net benefit or obligation under the contract, as measured by the fair market value of the contract, is included in Investments, at value on the Statement of Assets and Liabilities for options purchased. Net realized gains and losses and net change in unrealized appreciation and depreciation on these contracts for the year are included in the Realized and Unrealized Gain on Investments on each Fund's Statement of Operations for options purchased.

The following table sets forth the effect of the derivative instruments on the Statement of Assets and Liabilities as of May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| ETF | Derivative Type | Location | Value |
| Adaptive Alpha Opportunities | Purchased options - Equity risk | Assets - Investments, at value | $44449484 |
|  | Written options - Equity risk | Liabilities - Options written, at value | (17461770) |
| Adaptive Hedged Multi-Asset Income | Purchased options - Equity risk | Assets - Investments, at value | 105912 |
|  | Written options - Equity risk | Liabilities - Options written, at value | (66957) |
| RH Tactical Outlook | Purchased options - Equity risk | Assets - Investments, at value | 27785 |
|  | Written options - Equity risk | Liabilities - Options written, at value | (11799) |

---

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

The following tables set forth the effect of derivative instruments on the Statements of Operations for the fiscal year ended May 31, 2025 for the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Adaptive Alpha Opportunities ETF** | **Adaptive Alpha Opportunities ETF** | **Adaptive Alpha Opportunities ETF** |
| Derivative Type | Location | Gains (Losses) |
| Purchased Equity Options | Net realized gain (loss) from investment transactions | $(196164257) |
| Purchased Equity Options | Net change in unrealized appreciation (depreciation) on investments | (5263646) |
| Written Equity Options | Net realized gain (loss) from options written | 130820092 |
| Written Equity Options | Net change in unrealized appreciation (depreciation) on options written | 15543780 |

---

---

| | | |
|:---|:---|:---|
| **Adaptive Hedged Multi-Asset Income ETF** | **Adaptive Hedged Multi-Asset Income ETF** | **Adaptive Hedged Multi-Asset Income ETF** |
| Derivative Type | Location | Gains (Losses) |
| Purchased Equity Options | Net realized gain (loss) from investment transactions | $(904533) |
| Purchased Equity Options | Net change in unrealized appreciation (depreciation) on investments | (145403) |
| Written Equity Options | Net realized gain (loss) from options written | 2097509 |
| Written Equity Options | Net change in unrealized appreciation (depreciation) on options written | 592 |

---

---

| | | |
|:---|:---|:---|
| **RH Tactical Outlook ETF** | **RH Tactical Outlook ETF** | **RH Tactical Outlook ETF** |
| Derivative Type | Location | Gains (Losses) |
| Purchased Equity Options | Net realized gain (loss) from investment transactions | $(69839) |
| Purchased Equity Options | Net change in unrealized appreciation (depreciation) on investments | (32846) |
| Written Equity Options | Net realized gain (loss) from options written | 175297 |
| Written Equity Options | Net change in unrealized appreciation (depreciation) on options written | - |

---

---

| | | |
|:---|:---|:---|
| **RH Tactical Rotation ETF** | **RH Tactical Rotation ETF** | **RH Tactical Rotation ETF** |
| Derivative Type | Location | Gains (Losses) |
| Purchased Equity Options | Net realized gain (loss) from investment transactions | $(469842) |
| Purchased Equity Options | Net change in unrealized appreciation (depreciation) on investments | 266 |
| Written Equity Options | Net realized gain (loss) from options written | 29345 |
| Written Equity Options | Net change in unrealized appreciation (depreciation) on options written | (4804) |

---

The following table represents the average quarterly notional values on options, which serve as an indicator of volume for options during the fiscal year ended May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| ETF | Derivative Type | Type | Average Notional |
| Adaptive Alpha Opportunities ETF | Purchased options – Equity risk | Premiums Paid | $1098488338 |
|  | Written options – Equity risk | Premiums Received | (1643719550) |
| Adaptive Hedged Multi-Asset Income ETF | Purchased options – Equity risk | Premiums Paid | 6936075 |
|  | Written options – Equity risk | Premiums Received | (2259925) |
| RH Tactical Outlook ETF | Purchased options – Equity risk | Premiums Paid | 298750 |
|  | Written options – Equity risk | Premiums Received | (178125) |
| RH Tactical Rotation ETF | Purchased options – Equity risk | Premiums Paid | 5433500 |
|  | Written options – Equity risk | Premiums Received | - |

---

*Investment Transactions and Investment Income*

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as a Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion and amortization of discounts and premiums. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes.

*Expenses*

Each Fund bears expenses incurred specifically on its behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

*Distributions*

The Fund pays out substantially all its net earnings to its shareholders as "distributions." Income dividends, if any, are distributed to shareholders annually. Net capital gains are distributed annually. Dividends may be declared and paid more frequently.

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

*Estimates*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

*Federal Income Taxes* 

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise continue to comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

**2.** **Transactions with Related Parties and Service Providers** 

 

*Advisor*

Each Fund pays a monthly advisory fee to Cavalier Investments, LLC d/b/a Adaptive Investments, LLC (the "Advisor"), based upon the average daily net assets and calculated at an annual rate.

See the table below for the advisory fee rates and amounts earned by the Advisor from each Fund during fiscal year ended May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ETF | Advisory <br> Fee Rate | Amount <br> Earned | Amount <br> Waived by <br> Advisor | Expenses<br> Reimbursed <br> by Advisor |
| Adaptive Alpha Opportunities ETF | 1.00% | $3079699 | $- | $- |
| Adaptive Hedged Multi-Asset Income ETF | 0.80% | 168088 | 159225 | 8025 |
| RH Tactical Outlook ETF | 1.00% | 91324 | 91324 | 69277 |
| RH Tactical Rotation ETF | 1.00% | 157580 | 143427 | 15255 |

---

(a) These fee waivers and expense reimbursement are subject to possible recoupment from the Fund in future years (within three years from the date the fees had been waived or reimbursed), if such recoupment can be achieved within the lesser of the forgoing expense limit or those in place at the time of recoupment.

The Advisor engaged a sub-advisor to provide day to day portfolio management for the Adaptive Alpha Opportunities ETF throughout the period. The sub-advisor is paid directly by the Advisor out of the advisor fee based upon the average daily net assets and calculated at an annual rate. See the table below for the sub-advisory fee rates and amount paid by the Advisor to the Sub-Advisor for the sub-advised Fund during the fiscal year ended May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| ETF | Sub-Advisor | Sub-Advisory Fee Rate | Sub-Advisory <br> Fee Paid |
| Adaptive Alpha Opportunities ETF | Bluestone Capital Management LLC | 0.15% (on AUM $20M-$40M); and <br>0.30% (on AUM over $40M) | $832025 |

---

*Expense Limitation*

The Advisor has entered into an expense limitation agreement with the Trust with respect to t each of the Funds, pursuant to which the Advisor has agreed to waive or reduce its fees and to assume other expenses so that the total annual operating expenses of each Fund (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than the percentage of the average daily net assets of the Funds as listed in the table below. Net annual operating expenses for the Funds may exceed these limits to the extent that they incur expenses enumerated above as exclusions. The Expense Limitation Agreements run through September 30, 2025, and may be terminated by the Board at any time. It is expected that the Expense Limitation Agreements will continue from year-to-year thereafter, provided such continuance is specifically approved by a majority of the Trustees who (i) are not "interested persons" of the Trust or any other party to the Expense Limitation Agreements, as such term is defined in the 1940 Act, and (ii) have no direct or indirect financial interest in the operation of the Expense Limitation Agreements. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees had been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limit or those in place at the time of recoupment.

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

---

| | |
|:---|:---|
| ETF | Expenses Limitation |
| Adaptive Alpha Opportunities ETF | 1.25% |
| Adaptive Hedged Multi-Asset Income ETF | 1.15% |
| RH Tactical Outlook ETF | 1.40% |
| RH Tactical Rotation ETF | 1.25% |

---

The fee waivers and expense reimbursements that are subject to possible recoupment are as follows:

---

| | | |
|:---|:---|:---|
| ETF | Recoupable Amount | Expiration Date |
| Adaptive Hedged Multi-Asset Income ETF | $111479 | 5/31/2028 |
| RH Tactical Outlook ETF | 113936 | 5/31/2028 |
| RH Tactical Rotation ETF | 111071 | 5/31/2028 |

---

*Administrator*

The Funds pays customary fees to The Nottingham Company (the "Administrator") for its services as Fund Administrator and Fund Accountant. Certain officers of the Administrator are also officers of the Trust.

*Compliance Services*

The Nottingham Company, Inc. serves as the Trust's compliance services provider including services as the Trust's Chief Compliance Officer. The Nottingham Company, Inc. is entitled to receive customary fees from the Funds for its services pursuant to the Compliance Services Agreement with the Funds.

*Transfer Agent*

Nottingham Shareholder Services, LLC ("Transfer Agent"), an affiliate of the Administrator, serves as transfer, dividend paying, and shareholder servicing agent for the Funds. For its services, the Transfer Agent is entitled to receive compensation from the Funds pursuant to the Transfer Agent's fee arrangements with the Funds.

*Distributor*

Capital Investment Group, Inc. (the "Distributor") serves as the Funds' principal underwriter and distributor. For its services, the Distributor is entitled to receive compensation from the Funds pursuant to the Funds' fee arrangements with the Distributor.

**3.** **Trustees and Officers** 

The Trust is governed by the Board of Trustees, which is responsible for the management and supervision of the Funds. The Trustees meet periodically throughout the year to review contractual agreements with companies that furnish services to the Funds; review performance of the Advisor and the Funds; and oversee activities of the Funds. Officers of the Trust and Trustees who are interested persons of the Trust or the Advisor will receive no salary or fees from the Trust. Each Trustee who is not an "interested person" of the Trust or the Advisor within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees") will receive $2,400 per series per year plus $400 for each quarterly meeting, $200 for each Committee meeting held outside of the quarterly Board meetings, and $1,000 per special meeting. The Trust reimburses each Independent Trustee and officer of the Trust for his or her travel and other expenses related to attendance of Board meetings. Additional fees were incurred during the period as special meetings were necessary in addition to the regularly scheduled meetings of the Board of Trustees.

Certain officers of the Trust may also be officers of the Administrator.

**4.** **Purchases and Sales of Investment Securities** 

For the fiscal year ended May 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ETF | Purchases of <br> Securities | Proceeds from <br> Sales of <br> Securities | In-Kind <br> Purchases | In-Kind Sales |
| Adaptive Alpha Opportunities ETF | $1805285267 | $1941658321 | $38016865 | $13206461 |
| Adaptive Hedged Multi-Asset Income ETF | 141236524 | 139858700 | 1048152 | 489415 |
| RH Tactical Outlook ETF | 4050515 | 4041589 |  | 2042765 |
| RH Tactical Rotation ETF | 39033302 | 39993250 | 3130416 | 3131095 |

---

There were no long-term purchases or sales of U.S. Government Obligations during the fiscal year ended May 31, 2025.

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

**5.** **Federal Income Tax** 

Distributions are determined in accordance with Federal income tax regulations, which may differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

Management has reviewed all taxable years/periods that are open for examination (*i.e.*, not barred by the applicable statute of limitations) by taxing authorities of all major jurisdictions, including the Internal Revenue Service. As of May 31, 2024 open taxable years consisted of the taxable years ended May 31, 2022 through May 31, 2024 and what is expected to be filed in 2025. No examination of tax returns is currently in progress for any of the Funds.

Distributions during the fiscal year ended May 31, 2025 were characterized for tax purposes as follows:

---

| | | |
|:---|:---|:---|
| ETF | Ordinary Income | Return of Capital` |
| Adaptive Alpha Opportunities ETF | $12200415 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Adaptive Hedged Multi-Asset Income ETF | 876560 | 832125 |

---

Distributions during the fiscal year ended May 31, 2024 were characterized for tax purposes as follows:

---

| | | |
|:---|:---|:---|
| ETF | Ordinary Income | Return of Capital |
| Adaptive Alpha Opportunities ETF | $614635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Adaptive Hedged Multi-Asset Income ETF | 527681 | 1694662 |

---

Reclassifications relate primarily to differing book/tax treatment of ordinary net investment losses and taxable overdistributions and have no impact on the net assets of the Funds.

For the year ended May 31, 2025, the following reclassifications were necessary:

---

| | | |
|:---|:---|:---|
| ETF | Accumulated Surplus (Deficit) | Paid in Capital |
| Adaptive Alpha Opportunities ETF | $(2203744) | $2203744 |
| Adaptive Hedged Multi-Asset Income ETF | (18470) | 18470 |
| RH Tactical Outlook ETF | (460293) | 460293 |
| RH Tactical Rotation ETF | (571284) | 571284 |

---

At May 31, 2025 the tax-basis cost of investments and components of distributable earnings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Adaptive Alpha<br> Opportunities <br> ETF | Adaptive <br> Hedged Multi-<br> Asset Income <br> ETF | RH Tactical <br> Outlook ETF | RH Tactical <br> Rotation ETF |
| Cost of Investments | $274224650 | $18792498 | $6717989 | $13621060 |
| Gross Unrealized Appreciation | 67197291 | 564590 | 1488224 | 1082720 |
| Gross Unrealized Depreciation | (25406543) | (1241687) | (106569) | - |
| Net Unrealized Appreciation (Depreciation) | 41790748 | (677097) | 1381655 | 1082720 |
| Short Term Capital Loss Carryforward |  | (2105244) | (3570644) | (5895650) |
| Long Term Capital Loss Carryforward |  | (5655677) | (619426) |  |
| Post-October Loss | (10415469) |  |  |  |
| Late Year Loss | (198051) | - | (28965) | (30018) |
| Distributable Earnings (Accumulated Deficit) | $31177228 | $(8438018) | $(2837380) | $(4842948) |

---

The difference between book-basis and tax-basis net unrealized appreciation (depreciation) is attributable to the deferral of losses from wash sales.

*Capital Loss Carryforwards*

Accumulated capital losses noted above represent net capital loss carryovers as of May 31, 2025, that are available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. The capital loss carryforwards have no expiration date.

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

*Late Year Loss Deferrals* 

For tax purposes, the current late year losses above were incurred during the period from January 1, 2025 through May 31, 2025. These losses will be recognized for tax purposes on the first business day of the Fund's next fiscal year, June 1, 2025.

**6.** **Risk Considerations** (unaudited)

Investments in the Funds are subject to the following risks:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Adaptive Alpha**<br> **Opportunities**<br> **ETF** | &nbsp;&nbsp;**Adaptive Hedged**<br> **Multi-Asset**<br> **Income ETF** | &nbsp;&nbsp;**RH Tactical**<br> **Outlook ETF** | &nbsp;&nbsp;**RH Tactical**<br> **Rotation ETF** |
| &nbsp;&nbsp;**Asset-Backed Securities Investment** | | **X** | | |
| &nbsp;&nbsp;**Authorized Participant** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Cash and Cash Equivalents** | **X** | **X** | | |
| &nbsp;&nbsp;**Commodities** | | **X** | **X** | |
| &nbsp;&nbsp;**Common Stock** | **X** | | **X** | **X** |
| &nbsp;&nbsp;**Control of Portfolio Funds** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Convertible Securities** | | **X** | | **X** |
| &nbsp;&nbsp;**Corporate Debt Securities** | | **X** | | |
| &nbsp;&nbsp;**Counterparty Credit** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Credit** | | **X** | | |
| &nbsp;&nbsp;**Cybersecurity** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Early Close/Trading Halt** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Equity Securities** | **X** | | **X** | **X** |
| &nbsp;&nbsp;**ETF Investing** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**ETF Structure** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**ETN** | | **X** | | **X** |
| &nbsp;&nbsp;**Fixed Income** | **X** | **X** | **X** | |
| &nbsp;&nbsp;**Foreign Securities and Emerging Markets** | **X** | **X** | **X** |  |
| &nbsp;&nbsp;**Fund Investing** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Hedging** | | **X** | | |
| &nbsp;&nbsp;**High-Yield** | | **X** | | |
| &nbsp;&nbsp;**Inflation** | | **X** | | |
| &nbsp;&nbsp;**Interest Rate** | | **X** | | |
| &nbsp;&nbsp;**Inverse ETF Risk** | **X** | **X** | **X** | |
| &nbsp;&nbsp;**Investment Risk** | **X** | **X** | **X** | |

---

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Adaptive Alpha**<br> **Opportunities**<br> **ETF** | &nbsp;&nbsp;**Adaptive Hedged**<br> **Multi-Asset**<br> **Income ETF** | &nbsp;&nbsp;**RH Tactical**<br> **Outlook ETF** | &nbsp;&nbsp;**RH Tactical**<br> **Rotation ETF** |
| &nbsp;&nbsp;**Investment Advisor** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Large-Cap Securities** | **X** | | **X** | **X** |
| &nbsp;&nbsp;**Leveraged and Inverse ETFs** | | **X** | | **X** |
| &nbsp;&nbsp;**LIBOR** | | **X** | | |
| &nbsp;&nbsp;**Liquidity** | | **X** | | |
| &nbsp;&nbsp;**Managed Volatility** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Management** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Market** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Mortgage-Backed Securities** | | **X** | | |
| &nbsp;&nbsp;**Portfolio Turnover** | **X** | | **X** | **X** |
| &nbsp;&nbsp;**Preferred Equity** | | **X** | | **X** |
| &nbsp;&nbsp;**Quantitative** | **X** | **X** | | **X** |
| &nbsp;&nbsp;**Rating Agencies** | | **X** | | |
| &nbsp;&nbsp;**REIT** | | **X** | **X** | |
| &nbsp;&nbsp;**Risks from Purchasing Options** | **X** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Risks from Selling or Writing Options** | **X** | **X** | **X** | **X** |
| **Subsidiary Risk** | | **X** | | |
| &nbsp;&nbsp;**Small-Cap and Mid-Cap Securities** | **X** | | **X** | **X** |
| **Tax** | | **X** | | |
| **U.S. Government Securities** | | **X** | | |

---

**Asset-Backed Securities Investment Risk.** Asset-backed investments tend to increase in value less than other debt securities when interest rates decline but are subject to similar risk of decline in market value during periods of rising interest rates. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on asset-backed investments in lower-yielding investments. Asset-backed securities in the Fund invests may have underlying assets. There is a risk that borrowers may default on their obligations in respect of those underlying obligations. Certain assets underlying asset-backed securities are subject to prepayment, which may reduce the overall return to asset-backed security holders. Holders also may experience delays in payment or losses on the securities if the full amounts due on underlying sales contracts or receivables are not realized because of unanticipated legal or administrative costs of enforcing the contracts or because of depreciation or damage to the collateral securing certain contracts, or other factors. The value of asset-backed securities may be substantially dependent on the servicing of the underlying asset pools and are therefore subject to risks associated with the negligence or malfeasance by their servicers and to the credit risk of their servicers. The impairment of the value of collateral or other assets underlying an asset-backed security, such as a result of non-payment of loans or non-performance of other collateral or underlying assets, may result in a reduction in the value of such asset-

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

backed securities and losses to the Fund. It is possible that many, or all asset-backed securities will fall out of favor at any time or over time with investors, affecting adversely the values and liquidity of the securities.

**Authorized Participant Risk.** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

**Cash and Cash Equivalents Risk**. At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

**Commodities Risk.** The Fund and Portfolio Funds may have exposure to the commodities markets, subjecting the Fund to risks not associated with investments in traditional securities. The value of commodities related investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, including drought, floods, weather, livestock disease, embargoes, and tariffs. The prices of industrial metals, precious metals, agriculture, and livestock commodities may fluctuate widely due to changes in value, supply and demand, and governmental regulatory policies.

**Common Stock Risk.** Investments by the Fund and Portfolio Funds in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Fund or Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. In addition, regardless of any one company's particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund. Market declines may continue for an indefinite period of time, and investors should understand that during temporary or extended bear markets, the value of common stocks will decline.

**Control of Portfolio Funds Risk.** The Portfolio Funds each have their own unique investment objective, strategies, and risks. There is no guarantee that the Portfolio Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Portfolio Funds in direct proportion to the allocation of assets among the funds. The investment policies of the Portfolio Funds may differ from the Fund's policies.

Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund. Even though each Portfolio Fund is subject to certain constraints, the investment advisor of each Portfolio Fund may change aspects of its investment strategies at any time. The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.

**Convertible Securities Risk.** Convertible securities are fixed income securities that the Fund or a Portfolio Fund has the option to exchange for equity securities at a specified conversion price. The option allows the Fund or Portfolio Fund to realize additional returns if the market price of the equity securities exceeds the conversion price. For example, the Portfolio Fund may hold fixed income securities that are convertible into shares of common stock at a conversion price of $10 per share. If the market value of the shares of common stock reached $12, the Portfolio Fund could realize an additional $2 per share by converting its fixed income securities. Convertible securities have lower yields than comparable fixed income securities. In addition, at the time a convertible security is issued the conversion price exceeds the market value of the underlying equity securities. Thus, convertible securities may provide lower returns than non-convertible fixed income securities or equity securities depending upon changes in the price of the underlying equity securities. However, convertible securities permit the Fund or Portfolio Fund to realize some of the potential appreciation of the underlying equity securities with less risk of losing its initial investment.

**Corporate Debt Securities Risk.** The Fund and Portfolio Funds may invest in corporate debt securities. Corporate debt securities are fixed income securities issued by businesses. Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities. The credit risks of corporate debt securities vary widely among issuers. In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment. Higher ranking (senior) debt securities have a higher priority than lower ranking (subordinated) securities. This means that the issuer might not make payments on subordinated securities while continuing to make payments on senior securities. In addition, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities. Some subordinated securities, like trust preferred and capital securities notes, also permit the issuer to defer payments

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

under certain circumstances. Insurance companies issue securities known as surplus notes that permit the insurance company to defer any payment that would reduce its capital below regulatory requirements.

**Counterparty Credit Risk.** The stability and liquidity of many derivative transactions depends in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of securities and other assets from such counterparty will be delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty.

**Credit Risk.** Credit risk refers to the risk that an issuer or counterparty will fail to pay its obligations to the Fund when they are due. As a result, the Fund's income might be reduced, the value of the Fund's investment might fall, and/or the Fund could lose the entire amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social, or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social, or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security's or other instrument's credit quality or value and an issuer's or counterparty's ability to pay interest and principal when due. The values of lower-quality debt securities (commonly known as "junk bonds") tend to be particularly sensitive to these changes.

**Cybersecurity Risk.** As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund or its advisor, custodians, fund accountant, fund administrator, transfer agent, pricing vendors, and/or other third-party service providers may adversely impact the Fund and its shareholders. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. The Fund also may incur substantial costs for cybersecurity risk management in order to guard against any cyber incidents in the future. The Fund and its shareholders could be negatively impacted as a result.

**Early Close/Trading Halt Risk*.*** An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

**Equity Securities Risk.** Investments by the Portfolio Funds in equity securities may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of equity securities will decline, which could also result in losses for the Fund.

**ETF Investing Risk.** An investment in an ETF is an investment in another investment company and therefore the Fund's shareholders will indirectly bear its proportionate share of any fees and expenses of the ETFs in which the Fund invests in addition to the Fund's own fees and expenses. As a result, the cost of investing will be higher than the cost of investing directly in the ETFs and may be higher than mutual funds that invest directly in stocks and bonds. ETFs are subject to the following risks: (i) the market price of an ETF's shares may trade above or below its NAV; (ii) an active trading market for an ETF's shares may not develop or be maintained; (iii) trading of an underlying ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally; or (iv) the ETF may fail to achieve close correlation with the index that it tracks due to a variety of factors, such as rounding of prices and changes to the index and/or regulatory policies, resulting in the deviation of the ETF's returns from that of its corresponding index. Some ETFs may be thinly traded, and the resulting higher costs associated with respect to purchasing and selling the ETFs in the Fund's portfolio will be borne by the Fund.

**ETF Structure Risks.** The Fund is structured as an ETF and as a result is subject to the special risks, including:

○ *Not Individually Redeemable*. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

○ *Trading Issues*. An active trading market for the Shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Shares. Any absence of an active trading market. In turn, lead to a heightened risk of a difference between the market price of the Shares and the value of the Shares, which would be reflected in a wider bid-ask spread.

○ *Cash purchases*. To the extent Creation Units are purchased by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the NAV if not fully offset by transaction fees paid by the APs.

○ *Market Price Variance Risk*. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. A bid-ask spread is the difference between the price quoted in the market for an immediate sale (bid) and an immediate purchase (ask) of the ETF's shares. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV, and the bid-ask spread could widen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ In times of market stress, market
 makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the
 market value of Shares and the NAV, and the bid-ask spread could widen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ To the extent authorized participants
 exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a significantly
 reduced trading market in the Shares, which can lead to differences between the market value of Shares and the NAV, and the bid-ask spread
 could widen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The market price for the Shares may
 deviate from the NAV, particularly during times of market stress, with the result that investors may pay significantly more or receive
 significantly less for Shares than the NAV, which is reflected in the bid and ask price for Shares or in the closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ When all or a portion of an ETFs
 underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote
 of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value
 of the Shares and the NAV, and the bid-ask spread could widen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ In stressed market conditions, the
 market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect
 on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the NAV, and the bid-ask spread
 could widen.

**ETN Risk**. Similar to ETFs, owning an ETN generally reflects the risks of owning the assets that comprise the underlying market benchmark or strategy that the ETN is designed to reflect. ETNs also are subject to issuer and fixed-income risk. ETN holders are exposed to an issuer's credit risk, which does not affect ETF holders. ETNs are senior unsecured obligations of the issuer. The repayment of the principal and any applicable return at maturity or upon repurchase by the issuer are dependent on that issuer's ability to pay.

**Fixed Income Risk.** Fixed income risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early or later than expected, potentially reducing the amount of interest payments or extending time to principal repayment). These risks could affect the value of a particular investment possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments. When the Fund invests in fixed income securities the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. If the U.S. Federal Reserve's Federal Open Market Committee ("FOMC") raises the federal funds interest rate target, interest rates across the U.S. financial system may rise. However, the magnitude of rate changes across maturities and borrower sectors is uncertain. Rising rates may decrease liquidity and increase volatility, which may make portfolio management more difficult and costly to the Fund and its shareholders. Additionally, default risk increases if issuers must borrow at higher rates. Generally, these changing market conditions may cause the Fund's share price to fluctuate or decline more than other types of equity investments.

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

**Foreign Securities and Emerging Markets Risk.** Foreign securities have investment risks different from those associated with domestic securities. Changes in foreign economies and political climates are more likely to affect the Fund or a Portfolio Fund with significant investments in foreign securities than another fund that invests exclusively in domestic securities. The value of foreign currency denominated securities or foreign currency contracts is affected by the value of the local currency relative to the U.S. dollar. There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities. The value of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.

The Fund and Portfolio Funds may also invest in emerging markets, which are markets of countries in the initial stages of industrialization and have low per capital income. In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, there may be greater market manipulation, and securities markets that trade a small number of issues which could reduce liquidity. There is also less publicly available information on emerging market companies due to differences in regulation, accounting, auditing, and financial recordkeeping requirements, and the information available may be unreliable or outdated.

**Fund Investing Risk.** Investments in other investment companies subject the Fund to additional operating and management fees and expenses. Investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Portfolio Funds and also may be higher than other funds that invest directly in securities. The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate fund assets among them. Furthermore, the use of a fund of funds structure could affect the timing, amount, and character of distributions and therefore may increase the amount of taxes payable by you.

**Hedging Risk**. Techniques used by Advisor to hedge the Fund's investments carry the risks that such techniques may not protect against market declines. The techniques may also limit the Fund's participation in market gains. Further, such techniques may increase portfolio transaction costs, which could result in losses or reduced gains. They also may not be successful as the techniques are subject to the Advisor's ability to correctly analyze and implement the hedging techniques in a timely manner.

**High-Yield Risk.** The Fund and Portfolio Funds may invest in junk bonds, including bonds of issuers in default, and other fixed income securities that are rated below investment grade. Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. Credit risk is greater for junk bonds, particularly for bonds of issuers in default, than for investment grade bonds, which is the risk that issuers will not make payments on fixed income securities held by the Fund, resulting in losses to the Fund. Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher-grade securities. The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices. Additionally, these instruments are unsecured and may be subordinated to other creditor's claims.

**Inflation Risk.** Fixed income securities held by the Fund and Portfolio Funds are subject to inflation risk. Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less. This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund's portfolio.

**Interest Rate Risk.** Interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Fund and Portfolio Funds or may fall resulting in an increase in the value of such securities. Fixed income securities with longer maturities involve greater risk than those with shorter maturities.

**Inverse ETF Risk.** Investing in inverse ETFs may result in increased volatility due to the inverse ETF's possible use of short sales of securities and derivatives such as options and futures. The use of leverage by an ETF increases risk to the Fund. The more a fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. During periods of increased volatility, inverse ETFs may not perform in the manner they are designed.

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

**Investment Risk.** The value of the Fund's investments, like other market investments, may move up or down, sometimes rapidly and unpredictably. All investments involve risks, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Fund's investment objectives will be achieved.

Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. These volatile and often difficult global market conditions have episodically adversely affected the market values of many securities, and this volatility may continue, and conditions could even deteriorate further. Some of the largest banks and companies across many sectors of the economy in the United States and Europe have declared bankruptcy, entered into insolvency, administration or similar proceedings, been nationalized by government authorities, and/or agreed to merge with or be acquired by other banks or companies that had been considered their peers. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence, and market liquidity.

Major public health issues, such as COVID-19, have at times, and may in the future impact the Fund. The COVID-19 pandemic caused substantial market volatility and global business disruption and impacted the global economy in significant and unforeseen ways. Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases or the threat thereof, and the resulting financial and economic market uncertainty, could have a material adverse impact on the Fund or its investments. Moreover, changes in interest rates, travel advisories, quarantines and restrictions, disrupted supply chains and industries, impact on labor markets, reduced liquidity or a slowdown in U.S. or global economic conditions resulting from a future public health crisis may also adversely affect the Fund or its investments. COVID-19, or any other health crisis and the current or any resulting financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to the Fund's NAV, performance, financial condition, results of operations, ability to pay distributions, make share repurchases and portfolio liquidity, among other factors.

Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing conflicts between Russia and Ukraine and Israel and Hamas and the rapidly evolving measures in response, may have adverse spill-over effects into the global financial markets generally.

**Investment Advisor Risk.** The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.

**Large-Cap Securities Risk.** Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

**Leveraged and Inverse ETFs.** Investing in leveraged ETFs will amplify the Fund's gains and losses. Most leveraged ETFs "reset" daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. Investing in inverse ETFs may result in increased volatility due to the funds' possible use of short sales of securities and derivatives such as options and futures. The use of leverage by an ETF increases risk to the Fund. The more a fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. During periods of increased volatility, inverse ETFs may not perform in the manner they are designed.

**Libor Risk**. Certain of the Fund's or Portfolio Funds' investments may use a floating rate based on the London Interbank Offered Rate ("LIBOR"), which is the offered rate for short-term Eurodollar deposits between major international banks. As of December 31, 2021, the United Kingdom Financial Conduct Authority ("FCA") and LIBOR's administrator, ICE Benchmark Administration, have ceased the publication of all non-U.S. dollar LIBOR and the one-week and two-month U.S. dollar LIBOR rates, but the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for financial contracts that mature after June 30, 2023, that do not contain clearly defined or practicable fallback provisions.

The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the Secured

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

Overnight Financing Rate (referred to as "SOFR"), which is their preferred alternative rate for U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are in the process of developing in response to these new rates. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and SOFR, there has been no global consensus as to an alternative rate and the process for amending existing contracts or instruments to transition away from LIBOR remains incomplete.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect Fund performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting Fund performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to alternative rates may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner.

**Liquidity Risk**. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

Illiquid investments may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid investments generally is more volatile than that of more liquid investments, which may adversely affect the price that the Fund pays for or recovers upon the sale of such investments. Illiquid investments are also more difficult to value, especially in challenging markets. The Advisor's judgment may play a greater role in the valuation process. Investment of the Fund's assets in illiquid securities may restrict the Fund's ability to take advantage of market opportunities.

**Managed Volatility Risk.** Techniques used by the Advisor to manage the volatility of the Fund's investments carry the risks that such techniques may not protect against market declines. The techniques may also limit the Fund's participation in market gains, particularly during periods where market values are increasing but market volatility is high. Further, such techniques may increase portfolio transaction costs, which could result in losses or reduced gains. They also may not be successful as the techniques are subject to the Advisor's ability to correctly analyze and implement the volatility management techniques in a timely manner.

**Management Risk.** The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's portfolio securities, the Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

**Market Risk.** Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund's performance per share will change daily in response to such factors.

**Mortgage-Backed Securities Risk.** Investments by the Fund in fixed rate and floating rate mortgage-backed securities will entail credit risks (*i.e.*, the risk of non-payment of interest and principal) and market risks (*i.e.*, the risk that interest rates and other factors could cause the value of the instrument to decline). Many issuers or servicers of mortgage-backed securities guarantee timely payment of interest and principal on the securities, whether or not payments are made when due on the underlying mortgages. This kind of guarantee generally increases the quality of a security but does not mean that the security's market value and yield will not change. The values of mortgage-backed securities may change because of changes in the market's perception of the credit quality of the assets held by the issuer of the mortgage-backed securities or an entity, if any, providing credit support in respect of the mortgage-backed securities. In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the Fund as a holder of such securities, reducing the values of those securities or in some cases rendering them worthless. The Fund also may purchase securities that are not guaranteed or subject to any credit support. An investment in a privately issued mortgage-backed security may be less liquid and subject to greater credit risks than an investment in a mortgage-backed security that is issued or otherwise guaranteed by a federal government agency. The liquidity of mortgage-backed securities can change significantly over time. Like bond investments, the value of fixed rate mortgage-backed securities will tend to rise when interest rates fall and fall when rates rise. Floating rate mortgage-backed

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

securities generally tend to have more moderate changes in price when interest rates rise or fall, but their current yield will be affected. In addition, the mortgage-backed securities market in general may be adversely affected by changes in governmental legislation or regulation. Factors that could affect the value of a mortgage-backed security include, among other things, the types and amounts of insurance which an individual mortgage or that specific mortgage-backed security carries, the default and delinquency rate of the mortgage pool, the amount of time the mortgage loan has been outstanding, the loan-to-value ratio of each mortgage, and the amount of overcollateralization or undercollateralization of a mortgage pool.

The residential mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund's mortgage-related investments. Delinquencies and losses on residential mortgage loans generally increased in the last decade and potentially could begin to increase again. Ongoing developments in the residential mortgage market may have additional consequences to the market for mortgage-backed securities.

In addition, the liquidity of mortgage-backed securities varies by type of security; at certain times a Fund may be unable to dispose of such investments at a desirable time or at the value the Fund has placed on the investment. Because mortgage-backed securities may be less liquid than other securities, the Funds may be more susceptible to liquidity risks than funds that invest in other securities. In the past, in stressed markets, certain types of mortgage-backed securities suffered periods of illiquidity if disfavored by the market.

Commercial mortgage-backed securities ("CMBS") include securities that reflect an interest in, or are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic U.S. conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

**Portfolio Turnover Risk.** The Advisor will sell Portfolio Funds and other securities when it is in the best interest of the Fund and its shareholders to do so without regard to the length of time they have been held. As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund. High rates of portfolio turnover may also result in the realization of short-term capital gains and losses. Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.

**Preferred Equity Risk.** Preferred equity's right to dividends and liquidation proceeds is junior to the rights of a company's debt securities. The value of preferred equity may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company's creditworthiness. The value of preferred equity tends to vary more with fluctuations in the underlying common equity and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred equity may suffer a loss of value if dividends are not paid and have limited voting rights.

**Quantitative Risk.** Securities or other investments selected using quantitative methods may perform differently from the market as a whole for many reasons, including the factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. There can be no assurance that these methodologies will enable the Fund to achieve its objective.

**Rating Agencies Risks.** Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely. Such changes may negatively affect the liquidity or market price of the securities in which the Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure.

**REIT Risk.** Investing in REITs involves certain unique risks in addition to those associated with the real estate sector generally, including poor performance by the REIT's manager, adverse changes to the tax laws, and the possible failure by the REIT to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended, or the exemption from registration under the 1940 Act. REITs are not diversified and are heavily dependent on cash flow. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.

**Risks from Purchasing Options.** If a call or put option purchased by the Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the Fund will lose its entire investment in the option.

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

Since many factors influence the value of an option, including the price of the underlying security, the exercise price, the time to expiration, the interest rate, and the dividend rate of the underlying security, the Advisor's success in implementing the Fund's strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets, and movements in interest rates. There is no assurance that a liquid market will exist when the Fund seeks to close out an option position. Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.

**Risks from Selling or Writing Options.** Writing option contracts can result in losses that exceed the Fund's initial investment and may lead to additional turnover and higher tax liability. The risk involved in writing a call option is that there could be an increase in the market value of the security. If this occurred, the option could be exercised and the underlying security would then be sold by the Fund at a lower price than its current market value or in the case of cash settled options, the Fund would be required to purchase the option at a price that is higher than the original sales price for such option. Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security. If this occurred, the option could be exercised and the underlying security would then be sold to the Fund at a higher price than its current market value or in the case of cash settled options, the Fund would be required to purchase the option at a price that is higher than the original sales price for such option.

There is no assurance that a liquid market will exist when the Fund seeks to close out an option position. Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.

**Subsidiary Risk.** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and its Subsidiary are both managed by the Advisor and sub-advised by the Sub-Advisor, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and the Fund's role as sole shareholder of the Subsidiary. To the extent applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as its parent fund. Unlike the Fund, the Subsidiary will not seek to qualify as a regulated investment company under Subchapter M of the Code.

There is a risk that the Internal Revenue Service could assert that the annual net profit realized by the Subsidiary and imputed for income tax purposes to the Fund will not be considered "qualifying income" for purposes of the Fund remaining qualified as a regulated investment company for U.S. federal income tax purposes. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiary to operate as described in this Prospectus and the SAI and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax, or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, the Fund's shareholders would likely suffer decreased investment returns.

**Small-Cap and Mid-Cap Securities Risk.** The Fund and Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involves greater risk than investing in larger and more established companies. This greater risk is, in part, attributable to the fact that the securities of these companies are usually less marketable and, therefore, more volatile than securities of larger, more established companies or the market in general. Because these companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. Another risk factor is that these companies often have limited product lines, markets, or financial resources and may lack management depth. Small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than are larger, more established companies. These companies may be more vulnerable than larger companies to adverse business or economic developments, the risk exists that the companies will not succeed, and the prices of the companies' shares could dramatically decline in value. You should expect that the value of the Shares will be more volatile than a fund that invests exclusively in large-capitalization companies.

**Tax Risk.** By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

corporation, any income received from its investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

**U.S. Government Securities Risk.** Some U.S. Government securities, such as Treasury bills, notes, and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae), are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. Government-sponsored enterprises may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, their securities are not issued by the U.S. Treasury, their obligations are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve greater risk than investments in other types of U.S. Government securities. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued or guaranteed by these entities.

**7.** **Beneficial Ownership** 

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the Investment Company Act of 1940. Although the Funds do not have information concerning the beneficial ownership of shares held in the names of Depository Trust Company ("DTC") participants, as of May 31, 2025, to the Trust's knowledge, the following shareholders owned of record or beneficially 25% or more of the outstanding Fund Shares were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Adaptive Alpha Opportunities ETF | &nbsp;&nbsp;Adaptive Alpha Opportunities ETF |
| &nbsp;&nbsp;Charles Schwab & Co. | &nbsp;&nbsp;33.11% |
| &nbsp;&nbsp;National Financial Services, LLC | &nbsp;&nbsp;34.78% |
| &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF | &nbsp;&nbsp;Adaptive Hedged Multi-Asset Income ETF |
| &nbsp;&nbsp;National Financial Services, LLC | &nbsp;&nbsp;40.74% |
| &nbsp;&nbsp;Charles Schwab & Co. | &nbsp;&nbsp;32.24% |
| &nbsp;&nbsp;RH Tactical Outlook ETF | &nbsp;&nbsp;RH Tactical Outlook ETF |
| &nbsp;&nbsp;Charles Schwab & Co. | &nbsp;&nbsp;37.51% |
| &nbsp;&nbsp;RH Tactical Rotation ETF | &nbsp;&nbsp;RH Tactical Rotation ETF |
| &nbsp;&nbsp;Charles Schwab & Co. | &nbsp;&nbsp;32.16% |

---

**8.** **Concentration of Risk** 

The RH Tactical Outlook ETF currently invests a significant portion of its assets in the SPDR S&P 500 ETF Trust ("SPY") and the SPDR Portfolio S&P 400 Mid Cap ETF ("SPMD"). The RH Tactical Outlook ETF may redeem its investment from SPY and SPMD at any time if the Advisor determines that it is in the best interest of the RH Tactical Outlook ETF and its shareholders to do so. The performance of the RH Tactical Outlook ETF may be directly affected by the performance of SPY and/or SPMD. The financial statements of SPY and SPMD, including the portfolio of investments, can be found at www.ssga.com or www.sec.gov, and should be read in conjunction with the RH Tactical Outlook ETF's financial statements. As of May 31, 2025, the RH Tactical Outlook ETF's net assets invested in SPY and SPMD were 47.48% and 25.51%, respectively.

**9.** **Commitments and Contingencies** 

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Funds, and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. The Funds expect the risk of loss to be remote.

Adaptive ETFs

Notes to Financial Statements (consolidated with respect to the Adaptive Hedged Multi-asset Income ETF)

*As of May 31, 2025*

**10.** **Subsequent Events** 

*Distributions*

Per share distributions during the subsequent period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ETF | Record date | Ex-Date | Payable Date | Ordinary Income |
| Adaptive Hedged Multi-Asset Income ETF | 6/27/25 | 6/27/25 | 6/30/25 | $0.06575 |

---

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. Management has concluded there are no additional matters, other than those noted above, requiring recognition or disclosure.

---

| | |
|:---|:---|
| ![](adaptive001.jpg) | taitweller.com |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of** 

**Starboard Investment Trust** 

**and Shareholders of Adaptive Alpha Opportunities ETF, Adaptive Hedged Multi-Asset Income ETF, RH Tactical Outlook ETF and RH Tactical Rotation ETF**

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Adaptive Alpha Opportunities ETF, Adaptive Hedged Multi-Asset Income ETF, RH Tactical Outlook ETF and RH Tactical Rotation ETF (the "Funds"), each a series of Starboard Investment Trust, including the schedules of investments as of May 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (consolidated with respect to the Adaptive Hedged Multi-Asset Income ETF) (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of May 31, 2025, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for each of the two years in the period then ended (consolidated with respect to the Adaptive Hedged Multi-Asset Income ETF), in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for each of the three years in the period ended May 31, 2023, have been audited by other auditors, whose reports dated July 28, 2023 and August 5, 2022, expressed an unqualified opinion on such financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Funds' auditor since 2024.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**July 28, 2025**

Adaptive ETFs

Additional Information (unaudited)

*As of May 31, 2025*

**Tax Information**

We are required to advise you within 60 days of the Fund's fiscal year-end regarding federal tax status of certain distributions received by shareholders during each fiscal year. The following information is provided for the Funds' fiscal year ended May 31, 2025.

See the Federal Income Tax section of the Notes to Financial Statements for the fiscal year distribution information.

Dividend and distributions received by retirement plans such as IRAs, Keogh-type plans, and 403(b) plans need not be reported as taxable income. However, many retirement plans may need this information for their annual information meeting.

**Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in early 2025, to determine the calendar year amounts to be included in their 2024 tax returns. Shareholders should consult a tax advisor regarding the tax consequences of investments in the Funds.**

**Changes In and Disagreements with Accountants**

No changes in or disagreements with accountants during the period.

**Matters Submitted for Shareholder Vote**

Not applicable

**Remuneration Paid to Directors, Officers and Others**

The aggregate compensation paid, on behalf of the Funds, to the Trustees for the period of this report was $56,484. For the period of this report, no special compensation was paid to the Trustees, no compensation was paid to any officer of the ETF, and no compensation was paid to any person of whom any officer or director of the ETF is an affiliated person.

**<u>Approval of Investment Advisory Agreement</u>**

In connection with a regular Board meeting held on December 5, 2024, the Board, including a majority of the Independent Trustees, discussed the approval of a management agreement between the Trust and the Advisor, with respect to the Funds (the "Investment Advisory Agreement").

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Advisory Agreement. In connection with their deliberations regarding approval of the Investment Advisory Agreement, the Trustees reviewed materials prepared by the Advisor.

In deciding on whether to approve the Investment Advisory Agreement, the Trustees considered numerous factors, including:

(i) <u>Nature, Extent, and Quality of Services.</u> The Trustees considered the responsibilities of the Advisor under the Investment Advisory Agreement.
 The Trustees reviewed the services being provided by the Advisor to the Funds including, without limitation, the quality of its investment
 advisory services since the Funds' inception (including research and recommendations with respect to portfolio securities); its
 procedures for formulating investment recommendations and assuring compliance with the Funds' investment objectives, policies and
 limitations; its coordination of services for the Funds among the Funds' service providers; and its efforts to promote the Funds,
 grow the Funds' assets, and assist in the distribution of Funds shares. The Trustees evaluated: the Advisor's staffing, personnel,
 and methods of operating; the education and experience of the Advisor's personnel; the Advisor's compliance program; and the
 financial condition of the Advisor. It was noted there had been a change in

Adaptive ETFs

Additional Information (unaudited)

*As of May 31, 2025*

personnel, which consisted of Justin Balas resigning as an officer of an Advisor-affiliated company. It was confirmed that the change had been updated in the firm's Form ADV.

After reviewing the foregoing information and further information in the memorandum from the Advisor (e.g., descriptions of the Advisor's business, compliance program, and Form ADV), the Board concluded that the nature, extent, and quality of the services provided by the Advisor were satisfactory and adequate for the Fund.

(ii) <u>Performance.</u> The Trustees compared the performance of the Adaptive ETFs with the performance of applicable peer group data (e.g., Morningstar/Lipper
 peer group average) and the Funds' benchmark indices.

*<u>Adaptive Hedged Multi-Asset Income ETF.</u>* The Trustees noted that the Fund underperformed the peer group for all periods shown. The Fund outperformed the category average for the one-year and five-year periods but underperformed for the ten-year period. The Trustees noted that the Advisor believed the underperformance was due to the Fund being more conservatively allocated than the category and index, which resulted in the loss of potential market performance.

*<u>Adaptive Alpha Opportunities ETF.</u>* The Trustees noted that the Fund outperformed the peer group for all periods shown. The Fund underperformed the category average for the one-year period but outperformed the category average for the remaining periods.

*<u>RH Tactical Outlook ETF.</u>* The Trustees noted that the Fund underperformed the peer group and category average for all periods shown. The Trustees noted that the Advisor believed the underperformance was due to the defensive solutions employed by the Advisor, which can cause under performance in up market periods.

*<u>RH Tactical Rotation ETF.</u>* The Trustees noted that the Fund outperformed the peer group for the one-year and five-year periods and underperformed the peer group for all remaining periods shown. The Fund underperformed the category average for all periods shown. The Trustees noted that the Advisor believed the underperformance was due to the defensive solutions employed by the Advisor, which can cause underperformance in up market periods.

After reviewing the investment performance of the Funds, the Advisor's experience managing the Funds, the Advisor's historical investment performance, and other factors, the Board concluded that the investment performance of the Funds and the Advisor was satisfactory.

(iii) <u>Fees and Expenses.</u> The Trustees first noted the management fee for each Adaptive Fund under the Investment Advisory Agreement. The Trustees
 then compared the advisory fee and expense ratio of the Funds to other comparable funds, noting the management fee for each Fund was above
 the peer group and category averages. The Trustees considered the Advisor's explanation that the firm was much smaller than the
 peer group and category firms, making it hard to match their cost structures. The Trustees considered unique investment strategies of
 the Funds. Following this comparison, and upon further consideration and discussion of the foregoing, the Board concluded that the fees
 to be paid to the Advisor by the Funds were not unreasonable in relation to the nature and quality of the services provided by the Advisor
 and that they reflected charges that were within a range of what could have been negotiated at arm's length.

(iv) <u>Profitability</u>.
 The Board reviewed the Advisor's profitability analysis in connection with its management of the Funds over the past twelve months.
 The Board noted that the Advisor realized a marginal profit for the prior twelve months of operations for the Adaptive Alpha Opportunities
 ETF and a loss on the other Funds. The Board considered the quality of the Advisor's service to the Funds, and after further discussion,
 concluded that the Advisor's level of profitability was not excessive.

(v) <u>Economies of Scale.</u> In this regard, the Trustees reviewed the Funds' operational history and noted that the size of the Funds had not
 provided an opportunity to realize economies of scale. The Trustees then reviewed the Funds' fee arrangements for breakpoints or
 other provisions that would allow the Funds' shareholders to benefit from economies of scale in the future as the Funds grow. The
 Trustees determined that the maximum management fee would stay the same regardless of the Funds' asset levels. It was pointed out
 that breakpoints in the advisory fee could be reconsidered in the future as the Funds grow.

<u>Conclusion</u>. Having reviewed and discussed in depth such information from the Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the proposed Investment Advisory Agreement and as assisted by the advice of legal counsel, the Trustees concluded that approval of the Investment Advisory Agreement was in the best interest of the shareholders of the Funds.

Adaptive ETFs

Additional Information (unaudited)

*As of May 31, 2025*

**<u>Approval of Investment Sub-Advisory Agreement</u>**

In connection with a regular Board meeting held on December 5, 2024, the Board, including a majority of the Independent Trustees, discussed the approval of an investment sub-advisory agreement between the Advisor and Bluestone Capital Management, LLC (the "Sub-Advisor"), with respect to the Adaptive Alpha Opportunities ETF (referred to in this section as the "Fund") (the "Investment Sub-Advisory Agreement").

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Sub-Advisory Agreement. In connection with their deliberations regarding approval of the Investment Sub-Advisory Agreement, the Trustees reviewed materials prepared by Bluestone.

In deciding on whether to approve the Investment Sub-Advisory Agreement, the Trustees considered numerous factors, including:

(i) <u>Nature, Extent, and Quality of Services.</u> The Trustees considered the responsibilities of the Sub-Advisor under the Investment Sub-Advisory
 Agreement. The Trustees reviewed the services being provided by the Sub-Advisor to AGOX including, without limitation, the quality of
 its investment advisory services since the Fund's inception (including research and recommendations with respect to portfolio securities);
 its procedures for formulating investment recommendations and assuring compliance with the Fund's investment objectives, policies
 and limitations; its coordination of services for the Fund among the Fund's service providers; and its efforts to promote the Fund,
 grow the Fund's assets, and assist in the distribution of Fund shares. The Trustees evaluated: the Sub-Advisor's staffing,
 personnel, and methods of operating; the education and experience of the Sub-Advisor's personnel; compliance program; and the financial
 condition of the Sub-Advisor.

After reviewing and evaluating the foregoing information and further information in the memorandum from the Sub-Advisor (e.g., descriptions of the Sub-Advisor's business, compliance program, and Form ADV), the Board concluded that the nature, extent, and quality of the services provided by the Sub-Advisor were satisfactory and adequate for the Fund.

<u>Performance.</u> The Trustees compared the performance of the Fund with the performance of applicable peer group data (e.g., Morningstar/Lipper peer group average) and the Fund's benchmark indices. The Trustees noted that the Fund outperformed the peer group for all periods shown. The Fund underperformed the category average for the one-year period but outperformed the category average for the remaining periods. The Trustees noted that the Sub-Advisor believed that the underperformance was due to the Fund's utilization of protective hedges to reduce the downside exposure to the market and such protection reduced the upside participation. The Trustees considered the consistency of the Sub-Advisor's management of the Fund with its investment objective, policies, and limitations. After reviewing the investment performance of the Fund, the Sub-Advisor's experience managing the Fund, the Sub-Advisor's historical investment performance, and other factors, the Board concluded that the investment performance of the Fund and the Sub-Advisor was satisfactory.

(ii) <u>Fees and Expenses.</u> The Trustees first evaluated the sub-advisory fee for the Fund under the Investment Sub-Advisory Agreement. The Trustees
 then compared the sub-advisory fee and expense ratio of the Fund to other comparable funds, noting the sub-advisory fee remains below
 that charged by the Sub-Advisor to comparable accounts. The Trustees considered the Sub-Advisor's unique research and investment
 process in evaluating the fairness and reasonableness of its management fees.

Following this comparison, and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Sub-Advisor were not unreasonable in relation to the nature and quality of the services provided by the Sub-Advisor and that they reflected charges that were within a range of what could have been negotiated at arm's length.

(iii) <u>Profitability</u>.
 The Board reviewed the Sub-Advisor's profitability analysis in connection with its management of the Fund over the past twelve months.
 The Board noted that the Sub-Advisor realized a small profit for the prior twelve months of operations. The Board considered the quality
 of the Sub-Advisor's service to the Fund, and after further discussion, concluded that the Sub-Advisor's level of profitability
 was not excessive.

Adaptive ETFs

Additional Information (unaudited)

*As of May 31, 2025*

(iv) <u>Economies of Scale.</u> In this regard, the Trustees reviewed the Fund's operational history and noted that the size of the Fund had not
 provided an opportunity to realize economies of scale. The Trustees then reviewed the Fund's fee arrangements for breakpoints or
 other provisions that would allow the Fund's shareholders to benefit from economies of scale in the future as the Fund grows. The
 Trustees determined that the maximum management fee would stay the same regardless of the Fund's asset levels. The Trustees noted
 that the Fund was a relatively small size and economies of scale were unlikely to be achievable in the near future. It was pointed out
 that breakpoints in the sub-advisory fee could be reconsidered in the future as the Fund grows.

<u>Conclusion</u>. Having reviewed and discussed in depth such information from the Sub-Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Investment Sub-Advisory Agreement and as assisted by the advice of legal counsel, the Trustees concluded that the continuance of the Investment Sub-Advisory Agreement through March 31, 2025 was in the best interests of the shareholders of the Fund.

In connection with a regular Board meeting held on March 6, 2025, the Board, including a majority of the Independent Trustees, discussed the approval of an investment sub-advisory agreement between the Advisor and Bluestone Capital Management, LLC (the "Sub-Advisor"), with respect to the Adaptive Alpha Opportunities ETF (referred to in this section as the "Fund") (the "Investment Sub-Advisory Agreement").

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Sub-Advisory Agreement. In connection with their deliberations regarding approval of the Investment Sub-Advisory Agreement, the Trustees reviewed materials prepared by Bluestone.

In deciding on whether to approve the Investment Sub-Advisory Agreement, the Trustees considered numerous factors, including:

(v) <u>Nature, Extent, and Quality of Services.</u> The Trustees considered the responsibilities of the Sub-Advisor under the Investment Sub-Advisory
 Agreement. The Trustees reviewed the services being provided by the Sub-Advisor to the AGOX including, without limitation, the quality
 of its investment advisory services since the Fund's inception (including research and recommendations with respect to portfolio
 securities); its procedures for formulating investment recommendations and assuring compliance with the Fund's investment objectives,
 policies and limitations; its coordination of services for the Fund among the Fund's service providers; and its efforts to promote
 the Fund, grow the Fund's assets, and assist in the distribution of Fund shares. The Trustees evaluated: the Sub-Advisor's
 staffing, personnel, and methods of operating; the education and experience of the Sub-Advisor's personnel; compliance program;
 and the financial condition of the Sub-Advisor.

After reviewing the foregoing information and further information in the memorandum from the Sub-Advisor (e.g., descriptions of the Sub-Advisor's business, compliance program, and Form ADV), the Board concluded that the nature, extent, and quality of the services provided by the Sub-Advisor were satisfactory and adequate for the Fund.

(vi) <u>Performance.</u> The Trustees compared the performance of the Fund with the performance of applicable peer group data (e.g., Morningstar/Lipper
 peer group average) and the Fund's benchmark indices. The Trustees noted that the Fund outperformed the peer group for all periods
 shown. The Fund underperformed the category average for the one-year period but outperformed the category average for the remaining periods.
 The Trustees noted that the Sub-Advisor believed that the underperformance was due to the Fund's utilization of protective hedges
 to reduce the downside exposure to the market and such protection reduced the upside participation. The Trustees considered the consistency
 of the Sub-Advisor's management of the Fund with its investment objective, policies, and limitations. After reviewing the investment
 performance of the Fund, the Sub-Advisor's experience managing the Fund, the Sub-Advisor's historical investment performance,
 and other factors, the Board concluded that the investment performance of the Fund and the Sub-Advisor was satisfactory.

(vii) <u>Fees and Expenses.</u> The Trustees first noted the sub-advisory fee for the Fund under the Investment Sub-Advisory Agreement. The Trustees
 then compared the sub-advisory fee and expense ratio of the Fund to other comparable funds, noting the sub-advisory fee remains below
 that charged by the Sub-Advisor to comparable accounts. The Trustees considered Sub-Advisor's unique research and investment process
 in evaluating the fairness and reasonableness of its management fees.

Following this comparison, and upon further consideration and discussion of the foregoing, the Board concluded

Adaptive ETFs

Additional Information (unaudited)

*As of May 31, 2025*

that the fees to be paid to the Sub-Advisor were not unreasonable in relation to the nature and quality of the services provided by the Sub-Advisor and that they reflected charges that were within a range of what could have been negotiated at arm's length.

(viii) <u>Profitability</u>.
 The Board reviewed the Sub-Advisor's profitability analysis in connection with its management of the Fund over the past twelve months.
 The Board noted that the Sub-Advisor realized a small profit for the prior twelve months of operations. The Board considered the quality
 of the Sub-Advisor's service to the Fund, and after further discussion, concluded that the Sub-Advisor's level of profitability
 was not excessive.

(ix) <u>Economies of Scale.</u> In this regard, the Trustees reviewed the Fund's operational history and noted that the size of the Fund had not
 provided an opportunity to realize economies of scale. The Trustees then reviewed the Fund's fee arrangements for breakpoints or
 other provisions that would allow the Fund's shareholders to benefit from economies of scale in the future as the Fund grows. The
 Trustees determined that the maximum management fee would stay the same regardless of the Fund's asset levels. The Trustees noted
 that the Fund was a relatively small size and economies of scale were unlikely to be achievable in the near future. It was pointed out
 that breakpoints in the sub-advisory fee could be reconsidered in the future as the Fund grows.

<u>Conclusion</u>. Having reviewed and discussed in depth such information from the Sub-Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Investment Sub-Advisory Agreement and as assisted by the advice of legal counsel, the Trustees concluded that renewing the continuance of the Investment Sub-Advisory Agreement through June 30 2025 days was in the best interests of the shareholders of the Fund.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

None during the report period.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7 of this Form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7 of this Form.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

 **Item 15.** **Submission of Matters to a Vote of Security Holders.**

None.

**Item 16.** **Controls and Procedures.**

(a) The President and Principal Executive Officer and the Treasurer, Principal Accounting
 Officer, and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in
 Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures
 required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934, as
 of a date within 90 days of the filing of this report.

(b) There were no changes in the registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report
 that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.**

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

[Filed herewith.](ex19-a1.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not applicable.

(a)(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act.

[Filed herewith.](ex19-a3.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report or on behalf of the registrant to 10 or more persons.

Not applicable.

(a)(5) Change in the registrant's independent public accountant.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

[Filed herewith.](ex19-b.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Starboard Investment Trust | Starboard Investment Trust |
| Date: | August 8, 2025 | By: | /s/ Katherine M. Honey |
|  |  |  | Katherine M. Honey <br> President and Principal Executive Officer  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| Date: | August 8, 2025 | By: | /s/ Katherine M. Honey |
|  |  |  | Katherine M. Honey <br> President and Principal Executive Officer  |
| Date: | August 8, 2025 | By: | /s/ Peter McCabe |
|  |  |  | Peter McCabe <br> Treasurer, Principal Accounting Officer, and Principal Financial Officer  |

---

## Ex-99.Code

**[Starboard Investment Trust N-CSR](adaptive_ncsr-053125.htm)**

**E** **xhibit 19(a)(1)**

**Code of Ethics for Principal Officers**

1. <u>Covered Officers/Purpose of the Supplemental Code</u> 

This Code of Ethics applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s). Such persons are referred to in this Code of Ethics as the "Covered Officers." The purpose of this Code of Ethics is to promote the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Honest and ethical conduct, including
the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Full, fair, accurate, timely and understandable
disclosure in reports and documents that registrant files with, or submits to, the SEC and in other public communications made
by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The prompt internal reporting of violations
of this Code of Ethics to an appropriate person or persons identified in the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Accountability for adherence to this Code
of Ethics.

2. <u>Ethical Handling of Conflicts of Interest</u> 

A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's, Advisor's, and Sub-Advisor's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code of Ethics.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment advisor or administrator, of which the Covered Officers are also officers or employees. As a result, this Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the advisor or administrator, as appropriate, or for both), be involved in establishing policies and implementing decisions that may have different effects on the advisor and administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the advisor or administrator, as appropriate, and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code of Ethics, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

In order to ethically handle both actual and apparent conflicts of interest, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Not use his personal influence or personal relationships improperly to influence Investment decisions
or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Not cause the Trust to take action, or fail to take action, for the individual personal benefit
of the Covered Officer to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Not use material non-public knowledge of portfolio transactions made or contemplated for the Trust
to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Report at least annually any affiliations or other relationships related to conflicts of interest
that the Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Trust if such situations might have a material adverse effect on the Trust. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Service as a trustee on the board of any public company; The receipt of non-nominal gifts (currently
gifts in excess of $200);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The receipt of entertainment from any company with which the Trust has current or prospective business
dealings, including investments in such companies, unless such entertainment is business-related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any ownership interest in, or any consulting or employment relationship with, any of the Service
Providers, other than its Advisor, principal underwriter, Administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A direct or indirect financial interest in commissions, transaction charges or spreads paid by
the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered
Officer's employment, such as compensation or equity ownership.

3. <u>Disclosure and Compliance</u> 

Each Covered Officer must act in accordance with the following provisions related to disclosure and compliance requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Covered Officer should familiarize himself with the disclosure requirements generally applicable
to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
about the Trust to others, whether within or outside the Trust, including to the Trustees and auditors, and to governmental regulators
and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Each Covered Officer should, to the extent appropriate within his area of responsibility, consult
with other officers and employees of the Trust and the advisor or administrator, as appropriate, with the goal of promoting full,
fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC
and in other public communications made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

4. <u>Reporting and Accountability</u> 

Each Covered Officer must act in accordance with the following provisions related to reporting and accountability under this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon adoption of this Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer),
affirm in writing to the Board that he has received, read, and understands the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annually thereafter affirm to the Board that he has complied with the requirements of this Code
of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Not retaliate against any other Covered Officer or any employee of the Trust or their affiliated
persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Promptly notify the Audit Committee if he knows of any material violation of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The compliance officer of the Advisor (or such other Trust officer or other investigator as the
Audit Committee may from time to time designate) (referred in this Code of Ethics as the "Investigator") shall take
appropriate action to investigate any potential violations that are reported:

The Audit Committee is responsible for applying this Code of Ethics to specific situations in which questions are presented under it and has the authority to interpret this Code of Ethics in any particular situation. In addition, the Audit Committee will consider any approvals or waivers sought by a Covered Officer.

The Trust will follow these procedures in investigating and enforcing this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The compliance officer of the Advisor (or such other Trust officer or other investigator as the
Audit Committee may from time to time designate (referred to in this Code of Ethics as the "Investigator") shall take
appropriate action to investigate any potential violations that are reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If, after such investigation, the Investigator believes that no violation has occurred, the Investigator
is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any matter that the Investigator believes is a violation will be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation
to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable
policies and procedures; notification to appropriate personnel of the investment advisor, administrator, or their boards; or a
recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Board will be responsible for granting waivers, as appropriate; and

Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed as provided by rules of the SEC.

Any potential violation of this Code of Ethics by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Trust officer or other investigator to investigate the matter.

5. <u>Other Policies and Procedures</u> 

This Code of Ethics shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Advisor, Principal Underwriter, or other service providers govern, or purport to govern, the behavior or activities of the Covered Officers who are subject to this Code of Ethics, they are superseded by this Code of Ethics to the extent that they overlap or conflict with the provisions of this Code of Ethics. The Trust's, Advisor's, Sub-Advisor's, and Principal Underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others and are not part of this Code of Ethics.

6. <u>Amendments</u> 

Any amendments to this Code of Ethics must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

7. <u>Confidentiality</u> 

All reports and records prepared or maintained pursuant to this Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code of Ethics, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

8. <u>Internal Use</u> 

The Code of Ethics is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

**[Starboard Investment Trust N-CSR](adaptive_ncsr-053125.htm)**

**Exhibit 19(a)(3)**

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND<br> SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Katherine M. Honey, certify that:

1. I have reviewed this report on Form N-CSR of the Adaptive Alpha Opportunities ETF, Adaptive Hedged
Multi-Asset Income ETF, RH Tactical Outlook ETF, and RH Tactical Rotation, each a series of the Starboard Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Katherine M. Honey |
| Date: August 8, 2025 |  | Katherine M. Honey<br> President and Principal Executive Officer |

---

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND<br> SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Peter McCabe, certify that:

1. I have reviewed this report on Form N-CSR of the Adaptive Alpha Opportunities ETF, Adaptive Hedged
Multi-Asset Income ETF, RH Tactical Outlook ETF, and RH Tactical Rotation ETF, each series of the Starboard Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Peter McCabe |
| Date: August 8, 2025 |  | Peter McCabe<br> Treasurer, Principal Accounting Officer, and <br> Principal Financial Officer |

---

## Exhibit 99.906

**[Starboard Investment Trust N-CSR](adaptive_ncsr-053125.htm)**

**Exhibit 19(b)**

**CERTIFICATION<br> PURSUANT TO RULE 30A-2(B) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND <br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the annual report of the Adaptive Alpha Opportunities ETF, Adaptive Hedged Multi-Asset Income ETF, RH Tactical Outlook ETF, and RH Tactical Rotation ETF (together, the "Funds"), each a series of the Starboard Investment Trust on Form N-CSR for the year ended May 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Katherine M. Honey, President and Principal Executive Officer of the Funds, does hereby certify, to her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Funds.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Katherine M. Honey |
| Date: August 8, 2025 |  | Katherine M. Honey<br> President and Principal Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Starboard Investment Trust and will be retained by the Starboard Investment Trust and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.

**CERTIFICATION<br> PURSUANT TO RULE 30A-2(B) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND <br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the annual report of the Adaptive Alpha Opportunities ETF, Adaptive Hedged Multi-Asset Income ETF, RH Tactical Outlook ETF, and RH Tactical Rotation ETF (together, the "Funds"), each a series of the Starboard Investment Trust on Form N-CSR for the year ended May 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Peter McCabe, Treasurer, Principal Accounting Officer, and Principal Financial Officer of the Funds, does hereby certify, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Funds.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Peter McCabe |
| Date: August 8, 2025 |  | Peter McCabe<br> Treasurer, Principal Accounting Officer, and <br> Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Starboard Investment Trust and will be retained by the Starboard Investment Trust and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.