# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-26-000537
**Filing Date:** 2026-2
**Character Count:** 35620
**Document Hash:** 5ad4cac222daa74bb34af5eaf93dd1fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000537.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0002000324-26-000537

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260331

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22298
- **FILM NUMBER:** 26668097

**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

### Matisse Discounted Closed-End Fund Strategy (Series ID: S000038548)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000119000 | Institutional Class Shares | MDCEX           |

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STATE | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | MULTICURR | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 125 | Matisse Discounted Closed-End Fund | BPRE | Bluerock Total Incom | e+ Real Estate Fund |  | 09631P102 |  | UNGROUPED SECURITIES | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 15.00 |  |  |  |  | Bluerock Total Incom | e+ Real Estate Fund |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 0.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 130000.00 | 1892966.50 | 1892966.50 | 1950000.00 | 1950000.00 | 57033.50 | 57033.50 | 0.00 | False | 0.00 | N/A | 2.85 | 2.83 | 2.85 | 0.00 |  |  | BPRE<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | PCQ | PIMCO California Mun | icipal Income Fund |  | 72200N106 |  | UNGROUPED SECURITIES | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 8.73 |  |  |  |  | PIMCO California Mun | icipal Income Fund |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 0.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 166316.00 | 1369070.32 | 1369070.32 | 1451938.68 | 1451938.68 | 82868.36 | 82868.36 | 0.00 | False | 0.00 | N/A | 2.12 | 2.11 | 2.12 | 0.00 |  |  | PCQ<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | BTX | BlackRock Technology | and Private Equity T |  | 09260Q108 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 1/0/1900 |  |  | 6.59 |  |  |  |  | BlackRock Technology | and Private Equity T |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 283420.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 370000.00 | 2545081.66 | 2545081.66 | 2438300.00 | 2438300.00 | -106781.66 | -106781.66 | 11.62 | False | 0.00 | N/A | 3.56 | 3.54 | 3.57 | 0.00 |  | 549300LRIF3NWCU26A80 | BTX<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | CEE | Central and Eastern | Europe Fund Inc |  | 153436100 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 17.70 |  |  |  |  | Central and Eastern | Europe Fund Inc |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 12408.18 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 33995.00 | 866565.88 | 866565.88 | 601711.50 | 601711.50 | -264854.38 | -264854.38 | 2.06 | False | 0.00 | N/A | 0.88 | 0.87 | 0.88 | 0.00 |  |  | CEE<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | CET | Central Securities C | orp |  | 155123102 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 50.71 |  |  |  |  | Central Securities C | orp |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 74000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 40000.00 | 1497645.89 | 1497645.89 | 2028400.00 | 2028400.00 | 530754.11 | 530754.11 | 3.65 | False | 0.00 | N/A | 2.96 | 2.94 | 2.97 | 0.00 |  |  | CET<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | GLV | Clough Global | Dividend and Income |  | 18913Y103 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 1/0/1900 |  |  | 5.97 |  |  |  |  | Clough Global | Dividend and Income |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 166683.37 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 232798.00 | 1153937.41 | 1153937.41 | 1389804.06 | 1389804.06 | 235866.65 | 235866.65 | 11.99 | False | 0.00 | N/A | 2.03 | 2.02 | 2.03 | 0.00 |  |  | GLV<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | GLO | CLOUGH GLOBAL | OPPORTUNITIES FUND |  | 18914E106 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 1/0/1900 |  |  | 5.66 |  |  |  |  | CLOUGH GLOBAL | OPPORTUNITIES FUND |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 177523.50 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 306075.00 | 1392829.28 | 1392829.28 | 1732384.50 | 1732384.50 | 339555.22 | 339555.22 | 10.25 | False | 0.00 | N/A | 2.53 | 2.51 | 2.53 | 0.00 |  |  | GLO<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | GLQ | CLOUGH GLOBAL EQUITY | FUND |  | 18914C100 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 1/0/1900 |  |  | 7.66 |  |  |  |  | CLOUGH GLOBAL EQUITY | FUND |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 38430.55 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 53450.00 | 294136.26 | 294136.26 | 409427.00 | 409427.00 | 115290.74 | 115290.74 | 9.39 | False | 0.00 | N/A | 0.60 | 0.59 | 0.60 | 0.00 |  |  | GLQ<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | DMA | Destra Multi-Alterna | tive Fund |  | 25065A502 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 8.97 |  |  |  |  | Destra Multi-Alterna | tive Fund |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 102108.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 268000.00 | 1766913.16 | 1766913.16 | 2403960.00 | 2403960.00 | 637046.84 | 637046.84 | 4.25 | False | 0.00 | N/A | 3.51 | 3.49 | 3.52 | 0.00 |  |  | DMA<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | BXSY | Dividend and Income | Fund |  | 25538A204 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 15.30 |  |  |  |  | Dividend and Income | Fund |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 141063.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 141063.00 | 1824155.79 | 1824155.79 | 2158404.96 | 2158404.96 | 334249.17 | 334249.17 | 6.54 | False | 0.00 | N/A | 3.15 | 3.13 | 3.16 | 0.00 |  |  | BXSY<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | EEA | EUROPEAN EQUITY FUND | INC |  | 298768102 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.30 |  |  |  |  | EUROPEAN EQUITY FUND | INC |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 25176.32 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 141440.00 | 1167444.64 | 1167444.64 | 1456832.00 | 1456832.00 | 289387.36 | 289387.36 | 1.73 | False | 0.00 | N/A | 2.13 | 2.11 | 2.13 | 0.00 |  |  | EEA<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | GGZ | Gabelli Global Small | and Mid Cap Value T |  | 36249W104 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 1/0/1900 |  |  | 15.00 |  |  |  |  | Gabelli Global Small | and Mid Cap Value T |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 41316.08 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 39727.00 | 469667.00 | 469667.00 | 595905.00 | 595905.00 | 126238.00 | 126238.00 | 6.93 | False | 0.00 | N/A | 0.87 | 0.86 | 0.87 | 0.00 |  |  | GGZ<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | HGLB | HIGHLAND GLOBAL | ALLOCATION FUND |  | 43010T104 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 9.13 |  |  |  |  | HIGHLAND GLOBAL | ALLOCATION FUND |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 241920.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 240000.00 | 1954775.25 | 1954775.25 | 2191200.00 | 2191200.00 | 236424.75 | 236424.75 | 11.04 | False | 0.00 | N/A | 3.20 | 3.18 | 3.21 | 0.00 |  |  | HGLB<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | HFRO | HIGHLAND INCOME FUND |  |  | 43010E404 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 5.98 |  |  |  |  | HIGHLAND INCOME FUND |  |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 351120.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 380000.00 | 3093145.44 | 3093145.44 | 2272400.00 | 2272400.00 | -820745.44 | -820745.44 | 15.45 | False | 0.00 | N/A | 3.32 | 3.30 | 3.33 | 0.00 |  |  | HFRO<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | KYN | KAYNE ANDERSON MLP | INVESTMENT COMPANY |  | 486606106 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 12.38 |  |  |  |  | KAYNE ANDERSON MLP | INVESTMENT COMPANY |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 118733.10 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 139686.00 | 1531140.15 | 1531140.15 | 1729312.68 | 1729312.68 | 198172.53 | 198172.53 | 6.87 | False | 0.00 | N/A | 2.52 | 2.51 | 2.53 | 0.00 |  |  | KYN | MP |
| 125 | Matisse Discounted Closed-End Fund | CAF | Morgan Stanley China | A Share Fund Inc |  | 617468103 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 17.36 |  |  |  |  | Morgan Stanley China | A Share Fund Inc |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 378.42 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 140000.00 | 1671666.00 | 1671666.00 | 2430400.00 | 2430400.00 | 758734.00 | 758734.00 | 0.02 | False | 0.00 | N/A | 3.55 | 3.53 | 3.56 | 0.00 |  |  | CAF<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | NBXG | Neuberger Berman Nex | t Generation Connect |  | 64133Q108 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 14.44 |  |  |  |  | Neuberger Berman Nex | t Generation Connect |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 155748.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 129790.00 | 2111206.97 | 2111206.97 | 1874167.60 | 1874167.60 | -237039.37 | -237039.37 | 8.31 | False | 0.00 | N/A | 2.74 | 2.72 | 2.74 | 0.00 |  | 549300XIWEKOTC8HO652 | NBXG<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | NXDT | NexPoint Diversified | Real Estate |  | 65340G205 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 3.83 |  |  |  |  | NexPoint Strategic O | pportunities Fund |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 513735.60 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 856226.00 | 4950210.21 | 4950210.21 | 3279345.58 | 3279345.58 | -1670864.63 | -1670864.63 | 15.67 | False | 0.00 | N/A | 4.79 | 4.76 | 4.80 | 0.00 |  |  | NXDT<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | PSH NA | Pershing Square Hold | ings Ltd/Fund |  | G7016V101 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | GG | GUERNSEY |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 65.21<br> M |  |  |  |  | Pershing Square Hold | ings Ltd/Fund |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 36610.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 70000.00 | 2721790.42 | 2721790.42 | 4564350.00 | 4564350.00 | 1842559.58 | 1842559.58 | 0.80 | False | 0.00 | N/A | 6.66 | 6.62 | 6.68 | 0.00 |  |  | PSH NA<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | RVT | ROYAL VALUE TRUST |  |  | 780910105 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 16.10 |  |  |  |  | SPDR S&P 500 ETF Tru | st |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 5589.66 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 3158.00 | 50291.15 | 50291.15 | 50843.80 | 50843.80 | 552.65 | 552.65 | 10.99 | False | 0.00 | N/A | 0.07 | 0.07 | 0.07 | 0.00 |  |  | RVT<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | RGT | ROYCE GLOBAL VALUE |  |  | 78081T104 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 13.11 |  |  |  |  | ROYCE GLOBAL VALUE |  |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 0.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 188000.00 | 2130087.98 | 2130087.98 | 2464680.00 | 2464680.00 | 334592.02 | 334592.02 | 0.00 | False | 0.00 | N/A | 3.60 | 3.58 | 3.61 | 0.00 |  |  | RGT<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | RMT | Royce Micro-Cap | Trust Inc |  | 780915104 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.43 |  |  |  |  | Royce Micro-Cap | Trust Inc |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 8239.14 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 9054.00 | 93980.52 | 93980.52 | 94433.22 | 94433.22 | 452.70 | 452.70 | 8.72 | False | 0.00 | N/A | 0.14 | 0.14 | 0.14 | 0.00 |  |  | RMT<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | BRW | Saba Capital Income | & Opportunities Fund |  | 78518H202 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | AZ | ARIZONA | USD | US DOLLAR | 1/0/1900 |  |  | 7.01 |  |  |  |  | Saba Capital Income | & Opportunities Fund |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 43858.10 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 41493.00 | 308736.97 | 308736.97 | 290865.93 | 290865.93 | -17871.04 | -17871.04 | 15.08 | False | 0.00 | N/A | 0.42 | 0.42 | 0.43 | 0.00 |  | YCZ8C13B1NIESD9DNZ63 | BRW<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | STEW | SRH Total Return | Fund, Inc. |  | 101507101 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 1/0/1900 |  |  | 18.54 |  |  |  |  | SRH Total Return | Fund, Inc. |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 55000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 110000.00 | 1504741.89 | 1504741.89 | 2039400.00 | 2039400.00 | 534658.11 | 534658.11 | 2.70 | False | 0.00 | N/A | 2.98 | 2.96 | 2.98 | 0.00 |  |  | STEW<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | SWZ | SWISS HELVETIA FUND |  |  | 870875101 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 6.22 |  |  |  |  | SWISS HELVETIA FUND |  |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 236550.90 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 389000.00 | 2396639.52 | 2396639.52 | 2419580.00 | 2419580.00 | 22940.48 | 22940.48 | 9.78 | False | 0.00 | N/A | 3.53 | 3.51 | 3.54 | 0.00 |  |  | SWZ<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | TDF | Templeton Dragon | Fund Inc |  | 88018T101 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 1/0/1900 |  |  | 11.26 |  |  |  |  | Templeton Dragon | Fund Inc |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 273294.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 210000.00 | 1855481.16 | 1855481.16 | 2364600.00 | 2364600.00 | 509118.84 | 509118.84 | 11.56 | False | 0.00 | N/A | 3.45 | 3.43 | 3.46 | 0.00 |  |  | TDF<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | TFG NA | TETRAGON FINANCIAL | GROUP LTD |  | G8766R134 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | GG | GUERNSEY |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 17.35<br> M |  |  |  |  | TETRAGON FINANCIAL | GROUP LTD |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 140699.24 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 319771.00 | 2863549.31 | 2863549.31 | 5548026.85 | 5548026.85 | 2684477.54 | 2684477.54 | 2.54 | False | 0.00 | N/A | 8.10 | 8.05 | 8.12 | 0.00 |  |  | TFG NA<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | FSCO | The FS Credit | Opportunities Corp |  | 30290Y101 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 6.30 |  |  |  |  | The FS Credit | Opportunities Corp |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 249210.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 390000.00 | 2420109.12 | 2420109.12 | 2457000.00 | 2457000.00 | 36890.88 | 36890.88 | 10.14 | False | 0.00 | N/A | 3.59 | 3.57 | 3.60 | 0.00 |  |  | FSCO<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | KF | THE KOREA FUND |  |  | 500634209 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 36.32 |  |  |  |  | THE KOREA FUND |  |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 2644.44 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 49895.00 | 1030712.76 | 1030712.76 | 1812186.40 | 1812186.40 | 781473.64 | 781473.64 | 0.15 | False | 0.00 | N/A | 2.65 | 2.63 | 2.65 | 0.00 |  |  | KF<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | MLHL LN | Third Point Investor | Ltd |  | G8827C100 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | GG | GUERNSEY |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 18.33<br> M |  |  |  |  | Third Point Investor | Ltd |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 0.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 89785.00 | 1940129.40 | 1940129.40 | 1645310.13 | 1645310.13 | -294819.28 | -294819.28 | 0.00 | False | 0.00 | N/A | 2.40 | 2.39 | 2.41 | 0.00 |  |  | MLHL LN | MP |
| 125 | Matisse Discounted Closed-End Fund | XFLT | XAI Octagon Floating | Rate Alternative In |  | 98400T106 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 4.80 |  |  |  |  | XAI Octagon Floating | Rate Alternative In |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 505440.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 520000.00 | 2602196.53 | 2602196.53 | 2496000.00 | 2496000.00 | -106196.53 | -106196.53 | 20.25 | False | 0.00 | N/A | 3.64 | 3.62 | 3.65 | 0.00 |  |  | XFLT<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | MXE | Mexico Equity & Inco | me Fund Inc/Fund |  | 592834105 | 1029 | Country Funds-Closed<br> end | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 12.38 |  |  |  |  | Mexico Equity & Inco | me Fund Inc/Fund |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 39732.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 132000.00 | 1122576.86 | 1122576.86 | 1634160.00 | 1634160.00 | 511583.14 | 511583.14 | 2.43 | False | 0.00 | N/A | 2.39 | 2.37 | 2.39 | 0.00 |  |  | MXE<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | MXF | Mexico Fund Inc/The |  |  | 592835102 | 1029 | Country Funds-Closed<br> end | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 20.14 |  |  |  |  | Mexico Fund Inc/The |  |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 104000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 130000.00 | 1882962.52 | 1867331.60 | 2618200.00 | 2618200.00 | 750868.40 | 750868.40 | 3.97 | False | 0.00 | N/A | 3.82 | 3.80 | 3.83 | 0.00 |  |  | MXF<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | TWN | Taiwan Fund Inc/The |  |  | 874036106 | 1029 | Country Funds-Closed<br> end | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 53.38 |  |  |  |  | Taiwan Fund Inc/The |  |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 22724.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 52000.00 | 1525394.85 | 1525394.85 | 2775760.00 | 2775760.00 | 1250365.15 | 1250365.15 | 0.82 | False | 0.00 | N/A | 4.05 | 4.03 | 4.06 | 0.00 |  |  | TWN | MP |
| 125 | Matisse Discounted Closed-End Fund | NTAS LN | North Atlantic Small | er Cos Investment Tr |  | BRDXZ87 |  | UNGROUPED SECURITIES | FOREIGN | FOREIGN EQUITIES |  |  |  | UKS | UNITED KINGDOM |  |  | GBP | BRITISH POUND | 1/0/1900 |  |  | 4.81 |  |  |  |  | North Atlantic Small | er Cos Investment Tr |  |  |  |  | 5 | 2 | 4 | 3 | Y | False | 0.00 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 130000.00 | 662161.71 | 662161.71 | 625471.70 | 625471.70 | -36690.01 | -36690.01 | 0.00 | False | 0.00 | N/A | 0.91 | 0.91 | 0.92 | 0.00 |  |  | NTAS LN | MP |
| 125 | Matisse Discounted Closed-End Fund | FIGXX | Fidelity Investments | Money Market Funds |  | 316175108 | 1078 | Money Market Fund | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/1/2026 |  |  | 100.00 |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5 | Y | True | 7729.77 | L<br> N |  |  | 12/31/2025<br> C |  | 125;USD | USD | 211057.03 | 211057.03 | 211057.03 | 211057.03 | 211057.03 | 0.00 | 0.00 | 3.66 | False | 3.65 |  | 0.31 | 0.31 | 0.31 | 0.00 |  |  | FIGXX<br> N | AC |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Starboard Investment Trust

- **b. Investment Company Act file number:** 811-22298

- **c. CIK number of Registrant:** 0001464413

- **d. LEI of Registrant:** 549300IGQEISLESO0528

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 116 South Franklin Street

  - **City:** Rocky Mount

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 27804

  - **Telephone number:** 252-972-9922

**Item A.2. Information about the Series.**

- **a. Name of Series:** Matisse Discounted Closed-End Fund Strategy

- **b. EDGAR series identifier (if any):** S000038548

- **c. LEI of Series:** 549300ZSVXX0LZMMTD36

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $68908041.37

**Total Liabilities:** $565611.58

**Net Assets:** $68342429.79

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119000 | 0.68%                | -0.95%               | 2.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1076740.80              | $-757232.00                                |
| Month 2  | $127004.80               | $-1164927.58                               |
| Month 3  | $413951.97               | $789586.85                                 |

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bluerock Total Incom | CLOSED-E | CUSIP: 09631P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130000 | NS      | $1950000.00   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Saba Capital Income  | CLOSED-E | CUSIP: 78518H202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41493 | NS      | $290865.93    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Technology | CLOSED-E | CUSIP: 09260Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    370000 | NS      | $2438300.00   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Dividend and Income  | CLOSED-E | CUSIP: 25538A204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141063 | NS      | $2158404.96   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley China | CLOSED-E | CUSIP: 617468103<br>LEI: 54930045HQ1UNO6FR635 | Long             | EC               | CORP              | US        |    140000 | NS      | $2430400.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Central and Eastern  | CLOSED-E | CUSIP: 153436100<br>LEI: 549300TSXFIOF89ZI608 | Long             | EC               | CORP              | US        |     33995 | NS      | $601711.50    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Securities C | CLOSED-E | CUSIP: 155123102<br>LEI: 549300D87MQ4TEVRK235 | Long             | EC               | CORP              | US        |     40000 | NS      | $2028400.00   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Destra Multi-Alterna | CLOSED-E | CUSIP: 25065A502<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    268000 | NS      | $2403960.00   | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROPEAN EQUITY FUND | CLOSED-E | CUSIP: 298768102<br>LEI: 5493008XBHSH29XH9329 | Long             | EC               | CORP              | US        |    141440 | NS      | $1456832.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| The FS Credit        | CLOSED-E | CUSIP: 30290Y101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    390000 | NS      | $2457000.00   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Gabelli Global Small | CLOSED-E | CUSIP: 36249W104<br>LEI: 54930027RS7HE8UD3187 | Long             | EC               | CORP              | US        |     39727 | NS      | $595905.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUGH GLOBAL        | CLOSED-E | CUSIP: 18914E106<br>LEI: 549300DTG68UBCNCPY15 | Long             | EC               | CORP              | US        |    306075 | NS      | $1732384.50   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUGH GLOBAL EQUITY | CLOSED-E | CUSIP: 18914C100<br>LEI: 549300SI1THLT6A9J147 | Long             | EC               | CORP              | US        |     53450 | NS      | $409427.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global        | CLOSED-E | CUSIP: 18913Y103<br>LEI: 5493001GFY6TW0CYCT15 | Long             | EC               | CORP              | US        |    232798 | NS      | $1389804.06   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND INCOME FUND | CLOSED-E | CUSIP: 43010E404<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EC               | CORP              | US        |    380000 | NS      | $2272400.00   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND GLOBAL      | CLOSED-E | CUSIP: 43010T104<br>LEI: 549300Y627XJ58WI3L10 | Long             | EC               | CORP              | US        |    240000 | NS      | $2191200.00   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KOREA FUND       | CLOSED-E | CUSIP: 500634209<br>LEI: 549300M4Y1IG0WPTKC03 | Long             | EC               | CORP              | US        |     49895 | NS      | $1812186.40   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| KAYNE ANDERSON MLP   | CLOSED-E | CUSIP: 486606106<br>LEI: 549300H9ZCLGQEKXQY57 | Long             | EC               | CORP              | US        |    139686 | NS      | $1729312.68   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Third Point Investor | CLOSED-E | CUSIP: G8827C100<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     89785 | NS      | $1645310.13   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Equity & Inco | CLOSED-E | CUSIP: 592834105<br>LEI: 549300Q0OD8MQEFTBY23 | Long             | EC               | CORP              | US        |    132000 | NS      | $1634160.00   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Fund Inc/The  | CLOSED-E | CUSIP: 592835102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130000 | NS      | $2618200.00   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Nex | CLOSED-E | CUSIP: 64133Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129790 | NS      | $1874167.60   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Diversified | CLOSED-E | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |    856226 | NS      | $3279345.58   | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO California Mun | CLOSED-E | CUSIP: 72200N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    166316 | NS      | $1451938.68   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing Square Hold | CLOSED-E | CUSIP: G7016V101<br>LEI: U7LC4KOKCTZ0YWGI2G56 | Long             | EC               | CORP              | GG        |     70000 | NS      | $4564350.00   | 6.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYCE GLOBAL VALUE   | CLOSED-E | CUSIP: 78081T104<br>LEI: 254900MA25TE88EMIP63 | Long             | EC               | CORP              | US        |    188000 | NS      | $2464680.00   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Royce Micro-Cap      | CLOSED-E | CUSIP: 780915104<br>LEI: 254900D3WFIV4SD8EF19 | Long             | EC               | CORP              | US        |      9054 | NS      | $94433.22     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL VALUE TRUST    | CLOSED-E | CUSIP: 780910105<br>LEI: 254900NJE1W1YYKNVM16 | Long             | EC               | CORP              | US        |      3158 | NS      | $50843.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SRH Total Return     | CLOSED-E | CUSIP: 101507101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $2039400.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SWISS HELVETIA FUND  | CLOSED-E | CUSIP: 870875101<br>LEI: 549300HQZ0XPGTS5Q724 | Long             | EC               | CORP              | US        |    389000 | NS      | $2419580.00   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Templeton Dragon     | CLOSED-E | CUSIP: 88018T101<br>LEI: 549300L5KGV2K28LYW59 | Long             | EC               | CORP              | US        |    210000 | NS      | $2364600.00   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRAGON FINANCIAL   | CLOSED-E | CUSIP: G8766R134<br>LEI: 14URO7KANNWKTLQY7F55 | Long             | EC               | CORP              | GG        |    319771 | NS      | $5548026.85   | 8.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Fund Inc/The  | CLOSED-E | CUSIP: 874036106<br>LEI: 549300B0OHIYIAWV0Z83 | Long             | EC               | CORP              | US        |     52000 | NS      | $2775760.00   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| XAI Octagon Floating | CLOSED-E | CUSIP: 98400T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    520000 | NS      | $2496000.00   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| North Atlantic Small | FOREIGN  | CUSIP: G66132120<br>LEI: N/A                  | Long             |  | CORP              | GB        |    130000 | NS      | $625471.70    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |    211057 | NS      | $211057.03    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-26

**Name of Applicant:** Starboard Investment Trust

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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