# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-26-001641
**Filing Date:** 2026-4
**Character Count:** 25654
**Document Hash:** c61767ed6c88a133393d5057d243b886
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-001641.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0002000324-26-001641

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22298
- **FILM NUMBER:** 26897623

**BUSINESS ADDRESS:**
- **STREET 1:** 116 SOUTH FRANKLIN STREET
- **STREET 2:** POST OFFICE BOX 69
- **CITY:** ROCKY MOUNT
- **STATE:** NC
- **ZIP:** 27802-0069
- **BUSINESS PHONE:** 252-972-9922 EXT.249

**MAIL ADDRESS:**
- **STREET 1:** 116 SOUTH FRANKLIN STREET
- **STREET 2:** POST OFFICE BOX 69
- **CITY:** ROCKY MOUNT
- **STATE:** NC
- **ZIP:** 27802-0069

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STATE | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | LONGSHORT | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 02660TAS | AHM 2004-1 4M1 | 04/25/2044 VAR |  | 02660TAS2 | 1112 | WL Collateral CMO |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 4/25/2044 |  |  | 91.64 |  |  |  |  | AHM 2004-1 4M1 | 04/25/2044 VAR |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7092.73 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 117228.40 | 112539.25 | 113175.75 | 107425.67 | 107425.67 | -5750.08 | -5750.08 | 6.56 | False | 6.82 |  | 0.24 | 0.22 | 0.22 | 4616000.00 |  |  | 02660TAS<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 12668AJS | CWALT 2005-J11 | 03/25/2022 5% |  | 12668AJS5 | 1112 | WL Collateral CMO |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/25/2035 |  |  | 101.28 |  |  |  |  | CWALT 2005-J11 | 04/25/2021 5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1243.80 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 24876.03 | 22139.69 | 24876.02 | 25195.62 | 25195.62 | 319.60 | 319.60 | 4.94 | False | 4.83 |  | 0.06 | 0.05 | 0.05 | 3000000.00 |  |  | 12668AJS<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 02147TAQ | CWALT 2006-28CB A15 | 10/25/2036 6.5% |  | 02147TAQ9 | 1112 | WL Collateral CMO |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/25/2036 |  |  | 36.40<br> M |  |  |  |  | CWALT 2006-28CB A15 | 10/25/2036 6.5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33749.69 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 519226.05 | 202249.19 | 240076.44 | 188991.69 | 188991.69 | -51084.75 | -51084.75 | 17.86 | False | 22.02 |  | 0.43 | 0.38 | 0.38 | 2819808.00 |  |  | 02147TAQ<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | MSTR | MicroStrategy Inc |  |  | 594972408 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 1/0/1900 |  |  | 129.50 |  |  |  |  | MicroStrategy Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 23381.00 | 3745455.36 | 3745455.36 | 3027839.50 | 3027839.50 | -717615.86 | -717615.86 | 0.00 | False | 0.00 | N/A | 6.86 | 6.12 | 6.13 | 0.00 |  |  | MSTR<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | IGLD | FT Vest Gold Strateg | y Target Income ETF |  | 33733E856 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 29.00 |  |  |  |  | FT Vest Gold Strateg | y Target Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 198415.00 | 4828114.03 | 4828114.03 | 5754035.00 | 5754035.00 | 925920.97 | 925920.97 | 0.00 | False | 0.00 | N/A | 13.03 | 11.62 | 11.65 | 0.00 |  |  | IGLD<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | VTV | Vanguard Value ETF |  |  | 922908744 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 207.26 |  |  |  |  | Vanguard Value ETF |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 15375.00 | 3099234.59 | 3099234.59 | 3186622.50 | 3186622.50 | 87387.91 | 87387.91 | 0.00 | False | 0.00 | N/A | 7.22 | 6.44 | 6.45 | 0.00 |  | HH8Q33B0J5YWPPIGZP55 | VTV<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | APLY | YieldMax AAPL Option | Income Strategy ETF |  | 88634T857 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 12.25 |  |  |  |  | YieldMax AAPL Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 38729.00 | 594382.71 | 594382.71 | 474430.25 | 474430.25 | -119952.46 | -119952.46 | 0.00 | False | 0.00 | N/A | 1.07 | 0.96 | 0.96 | 0.00 |  | 724500D4BFEWKWVC1G62 | APLY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | AMZY | Yieldmax Amzn Option | Income ETF |  | 88634T840 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 11.30 |  |  |  |  | Yieldmax Amzn Option | Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 33055.00 | 552571.26 | 552571.26 | 373521.50 | 373521.50 | -179049.76 | -179049.76 | 0.00 | False | 0.00 | N/A | 0.85 | 0.75 | 0.76 | 0.00 |  | 5493006A16BQWRTCWU76 | AMZY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | GOOY | YieldMax GOOGL Optio | n Income Strategy ET |  | 88634T790 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 13.83 |  |  |  |  | YieldMax GOOGL Optio | n Income Strategy ET |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 43468.00 | 642854.62 | 642854.62 | 601162.44 | 601162.44 | -41692.18 | -41692.18 | 0.00 | False | 0.00 | N/A | 1.36 | 1.21 | 1.22 | 0.00 |  |  | GOOY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | FBY | Yieldmax Meta Option | Income Strategy ETF |  | 88634T816 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 11.61 |  |  |  |  | Yieldmax Meta Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 31327.00 | 522008.47 | 522008.47 | 363706.47 | 363706.47 | -158302.00 | -158302.00 | 0.00 | False | 0.00 | N/A | 0.82 | 0.73 | 0.74 | 0.00 |  | 549300AHI52ML3CFNR76 | FBY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | MSFO | YieldMax MSFT Option | Income Strategy ETF |  | 88634T428 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 12.48 |  |  |  |  | YieldMax MSFT Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 29795.00 | 514238.31 | 514238.31 | 371841.60 | 371841.60 | -142396.71 | -142396.71 | 0.00 | False | 0.00 | N/A | 0.84 | 0.75 | 0.75 | 0.00 |  | 529900FST0HX3U5LMT27 | MSFO<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | NVDY | YieldMax NVDA Option | Income Strategy ETF |  | 88634T774 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 13.30 |  |  |  |  | YieldMax NVDA Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 30919.00 | 588318.92 | 588318.92 | 411222.70 | 411222.70 | -177096.22 | -177096.22 | 0.00 | False | 0.00 | N/A | 0.93 | 0.83 | 0.83 | 0.00 |  | 549300NB95KDV3FTQM03 | NVDY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | TSLY | Yieldmax Tsla Option | Income ETF |  | 88636X880 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 32.35 |  |  |  |  | Yieldmax Tsla Option | Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 100.00 | 5620.87 | 5620.87 | 3235.00 | 3235.00 | -2385.87 | -2385.87 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  | 549300X6ZY65U9N3R703 | TSLY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | TLT | iShares 20+ Year Tre | asury Bond ETF |  | 464287432 | 1031 | Debt Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 90.82 |  |  |  |  | iShares 20+ Year Tre | asury Bond ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 408736.63 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 122303.00 | 10968360.93 | 10968360.93 | 11107558.46 | 11107558.46 | 139197.53 | 139197.53 | 3.68 | False | 0.00 | N/A | 25.16 | 22.44 | 22.49 | 0.00 |  |  | TLT<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | QQQ | Invesco QQQ Trust Se | ries 1 |  | 46090E103 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 607.29 |  |  |  |  | Invesco QQQ Trust Se | ries 1 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 142.02 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 56.00 | 31690.40 | 31690.40 | 34008.24 | 34008.24 | 2317.84 | 2317.84 | 0.42 | False | 0.00 | N/A | 0.08 | 0.07 | 0.07 | 0.00 |  |  | QQQ<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | SPY | State Street SPDR | S&P 500 ETF |  | 78462F103 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 685.99 |  |  |  |  | SPDR S&P 500 ETF Tru | st |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 60986.36 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 9193.00 | 6056711.88 | 6056711.88 | 6306306.07 | 6306306.07 | 249594.19 | 249594.19 | 0.97 | False | 0.00 | N/A | 14.28 | 12.74 | 12.77 | 0.00 |  |  | SPY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | GDX | VanEck Vectors Gold | Miners ETF |  | 92189F106 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 115.84 |  |  |  |  | VanEck Vectors Gold | Miners ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12698.73 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 26678.00 | 1393481.33 | 1393481.33 | 3090379.52 | 3090379.52 | 1696898.19 | 1696898.19 | 0.41 | False | 0.00 | N/A | 7.00 | 6.24 | 6.26 | 0.00 |  |  | GDX<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | USOI | X-Links Crude Oil Sh | ares Covered Call ET |  | 22539U602 | 1026 | Commodity Fund |  | ETN | EXCHANGE TRADED NOTE | EXCHANGE TRADED NOTE |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 51.46 |  |  |  |  | X-Links Crude Oil Sh | ares Covered Call ET |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1791002.39 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 48654.00 | 2399186.03 | 2399186.03 | 2503734.84 | 2503734.84 | 104548.81 | 104548.81 | 71.53 | False | 0.00 | N/A | 5.67 | 5.06 | 5.07 | 0.00 |  | 549300506SI9CRFV9Z86 | USOI<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | FIGXX | Fidelity Investments | Money Market Funds |  | 316175108 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 2/28/2026 |  |  | 100.00 |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9882.59 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 278043.43 | 278043.43 | 278043.43 | 278043.43 | 278043.43 | 0.00 | 0.00 | 3.55 | False | 3.54 |  | 0.63 | 0.56 | 0.56 | 0.00 |  |  | FIGXX<br> N | AC |
| 801 | Adaptive Hedged Multi-Asset Income ETF | D61A774A | MSTR 260227C0014000 |  | MSTR 260227C00140000 | MSTR260227C140. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 2/28/2026 |  |  | 0.01 |  |  |  |  | MSTR 260227C0014000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | -220.00 | -44115.64 | -44115.64 | -110.00 | -110.00 | 44005.64 | 44005.64 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | D61A774A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | A49C774A | MSTR 260320P0013000 |  | MSTR 260320P00130000 | MSTR260320P130. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 3/21/2026 |  |  | 9.45 |  |  |  |  | MSTR 260320P0013000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 220.00 | 255096.64 | 255096.64 | 207900.00 | 207900.00 | -47196.64 | -47196.64 | 0.00 | False | 0.00 | N/A | 0.47 | 0.42 | 0.42 | 0.00 |  |  | A49C774A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | 8918764A | TLT 260227C0009000 |  | TLT 260227C00090000 | TLT260227C90.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 2/28/2026 |  |  | 0.88 |  |  |  |  | TLT 260227C0009000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | -1100.00 | -24173.87 | -24173.87 | -96800.00 | -96800.00 | -72626.13 | -72626.13 | 0.00 | False | 0.00 | N/A | -0.22 | -0.20 | -0.20 | 0.00 |  |  | 8918764A<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | AMAXCFC | RH Hedged Multi-Asse | Income (Cayman) Fund |  | AMAXCFC |  | UNGROUPED SECURITIES |  | PRIVATE | PRIVATE SECURITY |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 14.79<br> M |  |  |  |  | RH Hedged Multi-Asset | Income (Cayman) Fund Ltd |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 2/27/2026<br> C |  | 801;USD | USD | 394556.93 | 4115058.12 | 4115058.12 | 5834668.82 | 5834668.82 | 1719610.70 | 1719610.70 | 0.00 | False | 0.00 | N/A | 13.21 | 11.79 | 11.81 | 0.00 |  |  | AMAXCFC<br> N | MP |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rocky Mount

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 27804

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

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

- **a. Name of Series:** Adaptive Hedged Multi-Asset Income ETF

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

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

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

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

- **b. Date as of which information is reported:** 2026-02-28

**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:** $49502154.47

**Total Liabilities:** $108239.95

**Net Assets:** $49393914.52

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227946 | -1.34%               | 3.45%                | 1.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $153490.63               | $-1156393.35                               |
| Month 2  | $-2015345.88             | $3339997.07                                |
| Month 3  | $265120.01               | $148162.16                                 |

**Designated Index Information**

- **Index Name:** n/a

- **Index Identifier:** n/a

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CWALT 2006-28CB A15  | CMO      | CUSIP: 02147TAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    519226 | NS      | $188991.69    | 0.38%             | 2036-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AHM 2004-1 4M1       | CMO      | CUSIP: 02660TAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    117228 | NS      | $107425.67    | 0.22%             | 2044-04-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| CWALT 2005-J11       | CMO      | CUSIP: 12668AJS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24876 | NS      | $25195.62     | 0.05%             | 2035-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | COMMSTCK | CUSIP: 594972408<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23381 | NS      | $3027839.50   | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Amzn Option | ETF      | CUSIP: 88634T840<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33055 | NS      | $373521.50    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax AAPL Option | ETF      | CUSIP: 88634T857<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38729 | NS      | $474430.25    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Meta Option | ETF      | CUSIP: 88634T816<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31327 | NS      | $363706.47    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Vectors Gold  | ETF      | CUSIP: 92189F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26678 | NS      | $3090379.52   | 6.26%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax GOOGL Optio | ETF      | CUSIP: 88634T790<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43468 | NS      | $601162.44    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FT Vest Gold Strateg | ETF      | CUSIP: 33733E856<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    198415 | NS      | $5754035.00   | 11.65%            |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax MSFT Option | ETF      | CUSIP: 88634T428<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29795 | NS      | $371841.60    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax NVDA Option | ETF      | CUSIP: 88634T774<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30919 | NS      | $411222.70    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Se | ETF      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | CORP              | US        |        56 | NS      | $34008.24     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR    | ETF      | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | CORP              | US        |      9193 | NS      | $6306306.07   | 12.77%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares 20+ Year Tre | ETF      | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             | EC               | CORP              | US        |    122303 | NS      | $11107558.46  | 22.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Tsla Option | ETF      | CUSIP: 88636X880<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $3235.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Value ETF   | ETF      | CUSIP: 922908744<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15375 | NS      | $3186622.50   | 6.45%             |  |  |  | No            |                  1 | On Loan: No      |
| X-Links Crude Oil Sh | ETN      | CUSIP: 22539U602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48654 | NS      | $2503734.84   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |    278043 | NS      | $278043.43    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 20+ Year Tre | OPTION   | CUSIP: 464287432<br>LEI: N/A                  | Short            | DE               |  | US        |     -1100 | NC      | $-96800.00    | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |       220 | NC      | $207900.00    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Short            | DE               |  | US        |      -220 | NC      | $-110.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RH Hedged Multi-Asse | PRIVATE  | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    394557 | NS      | $5834668.82   | 11.81%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-24

**Name of Applicant:** Starboard Investment Trust

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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