# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-25-002448
**Filing Date:** 2025-7
**Character Count:** 12924
**Document Hash:** 613bd74a72f30f28b2507a6012caeba7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-002448.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0002000324-25-002448

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250531

**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:** 251155240

**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

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

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

## 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 | XTR_PRISRC | 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 |
| 860 | RH Tactical Outlook ETF | MSTR | MicroStrategy Inc |  |  | 594972408 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 1/0/1900 |  |  | 369.06 |  |  |  |  |  | MicroStrategy Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 860;USD | USD | 1889.00 | 770877.10 | 770877.10 | 697154.34 | 697154.34 | -73722.76 | -73722.76 | 0.00 | False | 0.00 | N/A | 8.59 | 8.58 | 8.62 | 0.00 |  |  | MSTR<br> N | MP |
| 860 | RH Tactical Outlook ETF | SPMD | SPDR Portfolio S&P 4 | 00 Mid Cap ETF |  | 78464A847 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 52.69 |  |  |  |  |  | SPDR Portfolio S&P 4 | 00 Mid Cap ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28085.61 |  | L<br> N |  |  | 5/30/2025<br> C |  | 860;USD | USD | 39171.00 | 1851711.76 | 1851711.76 | 2063919.99 | 2063919.99 | 212208.23 | 212208.23 | 1.36 | False | 0.00 | N/A | 25.44 | 25.40 | 25.51 | 0.00 |  | 549300TKUU0ZLRVSLJ96 | SPMD<br> N | MP |
| 860 | RH Tactical Outlook ETF | SLV | iShares Silver Trust |  |  | 46428Q109 | 1026 | Commodity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 30.00 |  |  |  |  |  | iShares Silver Trust |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 860;USD | USD | 11846.00 | 292950.39 | 292950.39 | 355380.00 | 355380.00 | 62429.61 | 62429.61 | 0.00 | False | 0.00 | N/A | 4.38 | 4.37 | 4.39 | 0.00 |  |  | SLV<br> N | MP |
| 860 | RH Tactical Outlook ETF | GLD | SPDR Gold Shares |  |  | 78463V107 | 1026 | Commodity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 303.60 |  |  |  |  |  | SPDR Gold Shares |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 860;USD | USD | 1656.00 | 275521.96 | 275521.96 | 502761.60 | 502761.60 | 227239.64 | 227239.64 | 0.00 | False | 0.00 | N/A | 6.20 | 6.19 | 6.21 | 0.00 |  |  | GLD<br> N | MP |
| 860 | RH Tactical Outlook ETF | IWM | iShares Russell 2000 | ETF |  | 464287655 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 205.07 |  |  |  |  |  | iShares Russell 2000 | ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8205.97 |  | L<br> N |  |  | 5/30/2025<br> C |  | 860;USD | USD | 3037.00 | 595119.87 | 595119.87 | 622797.59 | 622797.59 | 27677.72 | 27677.72 | 1.32 | False | 0.00 | N/A | 7.68 | 7.67 | 7.70 | 0.00 |  |  | IWM<br> N | MP |
| 860 | RH Tactical Outlook ETF | SPY | SPDR S&P 500 ETF Tru | st |  | 78462F103 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 589.39 |  |  |  |  |  | SPDR S&P 500 ETF Tru | st |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43240.41 |  | L<br> N |  |  | 5/30/2025<br> C |  | 860;USD | USD | 6518.00 | 2765778.16 | 2765778.16 | 3841644.02 | 3841644.02 | 1075865.86 | 1075865.86 | 1.13 | False | 0.00 | N/A | 47.36 | 47.29 | 47.48 | 0.00 |  |  | SPY<br> N | MP |
| 860 | RH Tactical Outlook ETF | 044D7B13 | MSTR 250530C0039500 |  | MSTR 250530C00395000 | MSTR250530C395. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 5/31/2025 |  |  | 0.02 |  |  |  |  |  | MSTR 250530C0039500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 5/30/2025<br> C |  | 860;USD | USD | -19.00 | -10486.49 | -10486.49 | -28.50 | -28.50 | 10457.99 | 10457.99 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 044D7B13<br> N | MP |
| 860 | RH Tactical Outlook ETF | Z57Z6914 | MSTR 250613C0046500 |  | MSTR 250613C00465000 | MSTR250613C465. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 6/14/2025 |  |  | 0.89 |  |  |  |  |  | MSTR 250613C0046500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 860;USD | USD | 10.00 | 13310.29 | 13310.29 | 885.00 | 885.00 | -12425.29 | -12425.29 | 0.00 | False | 0.00 | N/A | 0.01 | 0.01 | 0.01 | 0.00 |  |  | Z57Z6914<br> N | MP |
| 860 | RH Tactical Outlook ETF | Z57F5913 | MSTR 250613P0036500 |  | MSTR 250613P00365000 | MSTR250613P365. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 6/14/2025 |  |  | 13.45 |  |  |  |  |  | MSTR 250613P0036500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 860;USD | USD | 20.00 | 47320.59 | 47320.59 | 26900.00 | 26900.00 | -20420.59 | -20420.59 | 0.00 | False | 0.00 | N/A | 0.33 | 0.33 | 0.33 | 0.00 |  |  | Z57F5913<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:** RH Tactical Outlook ETF

- **b. EDGAR series identifier (if any):** S000072159

- **c. LEI of Series:** 549300YUC69J1CDTU576

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

- **a. Date of fiscal year-end:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $8124095.64

**Total Liabilities:** $33216.06

**Net Assets:** $8090879.58

**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 C000227949 | -4.75%               | -1.44%               | 4.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $147939.84               | $-657493.40                                |
| Month 2  | $-133603.90              | $82444.14                                  |
| Month 3  | $129487.87               | $189632.60                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MicroStrategy Inc    | COMMSTCK | CUSIP: 594972408<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1889 | NS      | $697154.34    | 8.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares     | ETF      | CUSIP: 78463V107<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      1656 | NS      | $502761.60    | 6.21%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 | ETF      | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Long             | EC               | CORP              | US        |      3037 | NS      | $622797.59    | 7.70%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Silver Trust | ETF      | CUSIP: 46428Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11846 | NS      | $355380.00    | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 4 | ETF      | CUSIP: 78464A847<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39171 | NS      | $2063919.99   | 25.51%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Tru | ETF      | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | CORP              | US        |      6518 | NS      | $3841644.02   | 47.48%            |  |  |  | No            |                  1 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Short            | DE               |  | US        |       -19 | NC      | $-28.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |        20 | NC      | $26900.00     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |        10 | NC      | $885.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-21

**Name of Applicant:** Starboard Investment Trust

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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