# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-25-003010
**Filing Date:** 2025-8
**Character Count:** 34806
**Document Hash:** ec2f17e55c6b4fe46cfa6af64ed9a8bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003010.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003010

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**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:** 251248589

**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 | 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 | DMB | BNY Mellon Municipal | Bond Infrastructure |  | 09662W109 |  | UNGROUPED SECURITIES | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | UT | UTAH | USD | US DOLLAR | 1/0/1900 |  |  | 10.22 |  |  |  |  | BNY Mellon Municipal | Bond Infrastructure |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 37637.20 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 81820.00 | 830415.57 | 830415.57 | 836200.40 | 836200.40 | 5784.83 | 5784.83 | 4.50 | False | 0.00 | N/A | 1.43 | 1.42 | 1.42 | 0.00 |  |  | DMB<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | PCK | PIMCO California Mun | icipal Income Fund I |  | 72200M108 |  | UNGROUPED SECURITIES | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 5.36 |  |  |  |  | PIMCO California Mun | icipal Income Fund I |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1940.93 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 7523.00 | 37394.52 | 37394.52 | 40323.28 | 40323.28 | 2928.76 | 2928.76 | 4.81 | False | 0.00 | N/A | 0.07 | 0.07 | 0.07 | 0.00 |  |  | PCK<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | AEF | Aberdeen Emerging Ma | rkets Equity Income |  | 00301W105 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 5.94 |  |  |  |  | Aberdeen Emerging Ma | rkets Equity Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24783.69 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 40629.00 | 207449.63 | 207449.63 | 241336.26 | 241336.26 | 33886.63 | 33886.63 | 10.27 | False | 0.00 | N/A | 0.41 | 0.41 | 0.41 | 0.00 |  |  | AEF<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 |  |  | 15.52 |  |  |  |  | Central and Eastern | Europe Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12408.18 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 33995.00 | 866565.88 | 866565.88 | 527602.40 | 527602.40 | -338963.48 | -338963.48 | 2.35 | False | 0.00 | N/A | 0.90 | 0.89 | 0.89 | 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 |  |  | 47.86 |  |  |  |  | Central Securities C | orp |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 74000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 40000.00 | 1497645.89 | 1497645.89 | 1914400.00 | 1914400.00 | 416754.11 | 416754.11 | 3.87 | False | 0.00 | N/A | 3.28 | 3.24 | 3.25 | 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 |  |  | 5.68 |  |  |  |  | Clough Global | Dividend and Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 166976.93 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 233208.00 | 1155976.59 | 1155976.59 | 1323455.40 | 1323455.40 | 167478.81 | 167478.81 | 12.62 | False | 0.00 | N/A | 2.27 | 2.24 | 2.24 | 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 |  |  | 5.43 |  |  |  |  | CLOUGH GLOBAL | OPPORTUNITIES FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 177523.50 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 306075.00 | 1392829.28 | 1392829.28 | 1661987.25 | 1661987.25 | 269157.97 | 269157.97 | 10.68 | False | 0.00 | N/A | 2.85 | 2.81 | 2.82 | 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 |  |  | 7.12 |  |  |  |  | CLOUGH GLOBAL EQUITY | FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38430.55 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 53450.00 | 294136.26 | 294136.26 | 380777.80 | 380777.80 | 86641.54 | 86641.54 | 10.09 | False | 0.00 | N/A | 0.65 | 0.64 | 0.65 | 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 |  |  | 8.75 |  |  |  |  | Destra Multi-Alterna | tive Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 102108.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 268000.00 | 1766913.16 | 1766913.16 | 2345000.00 | 2345000.00 | 578086.84 | 578086.84 | 4.35 | False | 0.00 | N/A | 4.02 | 3.97 | 3.98 | 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 |  |  | 13.41 |  |  |  |  | Dividend and Income | Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 141063.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 141063.00 | 1824155.79 | 1824155.79 | 1891936.96 | 1891936.96 | 67781.17 | 67781.17 | 7.46 | False | 0.00 | N/A | 3.25 | 3.20 | 3.21 | 0.00 |  |  | BXSY<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | GRF | EAGLE CAPITAL GROWTH | FUND |  | 269451100 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 1/0/1900 |  |  | 9.86 |  |  |  |  | EAGLE CAPITAL GROWTH | FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2357.95 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 6737.00 | 65195.97 | 65195.97 | 66426.82 | 66426.82 | 1230.85 | 1230.85 | 3.55 | False | 0.00 | N/A | 0.11 | 0.11 | 0.11 | 0.00 |  |  | GRF<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 |  |  | 10.23 |  |  |  |  | EUROPEAN EQUITY FUND | INC |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25176.32 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 141440.00 | 1167444.64 | 1167444.64 | 1446931.20 | 1446931.20 | 279486.56 | 279486.56 | 1.74 | False | 0.00 | N/A | 2.48 | 2.45 | 2.45 | 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 |  |  | 13.32 |  |  |  |  | Gabelli Global Small | and Mid Cap Value T |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41316.08 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 39727.00 | 469667.00 | 469667.00 | 529163.64 | 529163.64 | 59496.64 | 59496.64 | 7.81 | False | 0.00 | N/A | 0.91 | 0.90 | 0.90 | 0.00 |  |  | GGZ<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | GAM | General American | Investors Co Inc |  | 368802104 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 56.04 |  |  |  |  | General American Inv | estors Co Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18815.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 5300.00 | 224322.50 | 224322.50 | 297012.00 | 297012.00 | 72689.50 | 72689.50 | 6.33 | False | 0.00 | N/A | 0.51 | 0.50 | 0.50 | 0.00 |  |  | GAM<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 |  |  | 8.70 |  |  |  |  | HIGHLAND GLOBAL | ALLOCATION FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 241920.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 240000.00 | 1954775.25 | 1954775.25 | 2088960.00 | 2088960.00 | 134184.75 | 134184.75 | 11.58 | False | 0.00 | N/A | 3.58 | 3.54 | 3.54 | 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 |  |  | 5.20 |  |  |  |  | HIGHLAND INCOME FUND |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 351120.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 380000.00 | 3093145.44 | 3093145.44 | 1976000.00 | 1976000.00 | -1117145.44 | -1117145.44 | 17.77 | False | 0.00 | N/A | 3.39 | 3.34 | 3.35 | 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 |  |  | 12.72 |  |  |  |  | KAYNE ANDERSON MLP | INVESTMENT COMPANY |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 127500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 150000.00 | 1644195.00 | 1644195.00 | 1908000.00 | 1908000.00 | 263805.00 | 263805.00 | 6.68 | False | 0.00 | N/A | 3.27 | 3.23 | 3.24 | 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 |  |  | 13.78 |  |  |  |  | Morgan Stanley China | A Share Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 378.42 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 140000.00 | 1671666.00 | 1671666.00 | 1928640.00 | 1928640.00 | 256974.00 | 256974.00 | 0.02 | False | 0.00 | N/A | 3.31 | 3.26 | 3.27 | 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 |  |  | 14.60 |  |  |  |  | Neuberger Berman Nex | t Generation Connect |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 155748.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 129790.00 | 2111206.97 | 2111206.97 | 1894934.00 | 1894934.00 | -216272.97 | -216272.97 | 8.22 | False | 0.00 | N/A | 3.25 | 3.21 | 3.21 | 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 |  |  | 4.19 |  |  |  |  | NexPoint Strategic O | pportunities Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 300000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 500000.00 | 3760618.17 | 3760618.17 | 2095000.00 | 2095000.00 | -1665618.17 | -1665618.17 | 14.32 | False | 0.00 | N/A | 3.59 | 3.55 | 3.55 | 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 |  |  | 53.40<br> M |  |  |  |  | Pershing Square Hold | ings Ltd/Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36610.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 70000.00 | 2721790.42 | 2721790.42 | 3738000.00 | 3738000.00 | 1016209.58 | 1016209.58 | 0.98 | False | 0.00 | N/A | 6.41 | 6.33 | 6.34 | 0.00 |  |  | PSH NA<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 |  |  | 12.03 |  |  |  |  | ROYCE GLOBAL VALUE |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 109178.00 | 1152223.26 | 1152223.26 | 1313411.34 | 1313411.34 | 161188.08 | 161188.08 | 0.00 | False | 0.00 | N/A | 2.25 | 2.22 | 2.23 | 0.00 |  |  | RGT<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 |  |  | 17.68 |  |  |  |  | SRH Total Return | Fund, Inc. |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 110000.00 | 1504741.89 | 1504741.89 | 1944800.00 | 1944800.00 | 440058.11 | 440058.11 | 2.83 | False | 0.00 | N/A | 3.34 | 3.29 | 3.30 | 0.00 |  |  | STEW<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 |  |  | 9.99 |  |  |  |  | Templeton Dragon | Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 273294.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 210000.00 | 1855481.16 | 1855481.16 | 2097900.00 | 2097900.00 | 242418.84 | 242418.84 | 13.03 | False | 0.00 | N/A | 3.60 | 3.55 | 3.56 | 0.00 |  |  | TDF<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | EMF | Templeton Emerging | Markets Fund |  | 880191101 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 14.59 |  |  |  |  | Templeton Emerging | Markets Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18454.31 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 16630.00 | 208215.43 | 208215.43 | 242631.70 | 242631.70 | 34416.27 | 34416.27 | 7.61 | False | 0.00 | N/A | 0.42 | 0.41 | 0.41 | 0.00 |  |  | EMF<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 |  |  | 16.15<br> M |  |  |  |  | TETRAGON FINANCIAL | GROUP LTD |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 140699.24 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 319771.00 | 2863549.31 | 2863549.31 | 5164301.65 | 5164301.65 | 2300752.34 | 2300752.34 | 2.72 | False | 0.00 | N/A | 8.86 | 8.74 | 8.76 | 0.00 |  |  | TFG NA<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 |  |  | 26.93 |  |  |  |  | THE KOREA FUND |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2644.44 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 49895.00 | 1030712.76 | 1030712.76 | 1343672.35 | 1343672.35 | 312959.59 | 312959.59 | 0.20 | False | 0.00 | N/A | 2.30 | 2.27 | 2.28 | 0.00 |  |  | KF<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | TPOU LN | Third Point Offshore | Investors Ltd |  | G8846K109 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | GG | GUERNSEY |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 25.90<br> M |  |  |  |  | Third Point Offshore | Investors Ltd |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 80000.00 | 1434596.61 | 1434596.61 | 2072000.00 | 2072000.00 | 637403.39 | 637403.39 | 0.00 | False | 0.00 | N/A | 3.55 | 3.51 | 3.51 | 0.00 |  |  | TPOU LN | MP |
| 125 | Matisse Discounted Closed-End Fund | CHN | China Fund Inc/The |  |  | 169373107 | 1029 | Country Funds-Closed<br> end | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 14.89 |  |  |  |  | China Fund Inc/The |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 107535.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 150000.00 | 1794678.67 | 1794678.67 | 2233500.00 | 2233500.00 | 438821.33 | 438821.33 | 4.81 | False | 0.00 | N/A | 3.83 | 3.78 | 3.79 | 0.00 |  |  | CHN | 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 |  |  | 10.47 |  |  |  |  | Mexico Equity & Inco | me Fund Inc/Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39732.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 132000.00 | 1122576.86 | 1122576.86 | 1382040.00 | 1382040.00 | 259463.14 | 259463.14 | 2.87 | False | 0.00 | N/A | 2.37 | 2.34 | 2.34 | 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 |  |  | 17.57 |  |  |  |  | Mexico Fund Inc/The |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 104000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 130000.00 | 1882962.52 | 1867331.60 | 2284100.00 | 2284100.00 | 416768.40 | 416768.40 | 4.55 | False | 0.00 | N/A | 3.92 | 3.87 | 3.87 | 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 |  |  | 44.81 |  |  |  |  | Taiwan Fund Inc/The |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22724.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 52000.00 | 1525394.85 | 1525394.85 | 2330120.00 | 2330120.00 | 804725.15 | 804725.15 | 0.98 | False | 0.00 | N/A | 4.00 | 3.94 | 3.95 | 0.00 |  |  | TWN | MP |
| 125 | Matisse Discounted Closed-End Fund | TEAF | Tortoise Sustainable | SOCIAL IMPACT FUND |  | 27901F109 | 1064 | Investment Companies | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | KS | KANSAS | USD | US DOLLAR | 1/0/1900 |  |  | 12.25 |  |  |  |  | ECOFIN SUSTAINABLE | SOCIAL IMPACT FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 151200.00 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 140000.00 | 1692830.49 | 1692830.49 | 1714300.00 | 1714300.00 | 21469.51 | 21469.51 | 8.82 | False | 0.00 | N/A | 2.94 | 2.90 | 2.91 | 0.00 |  |  | TEAF<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | RA | Brookfield Real Asse | ts Income Fund Inc |  | 112830104 | K10K | Asset Backed | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 13.37 |  |  |  |  | Brookfield Real Asse | ts Income Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 154588.01 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 72069.00 | 869476.45 | 869476.45 | 963562.53 | 963562.53 | 94086.08 | 94086.08 | 16.04 | False | 0.00 | N/A | 1.65 | 1.63 | 1.63 | 0.00 |  |  | RA<br> N | 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 | 7/1/2025 |  |  | 100.00 |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 173344.27 | L<br> N |  |  | 6/30/2025<br> C |  | 125;USD | USD | 4084695.62 | 4084695.62 | 4084695.62 | 4084695.62 | 4084695.62 | 0.00 | 0.00 | 4.24 | False | 4.23 |  | 7.01 | 6.91 | 6.93 | 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:** 2025-06-30

**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:** $59088160.44

**Total Liabilities:** $126263.32

**Net Assets:** $58961897.12

**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 | -0.09%               | 4.93%                | 6.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $126444.10               | $-281209.10                                |
| Month 2  | $331455.75               | $2015845.98                                |
| Month 3  | $48536.23                | $3188717.36                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aberdeen Emerging Ma | CLOSED-E | CUSIP: 00301W105<br>LEI: 549300MSYUW07RYUZD27 | Long             | EC               | CORP              | US        |     40629 | NS      | $241336.26    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Dividend and Income  | CLOSED-E | CUSIP: 25538A204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141063 | NS      | $1891936.96   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley China | CLOSED-E | CUSIP: 617468103<br>LEI: 54930045HQ1UNO6FR635 | Long             | EC               | CORP              | US        |    140000 | NS      | $1928640.00   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Central and Eastern  | CLOSED-E | CUSIP: 153436100<br>LEI: 549300TSXFIOF89ZI608 | Long             | EC               | CORP              | US        |     33995 | NS      | $527602.40    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Securities C | CLOSED-E | CUSIP: 155123102<br>LEI: 549300D87MQ4TEVRK235 | Long             | EC               | CORP              | US        |     40000 | NS      | $1914400.00   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| China Fund Inc/The   | CLOSED-E | CUSIP: 169373107<br>LEI: 549300U9N8NM2LYE5807 | Long             | EC               | CORP              | US        |    150000 | NS      | $2233500.00   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Destra Multi-Alterna | CLOSED-E | CUSIP: 25065A502<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    268000 | NS      | $2345000.00   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Municipal | CLOSED-E | CUSIP: 09662W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81820 | NS      | $836200.40    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROPEAN EQUITY FUND | CLOSED-E | CUSIP: 298768102<br>LEI: 5493008XBHSH29XH9329 | Long             | EC               | CORP              | US        |    141440 | NS      | $1446931.20   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Templeton Emerging   | CLOSED-E | CUSIP: 880191101<br>LEI: CZCIR4LW4R7Y5KBS5R36 | Long             | EC               | CORP              | US        |     16630 | NS      | $242631.70    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| General American     | CLOSED-E | CUSIP: 368802104<br>LEI: 254900MHIF9G7IS1T951 | Long             | EC               | CORP              | US        |      5300 | NS      | $297012.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Gabelli Global Small | CLOSED-E | CUSIP: 36249W104<br>LEI: 54930027RS7HE8UD3187 | Long             | EC               | CORP              | US        |     39727 | NS      | $529163.64    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUGH GLOBAL        | CLOSED-E | CUSIP: 18914E106<br>LEI: 549300DTG68UBCNCPY15 | Long             | EC               | CORP              | US        |    306075 | NS      | $1661987.25   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUGH GLOBAL EQUITY | CLOSED-E | CUSIP: 18914C100<br>LEI: 549300SI1THLT6A9J147 | Long             | EC               | CORP              | US        |     53450 | NS      | $380777.80    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global        | CLOSED-E | CUSIP: 18913Y103<br>LEI: 5493001GFY6TW0CYCT15 | Long             | EC               | CORP              | US        |    233208 | NS      | $1323455.40   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE CAPITAL GROWTH | CLOSED-E | CUSIP: 269451100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6737 | NS      | $66426.82     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND INCOME FUND | CLOSED-E | CUSIP: 43010E404<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EC               | CORP              | US        |    380000 | NS      | $1976000.00   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND GLOBAL      | CLOSED-E | CUSIP: 43010T104<br>LEI: 549300Y627XJ58WI3L10 | Long             | EC               | CORP              | US        |    240000 | NS      | $2088960.00   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KOREA FUND       | CLOSED-E | CUSIP: 500634209<br>LEI: 549300M4Y1IG0WPTKC03 | Long             | EC               | CORP              | US        |     49895 | NS      | $1343672.35   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KAYNE ANDERSON MLP   | CLOSED-E | CUSIP: 486606106<br>LEI: 549300H9ZCLGQEKXQY57 | Long             | EC               | CORP              | US        |    150000 | NS      | $1908000.00   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Equity & Inco | CLOSED-E | CUSIP: 592834105<br>LEI: 549300Q0OD8MQEFTBY23 | Long             | EC               | CORP              | US        |    132000 | NS      | $1382040.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Fund Inc/The  | CLOSED-E | CUSIP: 592835102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130000 | NS      | $2284100.00   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Nex | CLOSED-E | CUSIP: 64133Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129790 | NS      | $1894934.00   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Diversified | CLOSED-E | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |    500000 | NS      | $2095000.00   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO California Mun | CLOSED-E | CUSIP: 72200M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7523 | NS      | $40323.28     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing Square Hold | CLOSED-E | CUSIP: G7016V101<br>LEI: U7LC4KOKCTZ0YWGI2G56 | Long             | EC               | CORP              | GG        |     70000 | NS      | $3738000.00   | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Real Asse | CLOSED-E | CUSIP: 112830104<br>LEI: 5493007NX94W3HSQTJ60 | Long             | EC               | CORP              | US        |     72069 | NS      | $963562.53    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYCE GLOBAL VALUE   | CLOSED-E | CUSIP: 78081T104<br>LEI: 254900MA25TE88EMIP63 | Long             | EC               | CORP              | US        |    109178 | NS      | $1313411.34   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SRH Total Return     | CLOSED-E | CUSIP: 101507101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $1944800.00   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Templeton Dragon     | CLOSED-E | CUSIP: 88018T101<br>LEI: 549300L5KGV2K28LYW59 | Long             | EC               | CORP              | US        |    210000 | NS      | $2097900.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tortoise Sustainable | CLOSED-E | CUSIP: 27901F109<br>LEI: 549300JEEQF7C836SM26 | Long             | EC               | CORP              | US        |    140000 | NS      | $1714300.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRAGON FINANCIAL   | CLOSED-E | CUSIP: G8766R134<br>LEI: 14URO7KANNWKTLQY7F55 | Long             | EC               | CORP              | GG        |    319771 | NS      | $5164301.65   | 8.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Third Point Offshore | CLOSED-E | CUSIP: G8846K109<br>LEI: 549300WXTCG65AQ7V644 | Long             | EC               | CORP              | GG        |     80000 | NS      | $2072000.00   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Fund Inc/The  | CLOSED-E | CUSIP: 874036106<br>LEI: 549300B0OHIYIAWV0Z83 | Long             | EC               | CORP              | US        |     52000 | NS      | $2330120.00   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |   4084696 | NS      | $4084695.62   | 6.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-11

**Name of Applicant:** Starboard Investment Trust

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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