# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-25-002433
**Filing Date:** 2025-7
**Character Count:** 22983
**Document Hash:** f09ea37ef6226d91045a308b44be508e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-002433.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0002000324-25-002433

**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:** 251154933

**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

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |  |  | 82.36 |  |  |  |  | AHM 2004-1 4M1 | 04/25/2044 VAR |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8447.17 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 129153.56 | 123987.42 | 124556.32 | 106372.59 | 106372.59 | -18183.73 | -18183.73 | 8.07 | False | 8.53 |  | 0.57 | 0.48 | 0.48 | 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 | 9/25/2025 |  |  | 97.51 |  |  |  |  | CWALT 2005-J11 | 04/25/2021 5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4435.18 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 88703.55 | 78946.30 | 88703.55 | 86491.05 | 86491.05 | -2212.50 | -2212.50 | 5.13 | False | 13.01 |  | 0.47 | 0.39 | 0.39 | 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 |  |  | 31.99<br> M |  |  |  |  | CWALT 2006-28CB A15 | 10/25/2036 6.5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34161.99 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 525569.07 | 202249.19 | 233580.40 | 168153.83 | 168153.83 | -65426.57 | -65426.57 | 20.32 | False | 23.96 |  | 0.91 | 0.76 | 0.76 | 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 |  |  | 369.06 |  |  |  |  | MicroStrategy Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 6904.00 | 2817332.65 | 2817332.65 | 2547990.24 | 2547990.24 | -269342.41 | -269342.41 | 0.00 | False | 0.00 | N/A | 13.71 | 11.52 | 11.57 | 0.00 |  |  | MSTR<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 |  |  | 13.01 |  |  |  |  | YieldMax AAPL Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 19344.00 | 334643.42 | 334643.42 | 251665.44 | 251665.44 | -82977.98 | -82977.98 | 0.00 | False | 0.00 | N/A | 1.35 | 1.14 | 1.14 | 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 |  |  | 15.97 |  |  |  |  | Yieldmax Amzn Option | Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 16509.00 | 315388.98 | 315388.98 | 263648.73 | 263648.73 | -51740.25 | -51740.25 | 0.00 | False | 0.00 | N/A | 1.42 | 1.19 | 1.20 | 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 |  |  | 12.33 |  |  |  |  | YieldMax GOOGL Optio | n Income Strategy ET |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 21725.00 | 329169.75 | 329169.75 | 267869.25 | 267869.25 | -61300.50 | -61300.50 | 0.00 | False | 0.00 | N/A | 1.44 | 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 |  |  | 15.94 |  |  |  |  | Yieldmax Meta Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 15687.00 | 298656.98 | 298656.98 | 250050.78 | 250050.78 | -48606.20 | -48606.20 | 0.00 | False | 0.00 | N/A | 1.35 | 1.13 | 1.13 | 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 |  |  | 17.22 |  |  |  |  | YieldMax MSFT Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 14866.00 | 269400.76 | 269400.76 | 255992.52 | 255992.52 | -13408.24 | -13408.24 | 0.00 | False | 0.00 | N/A | 1.38 | 1.16 | 1.16 | 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 |  |  | 15.45 |  |  |  |  | YieldMax NVDA Option | Income Strategy ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 15465.00 | 346902.88 | 346902.88 | 238934.25 | 238934.25 | -107968.63 | -107968.63 | 0.00 | False | 0.00 | N/A | 1.29 | 1.08 | 1.08 | 0.00 |  | 549300NB95KDV3FTQM03 | NVDY<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income ETF | TSLY | Yieldmax Tsla Option | Income ETF |  | 88636J444 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 1/0/1900 |  |  | 9.28 |  |  |  |  | Yieldmax Tsla Option | Income ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 304.00 | 4037.52 | 4037.52 | 2821.12 | 2821.12 | -1216.40 | -1216.40 | 0.00 | False | 0.00 | N/A | 0.02 | 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 |  |  | 86.28 |  |  |  |  | iShares 20+ Year Tre | asury Bond ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 59748.28 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 17878.00 | 1543811.06 | 1543811.06 | 1542513.84 | 1542513.84 | -1297.22 | -1297.22 | 3.87 | False | 0.00 | N/A | 8.30 | 6.97 | 7.00 | 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 |  |  | 519.11 |  |  |  |  | Invesco QQQ Trust Se | ries 1 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11412.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 4500.00 | 2284435.80 | 2284435.80 | 2335995.00 | 2335995.00 | 51559.20 | 51559.20 | 0.49 | False | 0.00 | N/A | 12.57 | 10.56 | 10.60 | 0.00 |  |  | QQQ<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income 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 | 37973.02 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 5724.00 | 2956142.00 | 2956142.00 | 3373668.36 | 3373668.36 | 417526.36 | 417526.36 | 1.13 | False | 0.00 | N/A | 18.16 | 15.25 | 15.31 | 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 |  |  | 50.65 |  |  |  |  | VanEck Vectors Gold | Miners ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12674.93 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 26628.00 | 1253204.68 | 1253204.68 | 1348708.20 | 1348708.20 | 95503.52 | 95503.52 | 0.94 | False | 0.00 | N/A | 7.26 | 6.10 | 6.12 | 0.00 |  |  | GDX<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 | 5/31/2025 |  |  | 100.00 |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7457.44 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 177303.05 | 177303.05 | 177303.05 | 177303.05 | 177303.05 | 0.00 | 0.00 | 4.21 | False | 4.19 |  | 0.95 | 0.80 | 0.80 | 0.00 |  |  | FIGXX<br> N | AC |
| 801 | Adaptive Hedged Multi-Asset Income 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 |  | 801;USD | USD | -69.00 | -40638.97 | -40638.97 | -103.50 | -103.50 | 40535.47 | 40535.47 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 044D7B13<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income 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 |  | 801;USD | USD | 35.00 | 46586.03 | 46586.03 | 3097.50 | 3097.50 | -43488.53 | -43488.53 | 0.00 | False | 0.00 | N/A | 0.02 | 0.01 | 0.01 | 0.00 |  |  | Z57Z6914<br> N | MP |
| 801 | Adaptive Hedged Multi-Asset Income 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 |  | 801;USD | USD | 70.00 | 165622.06 | 165622.06 | 94150.00 | 94150.00 | -71472.06 | -71472.06 | 0.00 | False | 0.00 | N/A | 0.51 | 0.43 | 0.43 | 0.00 |  |  | Z57F5913<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 |  |  | 13.34<br> M |  |  |  |  | RH Hedged Multi-Asset | Income (Cayman) Fund Ltd |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 5/30/2025<br> C |  | 801;USD | USD | 394556.93 | 4115058.12 | 4115058.12 | 5263782.82 | 5263782.82 | 1148724.70 | 1148724.70 | 0.00 | False | 0.00 | N/A | 28.33 | 23.79 | 23.89 | 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:** 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:** $22126133.83

**Total Liabilities:** $95150.09

**Net Assets:** $22030983.74

**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 | -3.17%               | 2.81%                | 3.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-660607.39              | $-511524.37                                |
| Month 2  | $-390947.39              | $798395.67                                 |
| Month 3  | $-144623.60              | $612803.44                                 |

**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        |    525569 | NS      | $168153.83    | 0.76%             | 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        |    129154 | NS      | $106372.59    | 0.48%             | 2044-04-25      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| CWALT 2005-J11       | CMO      | CUSIP: 12668AJS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88704 | NS      | $86491.05     | 0.39%             | 2025-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | COMMSTCK | CUSIP: 594972408<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6904 | NS      | $2547990.24   | 11.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Amzn Option | ETF      | CUSIP: 88634T840<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16509 | NS      | $263648.73    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax AAPL Option | ETF      | CUSIP: 88634T857<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19344 | NS      | $251665.44    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Meta Option | ETF      | CUSIP: 88634T816<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15687 | NS      | $250050.78    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Vectors Gold  | ETF      | CUSIP: 92189F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26628 | NS      | $1348708.20   | 6.12%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax GOOGL Optio | ETF      | CUSIP: 88634T790<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21725 | NS      | $267869.25    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax MSFT Option | ETF      | CUSIP: 88634T428<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14866 | NS      | $255992.52    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| YieldMax NVDA Option | ETF      | CUSIP: 88634T774<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15465 | NS      | $238934.25    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Se | ETF      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | CORP              | US        |      4500 | NS      | $2335995.00   | 10.60%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Tru | ETF      | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | CORP              | US        |      5724 | NS      | $3373668.36   | 15.31%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares 20+ Year Tre | ETF      | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             | EC               | CORP              | US        |     17878 | NS      | $1542513.84   | 7.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Yieldmax Tsla Option | ETF      | CUSIP: 88636J444<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       304 | NS      | $2821.12      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |    177303 | NS      | $177303.05    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Short            | DE               |  | US        |       -69 | NC      | $-103.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |        70 | NC      | $94150.00     | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| MicroStrategy Inc    | OPTION   | CUSIP: 594972408<br>LEI: N/A                  | Long             | DE               |  | US        |        35 | NC      | $3097.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| RH Hedged Multi-Asse | PRIVATE  | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | US        |    394557 | NS      | $5263782.82   | 23.89%            |  |  |  | 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