# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-25-004467
**Filing Date:** 2025-11
**Character Count:** 28472
**Document Hash:** 5344ebdca954209952140cfb05436ba8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004467.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002000324-25-004467

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251513200

**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 Bond CEF Strategy (Series ID: S000061872)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200403 | Institutional Class | MDFIX           |

## 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 | 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 |
| 127 | Matisse Discounted Bond CEF | BTT | BlackRock Municipal | 2030 Target Term Tru |  | 09257P105 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 22.46 |  |  |  |  |  | BlackRock Municipal | 2030 Target Term Tru |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 90000.00 | 1865532.34 | 1865532.34 | 2021400.00 | 2021400.00 | 155867.66 | 155867.66 | 0.00 | False | 0.00 | N/A | 3.93 | 3.91 | 3.92 | 0.00 |  |  | BTT<br> N | MP |
| 127 | Matisse Discounted Bond CEF | 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 |  |  | 10.70 |  |  |  |  |  | BNY Mellon Municipal | Bond Infrastructure |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 82800.00 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 180000.00 | 1832918.39 | 1832918.39 | 1926000.00 | 1926000.00 | 93081.61 | 93081.61 | 4.30 | False | 0.00 | N/A | 3.74 | 3.73 | 3.74 | 0.00 |  |  | DMB<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PCQ | PIMCO California Mun | icipal Income Fund |  | 72200N106 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 8.72 |  |  |  |  |  | PIMCO California Mun | icipal Income Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 588502.00 | 5162824.68 | 5162824.68 | 5131737.44 | 5131737.44 | -31087.24 | -31087.24 | 0.00 | False | 0.00 | N/A | 9.98 | 9.93 | 9.95 | 0.00 |  |  | PCQ<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PNI | PIMCO New York Munic | ipal Income Fund II |  | 72200Y102 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 6.95 |  |  |  |  |  | PIMCO New York Munic | ipal Income Fund II |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 219029.00 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 618726.00 | 4537973.56 | 4537973.56 | 4300145.70 | 4300145.70 | -237827.86 | -237827.86 | 5.09 | False | 0.00 | N/A | 8.36 | 8.32 | 8.34 | 0.00 |  |  | PNI<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PMO | Putnam Municipal Opp | ortunities Trust |  | 746922103 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 10.33 |  |  |  |  |  | Putnam Municipal Opp | ortunities Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 166367.00 | 1707951.21 | 1707951.21 | 1718571.11 | 1718571.11 | 10619.90 | 10619.90 | 0.00 | False | 0.00 | N/A | 3.34 | 3.33 | 3.33 | 0.00 |  |  | PMO<br> N | MP |
| 127 | Matisse Discounted Bond CEF | MHN | BlackRock MuniHoldin | gs New York Quality |  | 09255C106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 1/0/1900 |  |  | 10.22 |  |  |  |  |  | BlackRock MuniHoldin | gs New York Quality |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3375.54 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 8037.00 | 78459.79 | 78459.79 | 82138.14 | 82138.14 | 3678.35 | 3678.35 | 4.11 | False | 0.00 | N/A | 0.16 | 0.16 | 0.16 | 0.00 |  | 549300LRIF3NWCU26A80 | MHN | MP |
| 127 | Matisse Discounted Bond CEF | MUC | BlackRock MuniHoldin | gs California Qualit |  | 09254L107 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.85 |  |  |  |  |  | BlackRock MuniHoldin | gs California Qualit |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33562.20 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 78600.00 | 855384.69 | 855384.69 | 852810.00 | 852810.00 | -2574.69 | -2574.69 | 3.94 | False | 0.00 | N/A | 1.66 | 1.65 | 1.65 | 0.00 |  | 549300LRIF3NWCU26A80 | MUC<br> N | MP |
| 127 | Matisse Discounted Bond CEF | MUJ | BlackRock MuniHoldin | gs New Jersey Qualit |  | 09254X101 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 1/0/1900 |  |  | 11.59 |  |  |  |  |  | BlackRock MuniHoldin | gs New Jersey Qualit |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 47530.40 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 100700.00 | 1109476.51 | 1109476.51 | 1167113.00 | 1167113.00 | 57636.49 | 57636.49 | 4.07 | False | 0.00 | N/A | 2.27 | 2.26 | 2.26 | 0.00 |  |  | MUJ<br> N | MP |
| 127 | Matisse Discounted Bond CEF | BNY | BlackRock New York M | unicipal Income Trus |  | 09248L106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.12 |  |  |  |  |  | BlackRock New York M | unicipal Income Trus |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27478.95 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 69921.00 | 650833.85 | 650833.85 | 707600.52 | 707600.52 | 56766.67 | 56766.67 | 3.88 | False | 0.00 | N/A | 1.38 | 1.37 | 1.37 | 0.00 |  |  | BNY<br> N | MP |
| 127 | Matisse Discounted Bond CEF | BHV | BlackRock Virginia M | unicipal Bond Trust |  | 092481100 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 1/0/1900 |  |  | 10.82 |  |  |  |  |  | BlackRock Virginia M | unicipal Bond Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 671.30 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 1992.00 | 19061.37 | 19061.37 | 21553.44 | 21553.44 | 2492.07 | 2492.07 | 3.11 | False | 0.00 | N/A | 0.04 | 0.04 | 0.04 | 0.00 |  |  | BHV<br> N | MP |
| 127 | Matisse Discounted Bond CEF | DSM | BNY Mellon Strategic | Municipal Bond Fund |  | 09662E109 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 5.92 |  |  |  |  |  | BNY Mellon Strategic | Municipal Bond Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5108.93 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 19352.00 | 110397.36 | 110397.36 | 114563.84 | 114563.84 | 4166.48 | 4166.48 | 4.46 | False | 0.00 | N/A | 0.22 | 0.22 | 0.22 | 0.00 |  |  | DSM<br> N | MP |
| 127 | Matisse Discounted Bond CEF | LEO | BNY Strategic | Municipals Inc |  | 05588W108 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 6.25 |  |  |  |  |  | BNY Strategic | Municipals Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 69913.60 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 273100.00 | 1527242.07 | 1527242.07 | 1706875.00 | 1706875.00 | 179632.93 | 179632.93 | 4.10 | False | 0.00 | N/A | 3.32 | 3.30 | 3.31 | 0.00 |  |  | LEO<br> N | MP |
| 127 | Matisse Discounted Bond CEF | BWG | BRANDYWINE GLOBAL | INCO |  | 10537L104 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 8.68 |  |  |  |  |  | BRANDYWINE GLOBAL | INCO |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 146902.00 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 149900.00 | 1530165.77 | 1530165.77 | 1301132.00 | 1301132.00 | -229033.77 | -229033.77 | 11.29 | False | 0.00 | N/A | 2.53 | 2.52 | 2.52 | 0.00 |  |  | BWG<br> N | MP |
| 127 | Matisse Discounted Bond CEF | CXE | MFS High Income Muni | cipal Trust |  | 59318D104 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 3.72 |  |  |  |  |  | MFS High Income Muni | cipal Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12717.66 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 73090.00 | 261296.75 | 261296.75 | 271894.80 | 271894.80 | 10598.05 | 10598.05 | 4.68 | False | 0.00 | N/A | 0.53 | 0.53 | 0.53 | 0.00 |  | 549300V040JZX5S66Z78 | CXE<br> N | MP |
| 127 | Matisse Discounted Bond CEF | CMU | MFS High Yield Munic | ipal Trust |  | 59318E102 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 3.47 |  |  |  |  |  | MFS High Yield Munic | ipal Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35135.87 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 262208.00 | 927599.00 | 927599.00 | 909861.76 | 909861.76 | -17737.24 | -17737.24 | 3.86 | False | 0.00 | N/A | 1.77 | 1.76 | 1.76 | 0.00 |  | 549300V040JZX5S66Z78 | CMU<br> N | MP |
| 127 | Matisse Discounted Bond CEF | CXH | MFS Investment Grade | Municipal Trust |  | 59318B108 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 7.86 |  |  |  |  |  | MFS Investment Grade | Municipal Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23754.78 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 86381.00 | 692490.18 | 692490.18 | 678954.66 | 678954.66 | -13535.52 | -13535.52 | 3.50 | False | 0.00 | N/A | 1.32 | 1.31 | 1.32 | 0.00 |  | 549300V040JZX5S66Z78 | CXH<br> N | MP |
| 127 | Matisse Discounted Bond CEF | MFM | MFS Municipal Income | Trust |  | 552738106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 5.39 |  |  |  |  |  | MFS Municipal Income | Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7210.45 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 27412.00 | 138978.84 | 138978.84 | 147750.68 | 147750.68 | 8771.84 | 8771.84 | 4.88 | False | 0.00 | N/A | 0.29 | 0.29 | 0.29 | 0.00 |  | 549300V040JZX5S66Z78 | MFM<br> N | MP |
| 127 | Matisse Discounted Bond CEF | NBH | Neuberger Berman Mun | icipal Fund Inc |  | 64124P101 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.32 |  |  |  |  |  | Neuberger Berman Mun | icipal Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 63193.50 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 135900.00 | 1623747.63 | 1623747.63 | 1402488.00 | 1402488.00 | -221259.63 | -221259.63 | 4.51 | False | 0.00 | N/A | 2.73 | 2.72 | 2.72 | 0.00 |  | 549300XIWEKOTC8HO652 | NBH<br> N | MP |
| 127 | Matisse Discounted Bond CEF | NQP | Nuveen Pennsylvania | Quality Municipal In |  | 670972108 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 12.00 |  |  |  |  |  | Nuveen Pennsylvania | Quality Municipal In |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12226.20 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 34440.00 | 360363.70 | 360363.70 | 413280.00 | 413280.00 | 52916.30 | 52916.30 | 2.96 | False | 0.00 | N/A | 0.80 | 0.80 | 0.80 | 0.00 |  |  | NQP<br> N | MP |
| 127 | Matisse Discounted Bond CEF | RFMZ | RiverNorth Flexible | Municipal Income Fun |  | 76883Y107 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 13.05 |  |  |  |  |  | RiverNorth Flexible | Municipal Income Fun |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51059.22 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 49190.00 | 617427.67 | 617427.67 | 641929.50 | 641929.50 | 24501.83 | 24501.83 | 7.95 | False | 0.00 | N/A | 1.25 | 1.24 | 1.25 | 0.00 |  | 549300U301TLYWQNC025 | RFMZ<br> N | MP |
| 127 | Matisse Discounted Bond CEF | WIA | Western Asset | Securities & Income |  | 95766Q106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 8.42 |  |  |  |  |  | Western Asset | Securities & Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 98413.39 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 53254.00 | 428180.54 | 428180.54 | 448398.68 | 448398.68 | 20218.14 | 20218.14 | 21.95 | False | 0.00 | N/A | 0.87 | 0.87 | 0.87 | 0.00 |  |  | WIA<br> N | MP |
| 127 | Matisse Discounted Bond CEF | WIW | Western Asset | Opp & Income Fund |  | 95766R104 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 8.89 |  |  |  |  |  | Western Asset | Opp & Income Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 207000.00 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 230000.00 | 2189332.61 | 2189332.61 | 2044700.00 | 2044700.00 | -144632.61 | -144632.61 | 10.12 | False | 0.00 | N/A | 3.97 | 3.96 | 3.97 | 0.00 |  |  | WIW<br> N | MP |
| 127 | Matisse Discounted Bond CEF | SBI | WESTERN ASSET | INTERMEDIATE |  | 958435109 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 7.91 |  |  |  |  |  | WESTERN ASSET | INTERMEDIATE |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1202.63 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 4147.00 | 37477.92 | 37477.92 | 32802.77 | 32802.77 | -4675.15 | -4675.15 | 3.67 | False | 0.00 | N/A | 0.06 | 0.06 | 0.06 | 0.00 |  |  | SBI<br> N | MP |
| 127 | Matisse Discounted Bond CEF | XFLT | XAI Octagon Floating | Rate Alternative In |  | 98400T106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 5.30 |  |  |  |  |  | XAI Octagon Floating | Rate Alternative In |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 85603.07 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 88069.00 | 479606.17 | 479606.17 | 466765.70 | 466765.70 | -12840.47 | -12840.47 | 18.34 | False | 0.00 | N/A | 0.91 | 0.90 | 0.91 | 0.00 |  |  | XFLT<br> N | MP |
| 127 | Matisse Discounted Bond CEF | VFL | DELAWARE INV NATL | MUNI FUND |  | 24610T108 | 1064 | Investment Companies |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 1/0/1900 |  |  | 10.26 |  |  |  |  |  | DELAWARE INV NATL | MUNI FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 77010.00 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 170000.00 | 1657407.01 | 1657407.01 | 1744200.00 | 1744200.00 | 86792.99 | 86792.99 | 4.42 | False | 0.00 | N/A | 3.39 | 3.38 | 3.38 | 0.00 |  |  | VFL<br> N | MP |
| 127 | Matisse Discounted Bond CEF | FMN | Federated Hermes Pre | mier Municipal Incom |  | 31423P108 | 1080 | Municipal |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 11.04 |  |  |  |  |  | Federated Hermes Pre | mier Municipal Incom |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52154.83 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 117731.00 | 1256153.02 | 1256153.02 | 1299750.24 | 1299750.24 | 43597.22 | 43597.22 | 4.01 | False | 0.00 | N/A | 2.53 | 2.52 | 2.52 | 0.00 |  | R05X5UQ874RGFF7HHD84 | FMN | MP |
| 127 | Matisse Discounted Bond CEF | FIGXX | Fidelity Investments | Money Market Funds |  | 316175108 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 10/1/2025 |  |  | 100.00 |  |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 801725.15 | L<br> N |  |  | 9/30/2025<br> C |  | 127;USD | USD | 19889230.87 | 19889230.87 | 19889230.87 | 19889230.87 | 19889230.87 | 0.00 | 0.00 | 4.03 | False | 4.02 |  | 38.66 | 38.50 | 38.58 | 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 Bond CEF Strategy

- **b. EDGAR series identifier (if any):** S000061872

- **c. LEI of Series:** 549300VDRUKECI4KMZ43

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $51655810.39

**Total Liabilities:** $98121.19

**Net Assets:** $51557689.20

**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 C000200403 | -0.57%               | 1.28%                | 3.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $34817.12                | $-494391.62                                |
| Month 2  | $285595.51               | $182023.65                                 |
| Month 3  | $888956.24               | $634405.85                                 |

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BlackRock Virginia M | CLOSED-E | CUSIP: 092481100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1992 | NS      | $21553.44     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock New York M | CLOSED-E | CUSIP: 09248L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69921 | NS      | $707600.52    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Municipal  | CLOSED-E | CUSIP: 09257P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90000 | NS      | $2021400.00   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BRANDYWINE GLOBAL    | CLOSED-E | CUSIP: 10537L104<br>LEI: 549300P4CDQCJBGI0833 | Long             | EC               | CORP              | US        |    149900 | NS      | $1301132.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Yield Munic | CLOSED-E | CUSIP: 59318E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    262208 | NS      | $909861.76    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Income Muni | CLOSED-E | CUSIP: 59318D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73090 | NS      | $271894.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Investment Grade | CLOSED-E | CUSIP: 59318B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86381 | NS      | $678954.66    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Municipal | CLOSED-E | CUSIP: 09662W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    180000 | NS      | $1926000.00   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Strategic | CLOSED-E | CUSIP: 09662E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19352 | NS      | $114563.84    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Pre | CLOSED-E | CUSIP: 31423P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117731 | NS      | $1299750.24   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Strategic        | CLOSED-E | CUSIP: 05588W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    273100 | NS      | $1706875.00   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Municipal Income | CLOSED-E | CUSIP: 552738106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27412 | NS      | $147750.68    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldin | CLOSED-E | CUSIP: 09255C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8037 | NS      | $82138.14     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldin | CLOSED-E | CUSIP: 09254L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78600 | NS      | $852810.00    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldin | CLOSED-E | CUSIP: 09254X101<br>LEI: FDX8Y56FK6PN1WE5XX39 | Long             | EC               | CORP              | US        |    100700 | NS      | $1167113.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Mun | CLOSED-E | CUSIP: 64124P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135900 | NS      | $1402488.00   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Pennsylvania  | CLOSED-E | CUSIP: 670972108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34440 | NS      | $413280.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO California Mun | CLOSED-E | CUSIP: 72200N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    588502 | NS      | $5131737.44   | 9.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Municipal Opp | CLOSED-E | CUSIP: 746922103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    166367 | NS      | $1718571.11   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO New York Munic | CLOSED-E | CUSIP: 72200Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    618726 | NS      | $4300145.70   | 8.34%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Flexible  | CLOSED-E | CUSIP: 76883Y107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49190 | NS      | $641929.50    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ASSET        | CLOSED-E | CUSIP: 958435109<br>LEI: 5493000MG5MROBD48K57 | Long             | EC               | CORP              | US        |      4147 | NS      | $32802.77     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DELAWARE INV NATL    | CLOSED-E | CUSIP: 24610T108<br>LEI: NIC7ULNUGCUI836YP119 | Long             | EC               | CORP              | US        |    170000 | NS      | $1744200.00   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset        | CLOSED-E | CUSIP: 95766Q106<br>LEI: 549300BKG7Y2MQAORR48 | Long             | EC               | CORP              | US        |     53254 | NS      | $448398.68    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset        | CLOSED-E | CUSIP: 95766R104<br>LEI: 549300Z3DNF4FJBJ4A87 | Long             | EC               | CORP              | US        |    230000 | NS      | $2044700.00   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| XAI Octagon Floating | CLOSED-E | CUSIP: 98400T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88069 | NS      | $466765.70    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |  19889231 | NS      | $19889230.87  | 38.58%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-13

**Name of Applicant:** Starboard Investment Trust

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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