# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-25-004464
**Filing Date:** 2025-11
**Character Count:** 38139
**Document Hash:** c020d5fdf7d60f1d418f2a34dd38a205
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004464.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002000324-25-004464

**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:** 251513173

**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 |  |  | 10.70 |  |  |  |  | BNY Mellon Municipal | Bond Infrastructure |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23245.64 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 50534.00 | 514580.49 | 514580.49 | 540713.80 | 540713.80 | 26133.31 | 26133.31 | 4.30 | False | 0.00 | N/A | 0.80 | 0.80 | 0.81 | 0.00 |  |  | DMB<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | 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 |  | 125;USD | USD | 166316.00 | 1369070.32 | 1369070.32 | 1450275.52 | 1450275.52 | 81205.20 | 81205.20 | 0.00 | False | 0.00 | N/A | 2.14 | 2.13 | 2.17 | 0.00 |  |  | PCQ<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 |  |  | 6.48 |  |  |  |  | Aberdeen Emerging Ma | rkets Equity Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24783.69 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 40629.00 | 207449.63 | 207449.63 | 263275.92 | 263275.92 | 55826.29 | 55826.29 | 9.41 | False | 0.00 | N/A | 0.39 | 0.39 | 0.39 | 0.00 |  |  | AEF<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | BTX | BlackRock Technology | and Private Equity T |  | 09260Q108 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 1/0/1900 |  |  | 6.70 |  |  |  |  | BlackRock Technology | and Private Equity T |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 268100.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 350000.00 | 2417586.66 | 2417586.66 | 2345000.00 | 2345000.00 | -72586.66 | -72586.66 | 11.43 | False | 0.00 | N/A | 3.46 | 3.45 | 3.50 | 0.00 |  | 549300LRIF3NWCU26A80 | BTX<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 |  |  | 15.36 |  |  |  |  | Central and Eastern | Europe Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12408.18 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 33995.00 | 866565.88 | 866565.88 | 522163.20 | 522163.20 | -344402.68 | -344402.68 | 2.38 | False | 0.00 | N/A | 0.77 | 0.77 | 0.78 | 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 |  |  | 51.37 |  |  |  |  | Central Securities C | orp |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 74000.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 40000.00 | 1497645.89 | 1497645.89 | 2054800.00 | 2054800.00 | 557154.11 | 557154.11 | 3.60 | False | 0.00 | N/A | 3.03 | 3.02 | 3.07 | 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 |  |  | 5.95 |  |  |  |  | Clough Global | Dividend and Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 166976.93 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 233208.00 | 1155976.59 | 1155976.59 | 1387587.60 | 1387587.60 | 231611.01 | 231611.01 | 12.03 | False | 0.00 | N/A | 2.05 | 2.04 | 2.07 | 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 |  |  | 5.70 |  |  |  |  | CLOUGH GLOBAL | OPPORTUNITIES FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 177523.50 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 306075.00 | 1392829.28 | 1392829.28 | 1744627.50 | 1744627.50 | 351798.22 | 351798.22 | 10.18 | False | 0.00 | N/A | 2.58 | 2.57 | 2.61 | 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 |  |  | 7.61 |  |  |  |  | CLOUGH GLOBAL EQUITY | FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38430.55 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 53450.00 | 294136.26 | 294136.26 | 406754.50 | 406754.50 | 112618.24 | 112618.24 | 9.45 | False | 0.00 | N/A | 0.60 | 0.60 | 0.61 | 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 |  |  | 8.64 |  |  |  |  | Destra Multi-Alterna | tive Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 102108.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 268000.00 | 1766913.16 | 1766913.16 | 2315520.00 | 2315520.00 | 548606.84 | 548606.84 | 4.41 | False | 0.00 | N/A | 3.42 | 3.41 | 3.46 | 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 |  |  | 14.81 |  |  |  |  | Dividend and Income | Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 141063.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 141063.00 | 1824155.79 | 1824155.79 | 2088437.72 | 2088437.72 | 264281.93 | 264281.93 | 6.75 | False | 0.00 | N/A | 3.08 | 3.07 | 3.12 | 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 |  |  | 10.51 |  |  |  |  | EAGLE CAPITAL GROWTH | FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3548.65 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 10139.00 | 99214.94 | 99214.94 | 106588.27 | 106588.27 | 7373.33 | 7373.33 | 3.33 | False | 0.00 | N/A | 0.16 | 0.16 | 0.16 | 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 |  |  | 10.84 |  |  |  |  | EUROPEAN EQUITY FUND | INC |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25176.32 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 141440.00 | 1167444.64 | 1167444.64 | 1533209.60 | 1533209.60 | 365764.96 | 365764.96 | 1.64 | False | 0.00 | N/A | 2.26 | 2.26 | 2.29 | 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 |  |  | 14.45 |  |  |  |  | Gabelli Global Small | and Mid Cap Value T |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41316.08 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 39727.00 | 469667.00 | 469667.00 | 574055.15 | 574055.15 | 104388.15 | 104388.15 | 7.20 | False | 0.00 | N/A | 0.85 | 0.84 | 0.86 | 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 |  |  | 62.21 |  |  |  |  | General American Inv | estors Co Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18815.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 5300.00 | 224322.50 | 224322.50 | 329713.00 | 329713.00 | 105390.50 | 105390.50 | 5.71 | False | 0.00 | N/A | 0.49 | 0.49 | 0.49 | 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 |  |  | 9.09 |  |  |  |  | HIGHLAND GLOBAL | ALLOCATION FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 241920.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 240000.00 | 1954775.25 | 1954775.25 | 2181600.00 | 2181600.00 | 226824.75 | 226824.75 | 11.09 | False | 0.00 | N/A | 3.22 | 3.21 | 3.26 | 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 |  |  | 6.35 |  |  |  |  | HIGHLAND INCOME FUND |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 351120.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 380000.00 | 3093145.44 | 3093145.44 | 2413000.00 | 2413000.00 | -680145.44 | -680145.44 | 14.55 | False | 0.00 | N/A | 3.56 | 3.55 | 3.61 | 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 |  |  | 12.37 |  |  |  |  | KAYNE ANDERSON MLP | INVESTMENT COMPANY |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 118733.10 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 139686.00 | 1531140.15 | 1531140.15 | 1727915.82 | 1727915.82 | 196775.67 | 196775.67 | 6.87 | False | 0.00 | N/A | 2.55 | 2.54 | 2.58 | 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 |  |  | 16.65 |  |  |  |  | Morgan Stanley China | A Share Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 378.42 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 140000.00 | 1671666.00 | 1671666.00 | 2331000.00 | 2331000.00 | 659334.00 | 659334.00 | 0.02 | False | 0.00 | N/A | 3.44 | 3.43 | 3.48 | 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 |  |  | 15.38 |  |  |  |  | Neuberger Berman Nex | t Generation Connect |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 155748.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 129790.00 | 2111206.97 | 2111206.97 | 1996170.20 | 1996170.20 | -115036.77 | -115036.77 | 7.80 | False | 0.00 | N/A | 2.95 | 2.94 | 2.98 | 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 |  |  | 3.69 |  |  |  |  | NexPoint Strategic O | pportunities Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 354610.80 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 591018.00 | 4098092.67 | 4098092.67 | 2180856.42 | 2180856.42 | -1917236.25 | -1917236.25 | 16.26 | False | 0.00 | N/A | 3.22 | 3.21 | 3.26 | 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 |  |  | 61.90<br> M |  |  |  |  | Pershing Square Hold | ings Ltd/Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36610.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 70000.00 | 2721790.42 | 2721790.42 | 4333000.00 | 4333000.00 | 1611209.58 | 1611209.58 | 0.84 | False | 0.00 | N/A | 6.40 | 6.38 | 6.47 | 0.00 |  |  | PSH NA<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | RVT | ROYAL VALUE TRUST |  |  | 780910105 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 16.13 |  |  |  |  | SPDR S&P 500 ETF Tru | st |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5589.66 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 3158.00 | 50291.15 | 50291.15 | 50938.54 | 50938.54 | 647.39 | 647.39 | 10.97 | False | 0.00 | N/A | 0.08 | 0.07 | 0.08 | 0.00 |  |  | RVT<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 |  |  | 12.95 |  |  |  |  | ROYCE GLOBAL VALUE |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 146616.00 | 1610619.46 | 1610619.46 | 1898677.20 | 1898677.20 | 288057.74 | 288057.74 | 0.00 | False | 0.00 | N/A | 2.80 | 2.79 | 2.84 | 0.00 |  |  | RGT<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | RMT | Royce Micro-Cap | Trust Inc |  | 780915104 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.39 |  |  |  |  | Royce Micro-Cap | Trust Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8239.14 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 9054.00 | 93980.52 | 93980.52 | 94071.06 | 94071.06 | 90.54 | 90.54 | 8.76 | False | 0.00 | N/A | 0.14 | 0.14 | 0.14 | 0.00 |  |  | RMT<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 |  |  | 18.16 |  |  |  |  | SRH Total Return | Fund, Inc. |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55000.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 110000.00 | 1504741.89 | 1504741.89 | 1997600.00 | 1997600.00 | 492858.11 | 492858.11 | 2.75 | False | 0.00 | N/A | 2.95 | 2.94 | 2.98 | 0.00 |  |  | STEW<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | SWZ | SWISS HELVETIA FUND |  |  | 870875101 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 6.08 |  |  |  |  | SWISS HELVETIA FUND |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 234726.60 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 386000.00 | 2378673.69 | 2378673.69 | 2346880.00 | 2346880.00 | -31793.69 | -31793.69 | 10.00 | False | 0.00 | N/A | 3.47 | 3.45 | 3.51 | 0.00 |  |  | SWZ<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 |  |  | 11.65 |  |  |  |  | Templeton Dragon | Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 273294.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 210000.00 | 1855481.16 | 1855481.16 | 2446500.00 | 2446500.00 | 591018.84 | 591018.84 | 11.17 | False | 0.00 | N/A | 3.61 | 3.60 | 3.66 | 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 |  |  | 16.74 |  |  |  |  | Templeton Emerging | Markets Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18454.31 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 16630.00 | 208215.43 | 208215.43 | 278386.20 | 278386.20 | 70170.77 | 70170.77 | 6.63 | False | 0.00 | N/A | 0.41 | 0.41 | 0.42 | 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 |  |  | 19.30<br> M |  |  |  |  | TETRAGON FINANCIAL | GROUP LTD |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 140699.24 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 319771.00 | 2863549.31 | 2863549.31 | 6171580.30 | 6171580.30 | 3308030.99 | 3308030.99 | 2.28 | False | 0.00 | N/A | 9.11 | 9.08 | 9.22 | 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 |  |  | 30.59 |  |  |  |  | THE KOREA FUND |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2644.44 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 49895.00 | 1030712.76 | 1030712.76 | 1526046.06 | 1526046.06 | 495333.30 | 495333.30 | 0.17 | False | 0.00 | N/A | 2.25 | 2.25 | 2.28 | 0.00 |  |  | KF<br> N | MP |
| 125 | Matisse Discounted Closed-End Fund | MLHL LN | Third Point Investor | Ltd |  | G8827C100 | 1022 | Closed-end Funds | CLOSED-E | CLOSED-END FUND |  |  |  | GG | GUERNSEY |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 19.93<br> M |  |  |  |  | Third Point Investor | Ltd |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 89785.00 | 1940129.40 | 1940129.40 | 1788966.13 | 1788966.13 | -151163.28 | -151163.28 | 0.00 | False | 0.00 | N/A | 2.64 | 2.63 | 2.67 | 0.00 |  |  | MLHL LN | MP |
| 125 | Matisse Discounted Closed-End Fund | 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 | 106278.48 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 109340.00 | 595443.77 | 595443.77 | 579502.00 | 579502.00 | -15941.77 | -15941.77 | 18.34 | False | 0.00 | N/A | 0.86 | 0.85 | 0.87 | 0.00 |  |  | XFLT<br> N | 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 |  |  | 18.46 |  |  |  |  | China Fund Inc/The |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 107535.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 150000.00 | 1794678.67 | 1794678.67 | 2769000.00 | 2769000.00 | 974321.33 | 974321.33 | 3.88 | False | 0.00 | N/A | 4.09 | 4.07 | 4.14 | 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 |  |  | 11.87 |  |  |  |  | Mexico Equity & Inco | me Fund Inc/Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39732.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 132000.00 | 1122576.86 | 1122576.86 | 1566840.00 | 1566840.00 | 444263.14 | 444263.14 | 2.54 | False | 0.00 | N/A | 2.31 | 2.31 | 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 |  |  | 19.70 |  |  |  |  | Mexico Fund Inc/The |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 104000.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 130000.00 | 1882962.52 | 1867331.60 | 2561000.00 | 2561000.00 | 693668.40 | 693668.40 | 4.06 | False | 0.00 | N/A | 3.78 | 3.77 | 3.83 | 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 |  |  | 54.12 |  |  |  |  | Taiwan Fund Inc/The |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22724.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 52000.00 | 1525394.85 | 1525394.85 | 2814240.00 | 2814240.00 | 1288845.15 | 1288845.15 | 0.81 | False | 0.00 | N/A | 4.16 | 4.14 | 4.20 | 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 |  |  | 11.76 |  |  |  |  | ECOFIN SUSTAINABLE | SOCIAL IMPACT FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 151200.00 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 140000.00 | 1692830.49 | 1692830.49 | 1646400.00 | 1646400.00 | -46430.49 | -46430.49 | 9.18 | False | 0.00 | N/A | 2.43 | 2.42 | 2.46 | 0.00 |  |  | TEAF<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 | 10/1/2025 |  |  | 100.00 |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 94942.21 | L<br> N |  |  | 9/30/2025<br> C |  | 125;USD | USD | 2355330.31 | 2355330.31 | 2355330.31 | 2355330.31 | 2355330.31 | 0.00 | 0.00 | 4.03 | False | 4.02 |  | 3.48 | 3.47 | 3.52 | 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:** 2025-09-30

**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:** $67967973.03

**Total Liabilities:** $1035373.13

**Net Assets:** $66932599.90

**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 | 1.66%                | 3.90%                | 3.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $115011.54               | $789021.33                                 |
| Month 2  | $0.33                    | $2125368.19                                |
| Month 3  | $573105.07               | $1325367.53                                |

### 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      | $263275.92    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Technology | CLOSED-E | CUSIP: 09260Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350000 | NS      | $2345000.00   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dividend and Income  | CLOSED-E | CUSIP: 25538A204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141063 | NS      | $2088437.72   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley China | CLOSED-E | CUSIP: 617468103<br>LEI: 54930045HQ1UNO6FR635 | Long             | EC               | CORP              | US        |    140000 | NS      | $2331000.00   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Central and Eastern  | CLOSED-E | CUSIP: 153436100<br>LEI: 549300TSXFIOF89ZI608 | Long             | EC               | CORP              | US        |     33995 | NS      | $522163.20    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Securities C | CLOSED-E | CUSIP: 155123102<br>LEI: 549300D87MQ4TEVRK235 | Long             | EC               | CORP              | US        |     40000 | NS      | $2054800.00   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| China Fund Inc/The   | CLOSED-E | CUSIP: 169373107<br>LEI: 549300U9N8NM2LYE5807 | Long             | EC               | CORP              | US        |    150000 | NS      | $2769000.00   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Destra Multi-Alterna | CLOSED-E | CUSIP: 25065A502<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    268000 | NS      | $2315520.00   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Municipal | CLOSED-E | CUSIP: 09662W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50534 | NS      | $540713.80    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROPEAN EQUITY FUND | CLOSED-E | CUSIP: 298768102<br>LEI: 5493008XBHSH29XH9329 | Long             | EC               | CORP              | US        |    141440 | NS      | $1533209.60   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Templeton Emerging   | CLOSED-E | CUSIP: 880191101<br>LEI: CZCIR4LW4R7Y5KBS5R36 | Long             | EC               | CORP              | US        |     16630 | NS      | $278386.20    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| General American     | CLOSED-E | CUSIP: 368802104<br>LEI: 254900MHIF9G7IS1T951 | Long             | EC               | CORP              | US        |      5300 | NS      | $329713.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Gabelli Global Small | CLOSED-E | CUSIP: 36249W104<br>LEI: 54930027RS7HE8UD3187 | Long             | EC               | CORP              | US        |     39727 | NS      | $574055.15    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUGH GLOBAL        | CLOSED-E | CUSIP: 18914E106<br>LEI: 549300DTG68UBCNCPY15 | Long             | EC               | CORP              | US        |    306075 | NS      | $1744627.50   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUGH GLOBAL EQUITY | CLOSED-E | CUSIP: 18914C100<br>LEI: 549300SI1THLT6A9J147 | Long             | EC               | CORP              | US        |     53450 | NS      | $406754.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global        | CLOSED-E | CUSIP: 18913Y103<br>LEI: 5493001GFY6TW0CYCT15 | Long             | EC               | CORP              | US        |    233208 | NS      | $1387587.60   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE CAPITAL GROWTH | CLOSED-E | CUSIP: 269451100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10139 | NS      | $106588.27    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND INCOME FUND | CLOSED-E | CUSIP: 43010E404<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EC               | CORP              | US        |    380000 | NS      | $2413000.00   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND GLOBAL      | CLOSED-E | CUSIP: 43010T104<br>LEI: 549300Y627XJ58WI3L10 | Long             | EC               | CORP              | US        |    240000 | NS      | $2181600.00   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| THE KOREA FUND       | CLOSED-E | CUSIP: 500634209<br>LEI: 549300M4Y1IG0WPTKC03 | Long             | EC               | CORP              | US        |     49895 | NS      | $1526046.06   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KAYNE ANDERSON MLP   | CLOSED-E | CUSIP: 486606106<br>LEI: 549300H9ZCLGQEKXQY57 | Long             | EC               | CORP              | US        |    139686 | NS      | $1727915.82   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Third Point Investor | CLOSED-E | CUSIP: G8827C100<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     89785 | NS      | $1788966.13   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Equity & Inco | CLOSED-E | CUSIP: 592834105<br>LEI: 549300Q0OD8MQEFTBY23 | Long             | EC               | CORP              | US        |    132000 | NS      | $1566840.00   | 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      | $2561000.00   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Nex | CLOSED-E | CUSIP: 64133Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129790 | NS      | $1996170.20   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Diversified | CLOSED-E | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |    591018 | NS      | $2180856.42   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO California Mun | CLOSED-E | CUSIP: 72200N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    166316 | NS      | $1450275.52   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Pershing Square Hold | CLOSED-E | CUSIP: G7016V101<br>LEI: U7LC4KOKCTZ0YWGI2G56 | Long             | EC               | CORP              | GG        |     70000 | NS      | $4333000.00   | 6.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYCE GLOBAL VALUE   | CLOSED-E | CUSIP: 78081T104<br>LEI: 254900MA25TE88EMIP63 | Long             | EC               | CORP              | US        |    146616 | NS      | $1898677.20   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Royce Micro-Cap      | CLOSED-E | CUSIP: 780915104<br>LEI: 254900D3WFIV4SD8EF19 | Long             | EC               | CORP              | US        |      9054 | NS      | $94071.06     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL VALUE TRUST    | CLOSED-E | CUSIP: 780910105<br>LEI: 254900NJE1W1YYKNVM16 | Long             | EC               | CORP              | US        |      3158 | NS      | $50938.54     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SRH Total Return     | CLOSED-E | CUSIP: 101507101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $1997600.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SWISS HELVETIA FUND  | CLOSED-E | CUSIP: 870875101<br>LEI: 549300HQZ0XPGTS5Q724 | Long             | EC               | CORP              | US        |    386000 | NS      | $2346880.00   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Templeton Dragon     | CLOSED-E | CUSIP: 88018T101<br>LEI: 549300L5KGV2K28LYW59 | Long             | EC               | CORP              | US        |    210000 | NS      | $2446500.00   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Tortoise Sustainable | CLOSED-E | CUSIP: 27901F109<br>LEI: 549300JEEQF7C836SM26 | Long             | EC               | CORP              | US        |    140000 | NS      | $1646400.00   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRAGON FINANCIAL   | CLOSED-E | CUSIP: G8766R134<br>LEI: 14URO7KANNWKTLQY7F55 | Long             | EC               | CORP              | GG        |    319771 | NS      | $6171580.30   | 9.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Fund Inc/The  | CLOSED-E | CUSIP: 874036106<br>LEI: 549300B0OHIYIAWV0Z83 | Long             | EC               | CORP              | US        |     52000 | NS      | $2814240.00   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| XAI Octagon Floating | CLOSED-E | CUSIP: 98400T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109340 | NS      | $579502.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |   2355330 | NS      | $2355330.31   | 3.52%             |  |  |  | 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