# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0002000324-25-003018
**Filing Date:** 2025-8
**Character Count:** 38867
**Document Hash:** 3ba7dee73fac079c6de5cf719e13c2e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003018.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003018

**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:** 251248919

**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 |  |  | 21.89 |  |  |  |  |  | BlackRock Municipal | 2030 Target Term Tru |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 90000.00 | 1865532.34 | 1865532.34 | 1970100.00 | 1970100.00 | 104567.66 | 104567.66 | 0.00 | False | 0.00 | N/A | 3.57 | 3.55 | 3.56 | 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 |  |  | 10.22 |  |  |  |  |  | BNY Mellon Municipal | Bond Infrastructure |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 82800.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 180000.00 | 1832918.39 | 1832918.39 | 1839600.00 | 1839600.00 | 6681.61 | 6681.61 | 4.50 | False | 0.00 | N/A | 3.33 | 3.31 | 3.33 | 0.00 |  |  | DMB<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PFD | Flaherty & Crumrine | Preferred and Income |  | 338480106 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 11.31 |  |  |  |  |  | Flaherty & Crumrine | Preferred and Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 92476.23 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 134805.00 | 1385029.86 | 1385029.86 | 1524644.55 | 1524644.55 | 139614.69 | 139614.69 | 6.07 | False | 0.00 | N/A | 2.76 | 2.74 | 2.76 | 0.00 |  |  | PFD<br> N | MP |
| 127 | Matisse Discounted Bond CEF | 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 | 85140.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 330000.00 | 1902324.70 | 1902324.70 | 1768800.00 | 1768800.00 | -133524.70 | -133524.70 | 4.81 | False | 0.00 | N/A | 3.20 | 3.18 | 3.20 | 0.00 |  |  | PCK<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 |  |  | 8.59 |  |  |  |  |  | PIMCO California Mun | icipal Income Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 149559.00 | 1335360.02 | 1335360.02 | 1284711.81 | 1284711.81 | -50648.21 | -50648.21 | 0.00 | False | 0.00 | N/A | 2.33 | 2.31 | 2.32 | 0.00 |  |  | PCQ<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PZC | PIMCO California Mun | icipal Income Fund I |  | 72201C109 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 6.23 |  |  |  |  |  | PIMCO California Mun | icipal Income Fund I |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 310000.00 | 1925147.06 | 1925147.06 | 1931300.00 | 1931300.00 | 6152.94 | 6152.94 | 0.00 | False | 0.00 | N/A | 3.50 | 3.48 | 3.49 | 0.00 |  |  | PZC<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PNF | PIMCO New York Munic | ipal Income Fund |  | 72200T103 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 6.99 |  |  |  |  |  | PIMCO New York Munic | ipal Income Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 236000.00 | 1824502.26 | 1824502.26 | 1649640.00 | 1649640.00 | -174862.26 | -174862.26 | 0.00 | False | 0.00 | N/A | 2.99 | 2.97 | 2.98 | 0.00 |  |  | PNF<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 |  |  | 6.72 |  |  |  |  |  | PIMCO New York Munic | ipal Income Fund II |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 91273.59 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 257835.00 | 1850040.48 | 1850040.48 | 1732651.20 | 1732651.20 | -117389.28 | -117389.28 | 5.27 | False | 0.00 | N/A | 3.14 | 3.12 | 3.13 | 0.00 |  |  | PNI<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PYN | PIMCO New York Munic | ipal Income Fund III |  | 72201E105 |  | UNGROUPED SECURITIES |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 5.24 |  |  |  |  |  | PIMCO New York Munic | ipal Income Fund III |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 147857.00 | 863436.94 | 863436.94 | 774770.68 | 774770.68 | -88666.26 | -88666.26 | 0.00 | False | 0.00 | N/A | 1.40 | 1.39 | 1.40 | 0.00 |  |  | PYN | 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 |  |  | 9.89 |  |  |  |  |  | Putnam Municipal Opp | ortunities Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 166367.00 | 1707951.21 | 1707951.21 | 1645369.63 | 1645369.63 | -62581.58 | -62581.58 | 0.00 | False | 0.00 | N/A | 2.98 | 2.96 | 2.98 | 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 |  |  | 9.82 |  |  |  |  |  | BlackRock MuniHoldin | gs New York Quality |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3375.54 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 8037.00 | 78459.79 | 78459.79 | 78923.34 | 78923.34 | 463.55 | 463.55 | 4.28 | False | 0.00 | N/A | 0.14 | 0.14 | 0.14 | 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 |  |  | 10.35 |  |  |  |  |  | BlackRock MuniHoldin | gs California Qualit |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33562.20 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 78600.00 | 855384.69 | 855384.69 | 813510.00 | 813510.00 | -41874.69 | -41874.69 | 4.13 | False | 0.00 | N/A | 1.47 | 1.46 | 1.47 | 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 |  |  | 10.95 |  |  |  |  |  | BlackRock MuniHoldin | gs New Jersey Qualit |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 47530.40 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 100700.00 | 1109476.51 | 1109476.51 | 1102665.00 | 1102665.00 | -6811.51 | -6811.51 | 4.31 | False | 0.00 | N/A | 2.00 | 1.99 | 2.00 | 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 |  |  | 9.67 |  |  |  |  |  | BlackRock New York M | unicipal Income Trus |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27478.95 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 69921.00 | 650833.85 | 650833.85 | 676136.07 | 676136.07 | 25302.22 | 25302.22 | 4.06 | False | 0.00 | N/A | 1.22 | 1.22 | 1.22 | 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 |  |  | 10.39 |  |  |  |  |  | BlackRock Virginia M | unicipal Bond Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7874.01 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 23365.00 | 236075.84 | 236075.84 | 242762.35 | 242762.35 | 6686.51 | 6686.51 | 3.24 | False | 0.00 | N/A | 0.44 | 0.44 | 0.44 | 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 |  |  | 5.60 |  |  |  |  |  | BNY Mellon Strategic | Municipal Bond Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8614.32 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 32630.00 | 186138.74 | 186138.74 | 182728.00 | 182728.00 | -3410.74 | -3410.74 | 4.71 | False | 0.00 | N/A | 0.33 | 0.33 | 0.33 | 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 |  |  | 5.92 |  |  |  |  |  | BNY Strategic | Municipals Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 69913.60 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 273100.00 | 1527242.07 | 1527242.07 | 1616752.00 | 1616752.00 | 89509.93 | 89509.93 | 4.32 | False | 0.00 | N/A | 2.93 | 2.91 | 2.93 | 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 |  |  | 8.31 |  |  |  |  |  | BRANDYWINE GLOBAL | INCO |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 146902.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 149900.00 | 1530165.77 | 1530165.77 | 1245669.00 | 1245669.00 | -284496.77 | -284496.77 | 11.79 | False | 0.00 | N/A | 2.26 | 2.24 | 2.25 | 0.00 |  |  | BWG<br> N | MP |
| 127 | Matisse Discounted Bond CEF | FFC | Flaherty & Crumrine | Preferred and Income |  | 338478100 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 16.29 |  |  |  |  |  | Flaherty & Crumrine | Preferred and Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25484.86 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 23907.00 | 347608.81 | 347608.81 | 389445.03 | 389445.03 | 41836.22 | 41836.22 | 6.54 | False | 0.00 | N/A | 0.71 | 0.70 | 0.70 | 0.00 |  | 2549000IWBOG75EEB694 | FFC<br> N | MP |
| 127 | Matisse Discounted Bond CEF | FLC | Flaherty & Crumrine | Total Return Fund |  | 338479108 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 17.00 |  |  |  |  |  | Flaherty & Crumrine | Total Return Fund In |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 82026.80 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 76304.00 | 1132503.01 | 1132503.01 | 1297168.00 | 1297168.00 | 164664.99 | 164664.99 | 6.32 | False | 0.00 | N/A | 2.35 | 2.34 | 2.35 | 0.00 |  | 2549000IWBOG75EEB694 | FLC<br> N | MP |
| 127 | Matisse Discounted Bond CEF | PFO | Flaherty & Crumrine | Preferred and Income |  | 33848E106 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 9.25 |  |  |  |  |  | Flaherty & Crumrine | Preferred and Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 97683.30 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 170775.00 | 1287077.90 | 1287077.90 | 1579668.75 | 1579668.75 | 292590.85 | 292590.85 | 6.18 | False | 0.00 | N/A | 2.86 | 2.84 | 2.86 | 0.00 |  | O2RNE8IBXP4R0TD8PU41 | PFO<br> N | MP |
| 127 | Matisse Discounted Bond CEF | IQI | Invesco Quality Muni | cipal Income Trust |  | 46133G107 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 1/0/1900 |  |  | 9.38 |  |  |  |  |  | Invesco Quality Muni | cipal Income Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12759.62 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 28545.00 | 273106.45 | 273106.45 | 267752.10 | 267752.10 | -5354.35 | -5354.35 | 4.77 | False | 0.00 | N/A | 0.48 | 0.48 | 0.48 | 0.00 |  | ECPGFXU8A2SHKVVGJI15 | IQI<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 |  |  | 3.58 |  |  |  |  |  | MFS High Income Muni | cipal Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12717.66 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 73090.00 | 261296.75 | 261296.75 | 261662.20 | 261662.20 | 365.45 | 365.45 | 4.86 | False | 0.00 | N/A | 0.47 | 0.47 | 0.47 | 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 |  |  | 3.33 |  |  |  |  |  | MFS High Yield Munic | ipal Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35135.87 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 262208.00 | 927599.00 | 927599.00 | 873152.64 | 873152.64 | -54446.36 | -54446.36 | 4.02 | False | 0.00 | N/A | 1.58 | 1.57 | 1.58 | 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 |  |  | 7.64 |  |  |  |  |  | MFS Investment Grade | Municipal Trust |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23754.78 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 86381.00 | 692490.18 | 692490.18 | 659950.84 | 659950.84 | -32539.34 | -32539.34 | 3.60 | False | 0.00 | N/A | 1.20 | 1.19 | 1.19 | 0.00 |  | 549300V040JZX5S66Z78 | CXH<br> N | MP |
| 127 | Matisse Discounted Bond CEF | EDD | Morgan Stanley Emerg | ing Markets Domestic |  | 617477104 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 5.12 |  |  |  |  |  | Morgan Stanley Emerg | ing Markets Domestic |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 120941.74 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 355711.00 | 1670808.34 | 1670808.34 | 1821240.32 | 1821240.32 | 150431.98 | 150431.98 | 6.64 | False | 0.00 | N/A | 3.30 | 3.28 | 3.30 | 0.00 |  |  | EDD<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 |  |  | 9.83 |  |  |  |  |  | Neuberger Berman Mun | icipal Fund Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 63193.50 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 135900.00 | 1623747.63 | 1623747.63 | 1335897.00 | 1335897.00 | -287850.63 | -287850.63 | 4.73 | False | 0.00 | N/A | 2.42 | 2.41 | 2.42 | 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 |  |  | 11.22 |  |  |  |  |  | Nuveen Pennsylvania | Quality Municipal In |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12226.20 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 34440.00 | 360363.70 | 360363.70 | 386416.80 | 386416.80 | 26053.10 | 26053.10 | 3.16 | False | 0.00 | N/A | 0.70 | 0.70 | 0.70 | 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 |  |  | 12.64 |  |  |  |  |  | RiverNorth Flexible | Municipal Income Fun |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51059.22 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 49190.00 | 617427.67 | 617427.67 | 621761.60 | 621761.60 | 4333.93 | 4333.93 | 8.21 | False | 0.00 | N/A | 1.13 | 1.12 | 1.12 | 0.00 |  | 549300U301TLYWQNC025 | RFMZ<br> N | MP |
| 127 | Matisse Discounted Bond CEF | OPP | RiverNorth/DoubleLin | e Strategic Opportun |  | 76882G107 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 8.55 |  |  |  |  |  | RiverNorth/DoubleLin | e Strategic Opportun |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 184409.05 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 150538.00 | 1263608.90 | 1263608.90 | 1287099.90 | 1287099.90 | 23491.00 | 23491.00 | 14.33 | False | 0.00 | N/A | 2.33 | 2.32 | 2.33 | 0.00 |  |  | OPP<br> N | MP |
| 127 | Matisse Discounted Bond CEF | EMD | Western Asset | Emerging MarketsDebt |  | 95766A101 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 10.05 |  |  |  |  |  | Western Asset | Emerging MarketsDebt |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41914.96 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 45659.00 | 405702.82 | 405702.82 | 458872.95 | 458872.95 | 53170.13 | 53170.13 | 9.13 | False | 0.00 | N/A | 0.83 | 0.83 | 0.83 | 0.00 |  |  | EMD<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 |  |  | 8.40 |  |  |  |  |  | Western Asset | Securities & Income |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 98413.39 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 53254.00 | 428180.54 | 428180.54 | 447333.60 | 447333.60 | 19153.06 | 19153.06 | 22.00 | False | 0.00 | N/A | 0.81 | 0.81 | 0.81 | 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 |  |  | 8.76 |  |  |  |  |  | Western Asset | Opp & Income Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 207000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 230000.00 | 2189332.61 | 2189332.61 | 2014800.00 | 2014800.00 | -174532.61 | -174532.61 | 10.27 | False | 0.00 | N/A | 3.65 | 3.63 | 3.65 | 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 |  |  | 7.52 |  |  |  |  |  | WESTERN ASSET | INTERMEDIATE |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1202.63 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 4147.00 | 37477.92 | 37477.92 | 31185.44 | 31185.44 | -6292.48 | -6292.48 | 3.86 | False | 0.00 | N/A | 0.06 | 0.06 | 0.06 | 0.00 |  |  | SBI<br> N | MP |
| 127 | Matisse Discounted Bond CEF | MMU | Western Asset Manage | d Municipals Fund In |  | 95766M105 | 1022 | Closed-end Funds |  | CLOSED-E | CLOSED-END FUND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 9.90 |  |  |  |  |  | Western Asset Manage | d Municipals Fund In |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13134.95 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 29650.00 | 364933.76 | 364933.76 | 293535.00 | 293535.00 | -71398.76 | -71398.76 | 4.47 | False | 0.00 | N/A | 0.53 | 0.53 | 0.53 | 0.00 |  |  | MMU<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 |  |  | 9.66 |  |  |  |  |  | DELAWARE INV NATL | MUNI FUND |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 77010.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 170000.00 | 1657407.01 | 1657407.01 | 1642200.00 | 1642200.00 | -15207.01 | -15207.01 | 4.69 | False | 0.00 | N/A | 2.97 | 2.96 | 2.97 | 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 |  |  | 10.64 |  |  |  |  |  | Federated Hermes Pre | mier Municipal Incom |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52154.83 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 117731.00 | 1256153.02 | 1256153.02 | 1252657.84 | 1252657.84 | -3495.18 | -3495.18 | 4.16 | False | 0.00 | N/A | 2.27 | 2.26 | 2.27 | 0.00 |  | R05X5UQ874RGFF7HHD84 | FMN | MP |
| 127 | Matisse Discounted Bond CEF | ZROZ | PIMCO 25+ Year Zero | Coupon U.S. Treasury |  | 72201R882 |  | UNGROUPED SECURITIES |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 67.07 |  |  |  |  |  | PIMCO 25+ Year Zero | Coupon U.S. Treasury |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 8700.00 | 549099.63 | 549099.63 | 583509.00 | 583509.00 | 34409.37 | 34409.37 | 0.00 | False | 0.00 | N/A | 1.06 | 1.05 | 1.06 | 0.00 |  | 6LH9877XNH3K5SHPAI89 | ZROZ<br> N | 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 | 7/1/2025 |  |  | 100.00 |  |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 663703.47 | L<br> N |  |  | 6/30/2025<br> C |  | 127;USD | USD | 15639551.56 | 15639551.56 | 15639551.56 | 15639551.56 | 15639551.56 | 0.00 | 0.00 | 4.24 | False | 4.23 |  | 28.32 | 28.16 | 28.30 | 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:** 2025-06-30

**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:** $55544755.16

**Total Liabilities:** $275861.28

**Net Assets:** $55268893.88

**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 | -0.47%               | 0.01%                | 1.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $409002.31               | $-905143.03                                |
| Month 2  | $8856.51                 | $-199299.02                                |
| Month 3  | $5142.98                 | $493114.65                                 |

### 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        |     23365 | NS      | $242762.35    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock New York M | CLOSED-E | CUSIP: 09248L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69921 | NS      | $676136.07    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Municipal  | CLOSED-E | CUSIP: 09257P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90000 | NS      | $1970100.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BRANDYWINE GLOBAL    | CLOSED-E | CUSIP: 10537L104<br>LEI: 549300P4CDQCJBGI0833 | Long             | EC               | CORP              | US        |    149900 | NS      | $1245669.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Yield Munic | CLOSED-E | CUSIP: 59318E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    262208 | NS      | $873152.64    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Income Muni | CLOSED-E | CUSIP: 59318D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73090 | NS      | $261662.20    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Investment Grade | CLOSED-E | CUSIP: 59318B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86381 | NS      | $659950.84    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Municipal | CLOSED-E | CUSIP: 09662W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    180000 | NS      | $1839600.00   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Strategic | CLOSED-E | CUSIP: 09662E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32630 | NS      | $182728.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Emerg | CLOSED-E | CUSIP: 617477104<br>LEI: 541YGIXZ6JJP4EZDJI96 | Long             | EC               | CORP              | US        |    355711 | NS      | $1821240.32   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset        | CLOSED-E | CUSIP: 95766A101<br>LEI: 549300F68574RU1BKP84 | Long             | EC               | CORP              | US        |     45659 | NS      | $458872.95    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Flaherty & Crumrine  | CLOSED-E | CUSIP: 338478100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23907 | NS      | $389445.03    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Flaherty & Crumrine  | CLOSED-E | CUSIP: 338479108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76304 | NS      | $1297168.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Pre | CLOSED-E | CUSIP: 31423P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117731 | NS      | $1252657.84   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Quality Muni | CLOSED-E | CUSIP: 46133G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28545 | NS      | $267752.10    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Strategic        | CLOSED-E | CUSIP: 05588W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    273100 | NS      | $1616752.00   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldin | CLOSED-E | CUSIP: 09255C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8037 | NS      | $78923.34     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Manage | CLOSED-E | CUSIP: 95766M105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29650 | NS      | $293535.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldin | CLOSED-E | CUSIP: 09254L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78600 | NS      | $813510.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock MuniHoldin | CLOSED-E | CUSIP: 09254X101<br>LEI: FDX8Y56FK6PN1WE5XX39 | Long             | EC               | CORP              | US        |    100700 | NS      | $1102665.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Mun | CLOSED-E | CUSIP: 64124P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135900 | NS      | $1335897.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Pennsylvania  | CLOSED-E | CUSIP: 670972108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34440 | NS      | $386416.80    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth/DoubleLin | CLOSED-E | CUSIP: 76882G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150538 | NS      | $1287099.90   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO California Mun | CLOSED-E | CUSIP: 72200M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    330000 | NS      | $1768800.00   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO California Mun | CLOSED-E | CUSIP: 72200N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    149559 | NS      | $1284711.81   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Flaherty & Crumrine  | CLOSED-E | CUSIP: 338480106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    134805 | NS      | $1524644.55   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Flaherty & Crumrine  | CLOSED-E | CUSIP: 33848E106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170775 | NS      | $1579668.75   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Municipal Opp | CLOSED-E | CUSIP: 746922103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    166367 | NS      | $1645369.63   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO New York Munic | CLOSED-E | CUSIP: 72200T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    236000 | NS      | $1649640.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO New York Munic | CLOSED-E | CUSIP: 72200Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    257835 | NS      | $1732651.20   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO New York Munic | CLOSED-E | CUSIP: 72201E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147857 | NS      | $774770.68    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO California Mun | CLOSED-E | CUSIP: 72201C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    310000 | NS      | $1931300.00   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Flexible  | CLOSED-E | CUSIP: 76883Y107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49190 | NS      | $621761.60    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ASSET        | CLOSED-E | CUSIP: 958435109<br>LEI: 5493000MG5MROBD48K57 | Long             | EC               | CORP              | US        |      4147 | NS      | $31185.44     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DELAWARE INV NATL    | CLOSED-E | CUSIP: 24610T108<br>LEI: NIC7ULNUGCUI836YP119 | Long             | EC               | CORP              | US        |    170000 | NS      | $1642200.00   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset        | CLOSED-E | CUSIP: 95766Q106<br>LEI: 549300BKG7Y2MQAORR48 | Long             | EC               | CORP              | US        |     53254 | NS      | $447333.60    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset        | CLOSED-E | CUSIP: 95766R104<br>LEI: 549300Z3DNF4FJBJ4A87 | Long             | EC               | CORP              | US        |    230000 | NS      | $2014800.00   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO 25+ Year Zero  | ETF      | CUSIP: 72201R882<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8700 | NS      | $583509.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |  15639552 | NS      | $15639551.56  | 28.30%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-12

**Name of Applicant:** Starboard Investment Trust

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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