NPORT-P false 0001464413 XXXXXXXX S000072156 C000227946 Starboard Investment Trust 811-22298 0001464413 549300IGQEISLESO0528 116 South Franklin Street Rocky Mount 27804 252-972-9922 Adaptive Hedged Multi-Asset Income ETF S000072156 549300EHSSN4HK394B90 2026-05-31 2025-11-30 N 40261858.38 148352.87 40113505.51 0 0 0 0 0 0 0 0 0 0 0 0 0 0 USD N n/a n/a CWALT 2006-28CB A15 N/A 02147TAQ9 522637 NS USD 167352.97 0.42 Long ABS-MBS CORP US N 2 2036-10-25 Fixed 6.5 N N N N N N AHM 2004-1 4M1 N/A 02660TAS2 123641.8 NS USD 111297.8 0.28 Long ABS-MBS CORP US N 2 2044-04-25 Floating 6.13 N N N N N N CWALT 2005-J11 N/A 12668AJS5 25897.8 NS USD 25571.08 0.06 Long ABS-MBS CORP US N 2 2035-09-25 Fixed 5 N N N N N N MicroStrategy Inc N/A 594972408 19429 NS USD 3442430.22 8.58 Long EC CORP US N 1 N N N Yieldmax Amzn Option N/A 88634T840 27472 NS USD 375542.24 0.94 Long EC CORP US N 1 N N N YieldMax AAPL Option N/A 88634T857 32152 NS USD 446912.8 1.11 Long EC CORP US N 1 N N N Yieldmax Meta Option N/A 88634T816 26056 NS USD 339249.12 0.85 Long EC CORP US N 1 N N N VanEck Vectors Gold N/A 92189F106 44329 NS USD 3689502.67 9.2 Long EC CORP US N 1 N N N YieldMax GOOGL Optio N/A 88634T790 36117 NS USD 555840.63 1.39 Long EC CORP US N 1 N N N FT Vest Gold Strateg N/A 33733E856 110107 NS USD 2806627.43 7 Long EC CORP US N 1 N N N YieldMax MSFT Option N/A 88634T428 24699 NS USD 394443.03 0.98 Long EC CORP US N 1 N N N YieldMax NVDA Option N/A 88634T774 25694 NS USD 369479.72 0.92 Long EC CORP US N 1 N N N Invesco QQQ Trust Se 549300VY6FEJBCIMET58 46090E103 4185 NS USD 2591561.25 6.46 Long EC CORP US N 1 N N N SPDR S&P 500 ETF Tru 549300NZAMSJ8FXPQQ63 78462F103 7633 NS USD 5216315.87 13 Long EC CORP US N 1 N N N iShares 20+ Year Tre 549300WWURKS1JGBZU59 464287432 96074 NS USD 8666835.54 21.61 Long EC CORP US N 1 N N N Yieldmax Tsla Option N/A 88636J444 502 NS USD 3870.42 0.01 Long EC CORP US N 1 N N N X-Links Crude Oil Sh N/A 22539U602 40334 NS USD 1962660.51 4.89 Long EC CORP US N 1 N N N Fidelity Investments 6X064LF7Y6B4DKF2GZ26 316175108 252609.5 NS USD 252609.52 0.63 Long STIV US N 1 N N N MicroStrategy Inc N/A 594972408 194 NC USD 299730 0.75 Long DE US N 2 CLEAR ST N/A Put Purchased MicroStrategy Inc COMMSTCK 100 180 USD 2025-12-27 XXXX -66947.63 N N N State Street SPDR N/A 78462F103 -67 NC USD -16817 -0.04 Short DE US N 2 CLEAR ST N/A Put Written State Street SPDR ETF 100 640 USD 2026-01-01 XXXX 29277.75 N N N Invesco QQQ Trust Se N/A 46090E103 37 NC USD 26418 0.07 Long DE US N 2 CLEAR ST N/A Put Purchased Invesco QQQ Trust Se ETF 100 600 USD 2026-01-01 XXXX -46366.69 N N N VanEck Vectors Gold N/A 92189F106 260 NC USD 3640 0.01 Long DE US N 2 CLEAR ST N/A Put Purchased VanEck Vectors Gold ETF 100 68 USD 2025-12-20 XXXX -80064.87 N N N iShares 20+ Year Tre N/A 464287432 -950 NC USD -15200 -0.04 Short DE US N 2 CLEAR ST N/A Call Written iShares 20+ Year Tre ETF 100 90 USD 2025-11-29 XXXX 3782.23 N N N Invesco QQQ Trust Se N/A 46090E103 -37 NC USD -13893.5 -0.03 Short DE US N 2 CLEAR ST N/A Put Written Invesco QQQ Trust Se ETF 100 580 USD 2026-01-01 XXXX 35014.81 N N N MicroStrategy Inc N/A 594972408 60 NC USD 4950 0.01 Long DE US N 2 CLEAR ST N/A Call Purchased MicroStrategy Inc COMMSTCK 100 275 USD 2025-12-27 XXXX -70711.12 N N N State Street SPDR N/A 78462F103 67 NC USD 64923 0.16 Long DE US N 2 CLEAR ST N/A Put Purchased State Street SPDR ETF 100 680 USD 2025-12-31 XXXX -44355.25 N N N RH Hedged Multi-Asse N/A N/A 394556.9 NS USD 5756160.27 14.35 Long US N 2 N N N 2026-01-22 Starboard Investment Trust Pete Mccabe Pete Mccabe Principal Accounting Officer/Principal Financial Officer XXXX