STARBOARD INVT TR

Ticker: AGOX CUSIP: 85521B742 Class: ADAPTIVE ALPHA

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (2)

SILVER OAK SECURITIES, INCORPORATED

Value ($000) $261 Shares 9,042

OLD MISSION CAPITAL LLC

Value ($000) $398 Shares 13,921

Institution	Shares	Value ($000)
SILVER OAK SECURITIES, INCORPORATED	9,042	$261
OLD MISSION CAPITAL LLC	13,921	$398

Increased Positions (21)

Ameritas Advisory Services, LLC

Value ($000) $27,517 (+2334.0%) Shares 963,468 (+2516.1%)

Octavia Wealth Advisors, LLC

Value ($000) $25,425 (-2.3%) Shares 890,223 (+5.0%)

PARTNERS WEALTH MANAGEMENT, LLC

Value ($000) $6,616 (-5.5%) Shares 231,670 (+1.5%)

FIRETHORN WEALTH PARTNERS, LLC

Value ($000) $826 (+28.9%) Shares 28,928 (+38.6%)

KESTRA PRIVATE WEALTH SERVICES, LLC

Value ($000) $28,578 (+0.8%) Shares 1,000,615 (+8.4%)

Empirical Asset Management, LLC

Value ($000) $1,276 (-4.0%) Shares 44,675 (+3.1%)

Foundations Investment Advisors, LLC

Value ($000) $1,248 (+52.1%) Shares 43,699 (+63.4%)

Stratos Wealth Partners, LTD.

Value ($000) $7,986 (-3.8%) Shares 279,636 (+3.4%)

LPL Financial LLC

Value ($000) $12,659 (+22.7%) Shares 443,247 (+31.9%)

GTS SECURITIES LLC

Value ($000) $420 (+26.4%) Shares 14,692 (+35.9%)

NewEdge Advisors, LLC

Value ($000) $1,786 (+3.5%) Shares 62,519 (+11.2%)

Global Retirement Partners, LLC

Value ($000) $3,525 (-5.7%) Shares 123,417 (+1.4%)

ENVESTNET ASSET MANAGEMENT INC

Value ($000) $12,870 (-5.8%) Shares 450,616 (+1.3%)

COMMONWEALTH EQUITY SERVICES, LLC

Value ($000) $5,228 (+97682.1%) Shares 183,067 (+5.1%)

RAYMOND JAMES FINANCIAL INC

Value ($000) $1,693 (+2.3%) Shares 59,287 (+10.0%)

Steward Partners Investment Advisory, LLC

Value ($000) $158 (+27.4%) Shares 5,529 (+36.9%)

Avior Wealth Management, LLC

Value ($000) $737 (-4.0%) Shares 25,801 (+3.2%)

JPMORGAN CHASE & CO

Value ($000) $34 (+194.7%) Shares 1,191 (+216.8%)

CAPTRUST FINANCIAL ADVISORS

Value ($000) $435 (-4.0%) Shares 15,245 (+3.2%)

Value ($000) $88 (-4.0%) Shares 3,095 (+3.2%)

Institution	Prev Shares	Curr Shares	Change
Ameritas Advisory Services, LLC	36,829	963,468	+926,639 (+2516.1%)
Octavia Wealth Advisors, LLC	847,658	890,223	+42,565 (+5.0%)
PARTNERS WEALTH MANAGEMENT, LLC	228,156	231,670	+3,514 (+1.5%)
FIRETHORN WEALTH PARTNERS, LLC	20,875	28,928	+8,053 (+38.6%)
KESTRA PRIVATE WEALTH SERVICES, LLC	923,184	1,000,615	+77,431 (+8.4%)
Empirical Asset Management, LLC	43,317	44,675	+1,358 (+3.1%)
Foundations Investment Advisors, LLC	26,737	43,699	+16,962 (+63.4%)
Stratos Wealth Partners, LTD.	270,353	279,636	+9,283 (+3.4%)
LPL Financial LLC	336,138	443,247	+107,109 (+31.9%)
GTS SECURITIES LLC	10,814	14,692	+3,878 (+35.9%)
NewEdge Advisors, LLC	56,207	62,519	+6,312 (+11.2%)
Global Retirement Partners, LLC	121,707	123,417	+1,710 (+1.4%)
ENVESTNET ASSET MANAGEMENT INC	445,015	450,616	+5,601 (+1.3%)
COMMONWEALTH EQUITY SERVICES, LLC	174,178	183,067	+8,889 (+5.1%)
RAYMOND JAMES FINANCIAL INC	53,896	59,287	+5,391 (+10.0%)
Steward Partners Investment Advisory, LLC	4,039	5,529	+1,490 (+36.9%)
Avior Wealth Management, LLC	25,009	25,801	+792 (+3.2%)
JPMORGAN CHASE & CO	376	1,191	+815 (+216.8%)
CAPTRUST FINANCIAL ADVISORS	14,778	15,245	+467 (+3.2%)
COMERICA BANK	3,000	3,095	+95 (+3.2%)

Decreased Positions (13)

WealthPlan Investment Management, LLC

Value ($000) $9,875 (-21.6%) Shares 345,756 (-15.7%)

WealthPLAN Partners, LLC

Value ($000) $4,976 (-12.3%) Shares 174,215 (-5.8%)

Newbridge Financial Services Group, Inc.

Value ($000) $295 (-24.7%) Shares 10,312 (-19.1%)

Goldstone Financial Group, LLC

Value ($000) $997 (-10.9%) Shares 34,901 (-4.2%)

Kestra Advisory Services, LLC

Value ($000) $245 (-62.4%) Shares 8,568 (-59.6%)

Value ($000) $9,716 (-11.2%) Shares 340,191 (-4.6%)

OSAIC HOLDINGS, INC.

Value ($000) $6,374 (-7.9%) Shares 223,186 (-3.5%)

INTEGRITY ALLIANCE, LLC.

Value ($000) $1,716 (-8.6%) Shares 60,085 (-1.8%)

JANE STREET GROUP, LLC

Value ($000) $362 (-41.2%) Shares 12,681 (-36.8%)

PRINCIPAL SECURITIES, INC.

Value ($000) $266 (-25.8%) Shares 9,328 (-20.2%)

Atria Investments, Inc

Value ($000) $359 (-18.1%) Shares 12,553 (-11.9%)

Summit Financial, LLC

Value ($000) $205 (-13.1%) Shares 7,188 (-6.6%)

Allworth Financial LP

Value ($000) $1 (-54.4%) Shares 48 (-51.0%)

Institution	Prev Shares	Curr Shares	Change
WealthPlan Investment Management, LLC	410,259	345,756	-64,503 (-15.7%)
WealthPLAN Partners, LLC	184,878	174,215	-10,663 (-5.8%)
Newbridge Financial Services Group, Inc.	12,744	10,312	-2,432 (-19.1%)
Goldstone Financial Group, LLC	36,439	34,901	-1,538 (-4.2%)
Kestra Advisory Services, LLC	21,191	8,568	-12,623 (-59.6%)
UBS Group AG	356,615	340,191	-16,424 (-4.6%)
OSAIC HOLDINGS, INC.	231,322	223,186	-8,136 (-3.5%)
INTEGRITY ALLIANCE, LLC.	61,190	60,085	-1,105 (-1.8%)
JANE STREET GROUP, LLC	20,066	12,681	-7,385 (-36.8%)
PRINCIPAL SECURITIES, INC.	11,691	9,328	-2,363 (-20.2%)
Atria Investments, Inc	14,256	12,553	-1,703 (-11.9%)
Summit Financial, LLC	7,692	7,188	-504 (-6.6%)
Allworth Financial LP	98	48	-50 (-51.0%)

Exited Positions (2)

Ausdal Financial Partners, Inc.

Value ($000) $256 Shares 8,355

MAI Capital Management

Value ($000) $13 Shares 435

Institution	Prev Shares	Prev Value ($000)
Ausdal Financial Partners, Inc.	8,355	$256
MAI Capital Management	435	$13