# EDGAR Filing Document

**Accession Number:** 0001464413
**File Stem:** 0001999371-26-012400
**Filing Date:** 2026-6
**Character Count:** 129153
**Document Hash:** eb202ffe579b9fabb6ec9e487b0c3849
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-012400.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001999371-26-012400

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22298
- **FILM NUMBER:** 261073585

**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           |

### Matisse Discounted Bond CEF Strategy (Series ID: S000061872)

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

?xml version='1.0' encoding='ASCII'? matisse_tsr

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22298</u>**

**Starboard Investment Trust**

(Exact name of registrant as specified in charter)

**<u>116 South Franklin Street, Rocky Mount, North Carolina 27804</u>**

(Address of principal executive offices) (Zip code)

**Paracorp Inc.**

**<u>2140 South Dupont Hwy, Camden, DE 19934</u>**

(Name and address of agent for service)

Registrant's telephone number, including area code: **<u>252-972-9922</u>**

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>March 31, 2026</u>**

**Item 1.** **Report to Stockholders**

(a) **Matisse Discounted Closed-End Fund Strategy Tailored Shareholder Report**

**Matisse Discounted Closed-End Fund Strategy**

Ticker: MDCEX

**Annual Shareholder Report March 31, 2026**

This Annual shareholder report contains important information about the Matisse Discounted Closed-End Fund Strategy (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://fundinfopages.com/MDCEX. You can also request this information by contacting us at (800) 773-3863.

**What were the Fund costs for the past year? *(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Matisse Discounted Closed-End Fund Strategy | $165 | 1.50% |

---

**How did the Fund perform last year and what affected its performance?**

For the fiscal year ended March 31, 2026, the Fund returned 20.73%. It outperformed its primary benchmark, the Morningstar Global Allocation Index, which returned 13.96% for the period. It also outperformed the S-Network Composite Closed-End Fund Index and the First Trust Composite Closed-End Fund Index, which returned 9.05% and 10.85%, respectively, for the same period.

Stocks broadly outperformed bonds, and foreign stocks broadly outperformed US stocks during the period, both of which were positive contributing factors to the Fund's outperformance, given our higher weight in these areas.

Overall, discounts in the closed-end fund universe were a headwind for our Fund's performance during the period, as the average discount widened from -4.58% to -6.18%. However, our disciplined execution of our discount capture strategy paid off, as "discount capture" contributed +490 bps to our Fund performance during the period.

The three largest contributors to performance were:

• The Taiwan Fund, which gained +121.15%, primarily from underlying at-NAV performance, plus a slight narrowing of its discount.

• NexPoint Diversified Real Estate Trust, which gained +43.85%, as its discount narrowed from -76.52% to -55.98% even though its NAV declined.

• Korea Fund, which gained +133.73%, primarily from underlying at-NAV performance, plus a slight narrowing of its discount.

The three largest negative contributors to performance were:

• XAI Octagon Floating Rate & Alternative Income Trust, which lost -31.23% due to a combination of at-NAV decline and discount widening.

• Malibu Life Holdings, which lost -38.04%, primarily due to a sharp widening of its discount post its conversion from a Closed-End Fund (Third Point) to a life insurance operating company in September. As part of the conversion, the company tendered for some of its shares at a premium to the trading price, which our Fund was able to benefit from. At less than half of its NAV (book value), we see tremendous upside opportunity in Malibu Life, although there is of course no guarantee.

• FS Credit Opportunities, which lost -18.25% due to substantial discount widening, only partially offset by its positive at-NAV performance.

Even though the Fund had a very good year, we finish the fiscal year with our average holding at approximately a 27% discount to NAV… wider than a year ago! For each of our highly discounted holdings, our investment thesis centers around our expectation that those discounts will narrow substantially in the future.

**How did the Fund perform in the last ten years?**

The following graph compares the initial and subsequent account values at the end of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the inception date of the Fund in an appropriate broad-based index that reflects the market sectors that the Fund invests in for the same period.

![line](qesf83i3s1mpbkhfz0.jpg)

**Average Annual Total Returns**

*(as of* March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 <br> Year** | **5 <br> Years** | **10 <br> Years** |
| Matisse Discounted<br> Closed-End Fund Strategy | 20.73% | 13.08% | 11.39% |
| Morningstar Global Allocation Index | 13.96% | 5.29% | 7.39% |
| S-Network Composite Closed-End Fund Index | 9.05% | 4.60% | 7.18% |
| First Trust Composite<br> Closed-End Fund Index | 10.85% | 4.90% | 6.99% |

---

Visit https://fundinfopages.com/MDCEX for more recent performance information.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Matisse Discounted Closed-End Fund Strategy Tailored Shareholder Report**

**Key Fund Statistics**

*(as of March 31, 2026)*

---

| | |
|:---|:---|
| **Net Assets** | $64879254 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $597067 |
| **Portfolio Turnover Rate** | 31.38% |

---

**What did the Fund invest in?**

*(as of March 31, 2026*)

**Breakdown by Security Type *(% of net assets)***

![bar](qesf83i3s1mp5ltnz9.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of net assets)** |
| **Tetragon Financial Group Ltd** | 6.9% |
| **NexPoint Diversified Real Estate Trust** | 6.5% |
| **Taiwan Fund Inc/The/MD** | 5.3% |
| **Pershing Square Holdings Ltd/Fund** | 5.2% |
| **Mexico Fund Inc/The** | 4.2% |
| **Bluerock Private Real Estate Fund** | 4.1% |
| **XAI Octagon Floating Rate Alternative Income Trust** | 3.9% |
| **Royce Global Trust Inc** | 3.9% |
| **BlackRock Technology and Private Equity Term Trust** | 3.9% |
| **FS Credit Opportunities Corp** | 3.7% |

---

**Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://fundinfopages.com/MDCEX.

**Matisse Discounted Bond CEF Strategy Tailored Shareholder Report**

**Matisse Discounted Bond CEF Strategy**

Ticker: MDFIX

**Annual Shareholder Report March 31, 2026**

This Annual shareholder report contains important information about the Matisse Discounted Bond CEF Strategy (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://fundinfopages.com/MDFIX. You can also request this information by contacting us at (800) 773-3863.

**What were the Fund costs for the past year? *(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Matisse Discounted Bond CEF Strategy | $127 | 1.24% |

---

**How did the Fund perform last year and what affected its performance?**

For the fiscal year ended March 31, 2026, the Fund returned 4.31%. It underperformed its primary benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 4.35% for the period. It underperformed the Bloomberg VLI HIgh Yield Index and outperformed the FT Taxable Fixed Income CEF Index, which returned 7.35% and -0.27%, respectively, for the period.

Our Fund's longer duration (via a high exposure to long duration, high credit quality, Municipal Bond CEFs) was a headwind, as longer-term interest rates generally rose.

Overall, discounts in the bond closed-end fund universe were also a headwind during the period, as the average discount widened from -3.59% to -5.23%. However, our disciplined execution of our discount capture strategy paid off, as "discount capture" contributed +147 bps to our Fund performance during the period.

The three largest contributors to performance were:

• PIMCO California Municipal Income Fund, which gained +1.90%, primarily from at-NAV performance, partly offset by some discount widening. We obtained a much larger position as PIMCO California Municipal Income Fund merged together with some other PIMCO Municipal Bond CEFs we also owned.

• PIMCO New York Municipal Income Fund II, which gained +1.88%, primarily from at-NAV performance, partly offset by some discount widening. PNI, similarly to PCQ above, merged together with some other PIMCO Municipal Bond CEFs we also owned.

• Morgan Stanley Emerging Markets Domestic Debt Fund, which gained +18.73%, driven by at-NAV return partially offset by some discount widening.

The three largest negative contributors to performance were:

• XAI Octagon Floating Rate & Alternative Income Trust, which lost -31.23% due to a combination of at-NAV decline and discount widening. XFLT detracted -112 bps from Fund performance.

• PIMCO New York Municipal Income Fund, which lost -7.37% from 3/31/25 until August, when it was merged into PNI. This loss was driven primarily by at-NAV decline and in part by some discount widening.

• PIMCO California Municipal Income Fund II, which lost -5.06% from 3/31/25 until August, when it was merged into PCQ (see above). This loss was driven primarily by at-NAV decline offset by some discount narrowing.

Our elevated cash position helped reduce portfolio volatility and had a limited impact on returns, as money market yields were comparable to Fund performance. We believe the current environment is increasingly favorable. Recent dislocation in private credit markets has led to a wider opportunity set at more attractive valuations. The Fund's weighted average discount has widened from -9.07% a year ago to -12.75% as of 3/31/26, improving prospective return potential.

**How did the Fund perform since inception?**

The following graph compares the initial and subsequent account values at the end of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the inception date (April 30, 2020) of the Fund in an appropriate broad-based index that reflects the market sectors that the Fund invests in for the same period.

![line](qes1d6uen1mp1dptmx.jpg)

**Average Annual Total Returns**

*(as of March 31, 2026*)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since Inception** |
| Matisse Discounted Bond CEF Strategy | 4.31% | 8.72% | 7.87% |
| Bloomberg U.S. Aggregate Bond | 4.35% | 3.63% | 0.09% |
| Bloomberg VLI High Yield Index | 7.35% | 8.50% | 6.04% |
| FT Taxable Fixed Income CEF Index | -0.27% | 9.12% | 7.11% |

---

Visit https://fundinfopages.com/MDFIX for more recent performance information.

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Matisse Discounted Bond CEF Strategy Tailored Shareholder Report**

**Key Fund Statistics**

*(as of March 31, 2026)*

---

| | |
|:---|:---|
| **Net Assets** | $53013282 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $342169 |
| **Portfolio Turnover Rate** | 62.71% |

---

**What did the Fund invest in?**

*(as of March 31, 2026*)

**Breakdown by Security Type *(% of net assets)***

![bar](qes2lk1mppfgtwr.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of net assets)** |
| **Fidelity Government Portfolio** | 31.4% |
| **PIMCO California Municipal Income Fund** | 9.5% |
| **PIMCO New York Municipal Income Fund II** | 8.0% |
| **FS Credit Opportunities Corp** | 3.9% |
| **XAI Octagon Floating Rate Alternative Income Trust** | 3.8% |
| **FS Specialty Lending Fund** | 3.8% |
| **Western Asset Inflation-Linked Opportunities &<br>Income Fund** | 3.7% |
| **Invesco Senior Income Trust** | 3.6% |
| **Nuveen Floating Rate Income Fund/Closed-end Fund** | 3.5% |
| **Blackstone Long-Short Credit Income Fund** | 3.5% |

---

**Additional Information**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://fundinfopages.com/MDFIX.

(b) Not applicable.

**Item 2.** **Code of Ethics.**

(a) The
 registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal
 executive officer, principal accounting officer, and principal financial officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(c) During
 the period covered by this report, there have been no substantive amendments to the provisions of the Code of Ethics.

(d) During
 the period covered by this report , t he
 registrant did not grant any waivers to the provisions of the Code of Ethics.

(e) Not
 applicable.

(f)(1) A copy of the Code of Ethics is filed with this Form N-CSR as <u>[Exhibit 19(a)(1)](ex99-coe.htm)</u>.

**Item 3.** **Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that there is at least one member who qualifies as an audit committee financial expert, as that term is defined under Item 3(b) of Form N-CSR, serving on its audit committee.

As of the date of this report, the registrant's audit committee financial expert is Mr. James H. Speed, Jr. Mr. Speed is "independent" for purposes of Item 3 of Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services**

(a) Audit
 Fees

Audit fees billed for the Matisse Discounted Closed-End Fund Strategy and Matisse Discounted Bond CEF Strategy (the "Funds"), each a series of the Trust, for the last two fiscal years are reflected in the table below.

For the fiscal year ended March 31, 2025, these amounts represent aggregate fees billed for professional services rendered by the registrant's independent accountant, Tait, Weller & Baker LLP ("Accountant"), in connection with the audit of the registrants' annual financial statements and for services that are normally provided by the Accountant in connection with the registrants' statutory and regulatory filings for that fiscal year.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | **March 31, 2025** |
| &nbsp;&nbsp;Matisse Discounted Closed-End Fund Strategy | $12000 |
| &nbsp;&nbsp;Matisse Discounted Bond CEF Strategy | $12000 |

---

For the fiscal year ended March 31, 20256 these amounts represent aggregate fees billed for professional services rendered by the Accountant, in connection with the audit of the registrants' annual financial statements and for services that are normally provided by the Accountant in connection with the registrants' statutory and regulatory filings for that fiscal year.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | **March 31, 2026** |
| &nbsp;&nbsp;Matisse Discounted Closed-End Fund Strategy | $12250 |
| &nbsp;&nbsp;Matisse Discounted Bond CEF Strategy | $12250 |

---

(b) Audit-Related
 Fees

There were no additional fees billed in the fiscal year ended March, 2025, for assurance and related services by the Accountant that were reasonably related to the performance of the audit of the Funds' financial statements and that were not reported under paragraph (a) of this Item.

There were no additional fees billed in the fiscal year ended March 31, 2026, for assurance and related services by the Accountant that were reasonably related to the performance of the audit of the Funds' financial statements and that were not reported under paragraph (a) of this Item.

(c) Tax
 Fees

These amounts represent the aggregate fees billed in the fiscal year ended March 31, 2025, for professional services rendered by the Accountant for tax compliance, tax advice, and tax planning and are reflected in the table below. These services were for the completion of the Funds' federal and state income tax returns, excise tax returns, and assistance with distribution calculations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | **March 31, 2025** |
| &nbsp;&nbsp;Matisse Discounted Closed-End Fund Strategy | $3000 |
| &nbsp;&nbsp;Matisse Discounted Bond CEF Strategy | $3000 |

---

These amounts represent the aggregate fees billed in the fiscal year ended March 31, 2026, for professional services rendered by the Accountant for tax compliance, tax advice, and tax planning, and are reflected in the table below. These services were for the completion of the Funds' federal and state income tax returns, excise tax returns, and assistance with distribution calculations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | **March 31, 2026** |
| &nbsp;&nbsp;Matisse Discounted Closed-End Fund Strategy | $3000 |
| &nbsp;&nbsp;Matisse Discounted Bond CEF Strategy | $3000 |

---

(d) All
 Other Fees

There were no other fees billed in each of the fiscal years ended March 31, 2025 or March 31, 2026, for products and services provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this item.

---

| | |
|:---|:---|
| (e)(1) | The registrants' Board of Trustees pre-approved the engagement of the Accountant for the fiscal year ended March 31, 2026, at an audit committee meeting of the Board of Trustees called for such purpose; and will pre-approve the Accountant for each fiscal year thereafter at an audit committee meeting called for such purpose. The charter of the audit committee states that the audit committee should pre-approve any audit services and, when appropriate, evaluate and pre-approve any non-audit services provided by the Accountant to the registrant and to pre-approve, when appropriate, any non-audit services provided by the Accountant to the registrant's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if the engagement relates directly to the operations and financial reporting of the registrant. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) There
 were no services as described in each of paragraph (b) through (d) of this Item that were approved by the audit committee pursuant to
 paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not
 applicable.

(g) Aggregate
 non-audit fees billed by the Accountant to the Funds for services rendered for the fiscal year ended March 31, 2025, are reflected in
 the table below. There were no fees billed by the Accountant for non-audit services rendered to the Funds' investment adviser, or
 any other entity controlling, controlled by, or under common control with the Funds' investment adviser for the fiscal year ended
 March 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | **March 31, 2025** |
| &nbsp;&nbsp;Matisse Discounted Closed-End Fund Strategy | $3000 |
| &nbsp;&nbsp;Matisse Discounted Bond CEF Strategy | $3000 |

---

Aggregate non-audit fees billed by the Accountant to the Funds for services rendered for the fiscal year ended March 31, 2026, are reflected in the table below. There were no fees billed by the Accountant for non-audit services rendered to the Funds' investment adviser, or any other entity controlling, controlled by, or under common control with the Funds' investment adviser for the fiscal year ended March 31, 2026.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Funds** | **March 31, 2026** |
| &nbsp;&nbsp;Matisse Discounted Closed-End Fund Strategy | $3000 |
| &nbsp;&nbsp;Matisse Discounted Bond CEF Strategy | $3000 |

---

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

(a) The
 Fund is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately designated standing audit committee
 established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The Fund's audit committee members are James H.
 Speed, Jr., J. Buckley Strandberg, and Theo H. Pitt, Jr.

(b) Not
 applicable.

**Item 6.** **Investments**

A copy of the Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

**Annual Financial Statements**

As of March 31, 2026

![](matissencsr001.jpg)

**Matisse Discounted Closed-End Fund Strategy (MDCEX)**

**Matisse Discounted Bond CEF Strategy (MDFIX)**

The financial statements and other information contained herein are submitted for the general information of the shareholders of the Matisse Discounted Closed-End Fund Strategy and Matisse Discounted Bond CEF Strategy Funds (the "Funds" or the "Matisse Funds"). The Funds' shares are not deposits or obligations of, or guaranteed by, any depository institution. The Funds' shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested. Neither the Funds nor the Funds' distributor is a bank.

The Funds are distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC 27609. There is no affiliation between the Funds, including its principals, and Capital Investment Group, Inc

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;[Schedule of Investments (N-CSR Item 6)](#matissencsra001) | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Financial Statements (N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#matissencsra002) | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#matissencsra003) | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#matissencsra004) | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#matissencsra005) | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#matissencsra006) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#matissencsra007) | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;[Tax Information](#matissencsra008) | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;[Changes In and Disagreements with Accountants (N-CSR Item 8)](#matissencsra009) | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;[Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#matissencsra010) | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;[Renumeration Paid to Directors, Officers and Others (N-CSR Item 10)](#matissencsra011) | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;[Approval of Investment Advisory Agreement (N-CSR Item 11)](#matissencsra012) | &nbsp;&nbsp;20 |

---

---

| | | |
|:---|:---|:---|
| **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Closed-End Fund Strategy** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| *As of March 31, 2026* | *As of March 31, 2026* | *As of March 31, 2026* |
|  | **Shares** | **Value** |
| **Closed-End Funds - 104.01%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bexil Investment Trust | 141063 | $2079833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Technology and Private Equity Term Trust | 380000 | 2508000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluerock Private Real Estate Fund | 160000 | 2657600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central and Eastern Europe Fund Inc. | 33995 | 622109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Securities Corp.(d) | 40000 | 1986400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clough Global Dividend and Income Fund | 232798 | 1378164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clough Global Equity Fund | 45982 | 346244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clough Global Opportunities Fund | 298611 | 1663263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Destra Multi-Alternative Fund | 268000 | 2173480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Equity Fund Inc./The | 141440 | 1398842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXOR NV | 8000 | 616000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Credit Opportunities Corp. | 470000 | 2397000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Specialty Lending Fund | 190000 | 2376900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Global Allocation Fund/CEF | 290000 | 2328700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Opportunities and Income Fund | 380000 | 2169800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Fund Inc./The (d) | 49895 | 2240286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malibu Life Holdings Ltd. (a) | 130000 | 2070250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Equity and Income Fund Inc/The | 132000 | 1702800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico Fund Inc./The | 130000 | 2720900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley China A Share Fund Inc. | 109619 | 1918333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Next Generation Connectivity Fund Inc. | 129790 | 1670397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust | 898457 | 4195792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Atlantic Smaller Companies Investment Trust plc | 130000 | 576363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pershing Square Holdings Ltd./Fund | 62368 | 3342925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO California Municipal Income Fund | 112411 | 964486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Global Trust Inc. | 188000 | 2512056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saba Capital Income & Opportunities Fund | 41493 | 279663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SRH Total Return Fund Inc. | 140000 | 2394000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Fund Inc./The/MD (d) | 52000 | 3418480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Dragon Fund Inc. | 210000 | 2228100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetragon Financial Group Ltd. | 319771 | 4476794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Securities Fund | 259717 | 1540122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XAI Octagon Floating Rate Alternative Income Trust | 148000 | 2542640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Funds (Cost $58,897,413)** |  | 67496722 |
| **Short-Term Investment - 0.33%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Treasury Portfolio, 3.53%(b) (Cost $211,523) |  | 211523 |
| **Investments, at Value (Cost $59,108,936) - 104.36%** |  | 67708245 |
| **Liabilities in Excess of Other Assets - (4.36)%** |  | (2828991) |
| **Net Assets - 100.00%** |  | $64879254 |

---

(a) Non-income
 producing investment

(b) Represents
 7-day effective yield as of March 31, 2026

(c) Each
 underlying fund's shareholder report and registration statement are available free of charge on the SEC's website at https://www.sec.gov.

(d) All
 or a portion of the security has been pledged as collateral in connection with the reverse repurchase agreements. As of March 31, 2026,
 the valued pledge as $7,645,166

*See Notes to Financial Statements*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Schedule of Reverse Repurchase Agreements** | **Schedule of Reverse Repurchase Agreements** | **Schedule of Reverse Repurchase Agreements** | **Schedule of Reverse Repurchase Agreements** | **Schedule of Reverse Repurchase Agreements** | **Schedule of Reverse Repurchase Agreements** |
| Counterparty | Interest Rate | Trade Date | Maturity Date | Net Closing<br> Amount | Face Value |
| UMB Bank (a) | 5.50% | 02/06/26 | 07/06/26 | (2000000) | (2000000) |
| UMB Bank (a) | 5.50% | 03/02/26 | 08/02/26 | (500000) | (500000) |
| UMB Bank (a) | 5.50% | 03/30/26 | 08/30/26 | (400000) | (400000) |
|  |  |  |  | (2900000) | (2900000) |

---

(a) As of March 31, 2026 the fair value
 of securities held as collateral for reverse purchase agreement was $7,645,166 as noted on the Schedule of Investments

*See Notes to Financial Statements*

---

| | | |
|:---|:---|:---|
| **Matisse Discounted Bond CEF Strategy** | **Matisse Discounted Bond CEF Strategy** | **Matisse Discounted Bond CEF Strategy** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| *As of March 31, 2026* | *As of March 31, 2026* | *As of March 31, 2026* |
|  | **Shares** | **Value** |
| **Closed-End Funds - 68.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abrdn National Municipal Income Fund | 174693 | $1739942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal 2030 Target Term Trust | 81562 | 1851457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock MuniHoldings California Quality Fund Inc. | 78600 | 817440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock MuniYield New York Quality Fund Inc. | 71419 | 685622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Long-Short Credit Income Fund | 170000 | 1853000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BrandywineGLOBAL Global Income Opportunities Fund Inc. | 145866 | 1118792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Floating-Rate Income Trust | 4127 | 44283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Senior Income Trust | 27527 | 137360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Premier Municipal Income Fund | 117731 | 1286800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Credit Opportunities Corp. | 410000 | 2091000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Specialty Lending Fund | 160000 | 2001600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Income Trust | 600000 | 1932000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS High Income Municipal Trust | 73090 | 271164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS High Yield Municipal Trust | 98712 | 353389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Investment Grade Municipal Trust | 47998 | 383504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS Municipal Income Trust | 27412 | 147751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Municipal Fund Inc. | 135900 | 1379385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Credit Strategies Income Fund | 314469 | 1531464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Floating Rate Income Fund/Closed-end Fund | 250000 | 1880000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Pennsylvania Quality Municipal Income Fund | 34440 | 410869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO California Municipal Income Fund | 588502 | 5049347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO New York Municipal Income Fund II | 618726 | 4238273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RiverNorth Flexible Municipal Income Fund II Inc | 49190 | 622254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Inflation-Linked Income Fund | 53254 | 430292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Inflation-Linked Opportunities & Income Fund | 230000 | 1945800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate Muni Fund Inc. | 4147 | 31849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XAI Octagon Floating Rate Alternative Income Trust | 118000 | 2027240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Funds (Cost $37,910,260)** |  | 36261877 |
| **Short-Term Investment - 31.36%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Treasury Portfolio, 3.53%(a) (Cost $16,626,729) |  | 16626729 |
| **Investments, at Value (Cost $54,536,989) - 99.76%** |  | 52888606 |
| **Other Assets Less Liabilities - 0.24%** |  | 124676 |
| **Net Assets - 100.00%** |  | $53013282 |

---

(a) Represents 7-day effective yield
 as of March 31, 2026

(b) Each underlying fund's shareholder
 report and registration statement are available free of charge on the SEC's website at https://www.sec.gov.

*See Notes to Financial Statements*

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| *As of March 31, 2026* |  |  |
|  | Matisse Discounted Closed-End Fund Strategy | Matisse Discounted Bond CEF Strategy |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $67708245 | $52888606 |
| &nbsp;&nbsp;&nbsp;Cash | 45006 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 6385 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 97955 | 112133 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 749 | 55205 |
| &nbsp;&nbsp;&nbsp;Fund shares sold receivable | 28240 | 9194 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 5046 | 6810 |
| &nbsp;&nbsp;&nbsp;Total assets | 67885241 | 53078333 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Reverse repurchase agreements | 2900000 |  |
| &nbsp;&nbsp;&nbsp;Fund shares purchased payable | 2404 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory Fees | 54212 | 30201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 20237 | 20141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 1104 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees | 3168 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 122 | 2657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 12778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operational expenses | 11545 | 10556 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 3005987 | 65051 |
| Total Net Assets | $64879254 | $53013282 |
| Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $58237730 | $54010443 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 6641524 | (997161) |
| Total Net Assets | $64879254 | $53013282 |
| Capital Shares Outstanding, no par value <br> (unlimited authorized shares) | 8824305 | 5265550 |
| Net Asset Value, Per Share | $7.35 | $10.07 |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $59108936 | $54536989 |

---

*See Notes to Financial Statements*

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | |
| *For the fiscal year ended March 31, 2026* |  |  |
|  | Matisse Discounted Closed-End Fund Strategy | Matisse Discounted Bond CEF Strategy |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $2707956 | $1981761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 83978 | 680110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 2791934 | 2661871 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 597067 | 342169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | 19597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 78711 | 64498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 43564 | 47290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration and filing expenses | 32976 | 28441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 44137 | 41322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 24290 | 24081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance fees | 32464 | 32764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder fulfillment fees | 21118 | 27826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 18710 | 17214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees and meeting expenses | 8590 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 4283 | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security pricing fees | 9609 | 8135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 7570 | 4930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 942686 | 653084 |
| Net Investment Income | 1849248 | 2008787 |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 3907908 | 3063264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying funds | 331147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 5101521 | (2988417) |
| Net Realized and Unrealized Gain (Loss) on Investments | 9340576 | 74847 |
| Net Increase in Net Assets Resulting from Operations | $11189824 | $2083634 |

---

*See Notes to Financial Statements*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statements of Changes in Net Assets** | | | | |
|  | *Matisse Discounted Closed-End <br> Fund Strategy* | *Matisse Discounted Closed-End <br> Fund Strategy* | *Matisse Discounted Bond CEF<br> Strategy* | *Matisse Discounted Bond CEF<br> Strategy* |
| *For the fiscal year ended March 31,* | *2026* | *2025* | *2026* | *2025* |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1849248 | $592104 | $2008787 | $2386246 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investment transactions | 3907908 | 3827655 | 3063264 | 2672286 |
| &nbsp;&nbsp;&nbsp;Capital gain distributions from underlying funds | 331147 | 21465 |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 5101521 | 154478 | (2988417) | (442691) |
| Net Increase in Net Assets Resulting from Operations | 11189824 | 4595702 | 2083634 | 4615841 |
| Distributions to Shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (7344268) | (5629766) | (4345686) | (2386246) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (1554546) |
| Net Decrease in Net Assets Resulting from Distributions | (7344268) | (5629766) | (4345686) | (3940792) |
| Capital Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 14489415 | 10490149 | 11817704 | 24378877 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends and distributions | 6267910 | 4475182 | 4195716 | 3835200 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (11124629) | (9479431) | (15274150) | (24240906) |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 9632696 | 5485900 | 739270 | 3973171 |
| Net Increase (Decrease) in Net Assets | 13478252 | 4451836 | (1522782) | 4648220 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 51401002 | 46949166 | 54536064 | 49887844 |
| &nbsp;&nbsp;&nbsp;End of Year | $64879254 | $51401002 | $53013282 | $54536064 |
| Share Information: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1902011 | 1500904 | 1130635 | 2270613 |
| &nbsp;&nbsp;&nbsp;Shares from reinvested dividends and distributions | 822443 | 654665 | 405012 | 362857 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (1438327) | (1359093) | (1468284) | (2248415) |
| Net Increase in Capital Shares | 1286127 | 796476 | 67363 | 385055 |

---

*See Notes to Financial Statements*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Closed-End Fund Strategy** |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
|  | March 31, | March 31, | March 31, | March 31, | March 31, |
| For a share outstanding during each fiscal year ended | 2026 | 2025 | 2024 | 2023 | 2022 |
| Net Asset Value, Beginning of Year | $6.82 | $6.96 | $5.99 | $6.80 | $9.09 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.22 | 0.09 | 0.13 | 0.15 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.19 | 0.58 | 1.37 | (0.43) | 1.16 |
| Total from Investment Operations | 1.41 | 0.67 | 1.50 | (0.28) | 1.17 |
| Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.48) | (0.34) | (0.20) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.70) | (0.33) | (0.19) |  | (2.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.33) |  |
| Total Distributions | (0.88) | (0.81) | (0.53) | (0.53) | (3.46) |
| Net Asset Value, End of Year | $7.35 | $6.82 | $6.96 | $5.99 | $6.80 |
| Total Return | 20.73% | 10.26% | 26.15% | (3.66)% | 14.29% |
| Net Assets, End of Year (in thousands) | $64879 | $51401 | $46949 | $37266 | $43069 |
| Ratios of: |  |  |  |  |  |
| Gross Expenses to Average Net Assets (b)(c) | 1.50% | 1.63% | 2.17% | 1.92% | 1.19% |
| Net Expenses to Average Net Assets (b)(c) | 1.50% | 1.53% | 1.81% | 1.58% | 1.19% |
| Net Investment Income to Average Net Assets | 2.94% | 1.24% | 2.08% | 2.41% | 0.16% |
| Portfolio turnover rate | 31.38% | 22.84% | 54.53% | 29.50% | 33.89% |

---

(a) Calculated using the average shares method.

(b) The expenses of the underlying funds
 are excluded from the Fund's expense ratio.

(c) Includes interest expense of 0.03%,
 0.10%, 0.56%, 0.33%, and 0.00%(d) for the fiscal years ended March 31, 2026, 2025, 2024, 2023, and 2022, respectively.

*See Notes to Financial Statements*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Matisse Discounted Bond CEF Strategy** | **Matisse Discounted Bond CEF Strategy** | **Matisse Discounted Bond CEF Strategy** | **Matisse Discounted Bond CEF Strategy** | **Matisse Discounted Bond CEF Strategy** | **Matisse Discounted Bond CEF Strategy** |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
|  | March 31, | March 31, | March 31, | March 31, | March 31, |
| For a share outstanding during each fiscal year ended | 2026 | 2025 | 2024 | 2023 | 2022 |
| Net Asset Value, Beginning of Year | $10.49 | $10.36 | $9.82 | $11.29 | $12.43 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.40 | 0.44 | 0.47 | 0.55 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.04 | 0.42 | 0.80 | (1.29) | (0.39) |
| Total from Investment Operations | 0.44 | 0.86 | 1.27 | (0.74) | (0.07) |
| Less Distributions From: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.67) | (0.44) | (0.46) | (0.57) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.19) |  |  | (0.09) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.29) | (0.27) | (0.07) |  |
| Total Distributions | (0.86) | (0.73) | (0.73) | (0.73) | (1.07) |
| Net Asset Value, End of Year | $10.07 | $10.49 | $10.36 | $9.82 | $11.29 |
| Total Return | 4.31% | 8.51% | 13.54% | (6.27)% | (1.02)% |
| Net Assets, End of Year (in thousands) | $53013 | $54536 | $49888 | $39133 | $32185 |
| Ratios of: |  |  |  |  |  |
| Gross Expenses to Average Net Assets (b)(c) | 1.24% | 1.16% | 1.64% | 1.54% | 1.38% |
| Net Expenses to Average Net Assets (b)(c) | 1.24% | 1.10% | 1.33% | 1.26% | 0.99% |
| Net Investment Income to Average Net Assets | 3.82% | 4.16% | 4.74% | 5.49% | 2.56% |
| Portfolio turnover rate | 62.71% | 35.97% | 53.67% | 57.99% | 70.40% |

---

(a) Calculated using the average shares method.

(b) The expenses of the underlying funds are excluded from the Fund's
 expense ratio.

(c) Includes interest expense of 0.00%, 0.00%, 0.34%, 0.27%, and
 0.00%(f) for the fiscal years ended March 31, 2026, 2025, 2024, 2023, and 2022, respectively.

*See Notes to Financial Statements*

Matisse Funds

Notes to Financial Statements

*As of March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization and Significant Accounting Policies** 

The Matisse Discounted Closed-End Fund Strategy and Matisse Discounted Bond CEF Strategy (collectively, the "Matisse Funds" or the "Funds") are each series of the Starboard Investment Trust ("Trust"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund is a separate diversified series of the Trust. The Funds' investment advisor is Deschutes Portfolio Strategy, LLC, dba Matisse Capital, (the "Advisor").

The Matisse Discounted Closed-End Fund Strategy seeks to achieve the Fund's investment objective of long-term capital appreciation and income by investing in unaffiliated closed-end funds that typically trade at substantial discounts relative to their underlying net asset values and pay regular periodic cash distributions. The Fund will invest, under normal circumstances, at least 80% of net assets, plus borrowings, for investment purposes, in discounted closed-end funds.

The Matisse Discounted Bond CEF Strategy seeks to achieve the Fund's investment objective of total return with an emphasis on providing current income by principally investing in unaffiliated closed-end funds that are registered under the Investment Company Act of 1940. The Fund will invest, under normal circumstances, at least 80% of its net assets, plus any borrowing for investment purposes, in discounted closed-end funds that primarily invest in bonds.

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 "Financial Services – Investment Companies," and Financial Accounting Standards Update ("ASU") 2013-08.

The Funds operate as a single operating segment. The Funds' income, expenses, assets and performance are regularly monitored for the oversight function of the Funds. This information is presented in the financial statements and financial highlights.

*Investment Valuation*

The Funds' investments in securities are carried at market value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the mean of the most recent bid and ask prices. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value. Investments in open-end investment companies are valued at their respective net asset values as reported by such investment companies. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the security is principally traded closes early or if trading of the particular security is halted during the day and does not resume prior to the Funds' net asset value calculation) or which cannot be accurately valued using the Funds' normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees. A security's "fair value" price may differ from the price next available for that security using the Funds' normal pricing procedures. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

*Fair Value Measurement*

Each Fund has adopted ASC Topic 820, *Fair Value Measurements*. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1: Unadjusted quoted prices in active markets for identical securities assets or liabilities that the funds have the ability to access.

---

| | |
|:---|:---|
| Level 2: | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, credit spreads, yield curves, and market-collaborated input. |

---

---

| | |
|:---|:---|
| Level 3: | Unobservable inputs for the asset or liability to the extent that observable inputs are not available, representing the assumptions that a market participant would use in valuing the asset or liability at the measurement date; they would be based on the best information available, which may include the funds' own data. |

---

Matisse Funds

Notes to Financial Statements

*As of March 31, 2026*

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

In accordance with the Trust's valuation policies and procedures and pursuant to Rule 2a-5 under the 1940 Act, the Board has appointed the Advisor as the valuation designee (the "Valuation Designee"). The Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value because fair value depends upon the circumstances of each individual case.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of March 31, 2026, for each Fund's assets measured at fair value:

**Matisse Discounted Closed-End Fund Strategy**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Total* | *Level 1* | *Level 2* | *Level 3 (a)* |
| *Assets* |  |  |  |  |
| Closed-End Funds | $67496722 | $67496722 | $— | $— |
| Short-Term Investment | 211523 | 211523 |  |  |
| *Total Assets* | $67708245 | $67708245 | $— | $— |
| *Liabilities* |  |  |  |  |
| Reverse repurchase agreements | $2900000 |  | $2900000 |  |
| *Total Liabilities* | $2900000 | $— | $2900000 | $— |

---

**Matisse Discounted Bond CEF Strategy**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Total* | *Level 1* | *Level 2* | *Level 3 (a)* |
| *Assets* |  |  |  |  |
| Closed-End Funds | $36261877 | $36261877 | $— | $— |
| Short-Term Investment | 16626729 | 16626729 |  |  |
| *Total Assets* | $52888606 | $52888606 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Funds had no Level 3 securities during the fiscal year ended March 31, 2026.

 

*Investment Transactions and Investment Income*

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. The character of distributions received from certain investments may be comprised of investment income, capital gains, and return of capital. It is the Funds' policy to estimate the character of distributions received from these investments based on the historical data if the actual amounts are not available. After each calendar year end, these investments report the tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds' records in the year in which they are reported, by adjusting the related cost basis of investments, capital gains, and income as necessary.

*Distributions*

Each Fund may declare and distribute dividends from net investment income, if any, monthly or quarterly. Distributions from capital gains, if any, are generally declared and distributed annually. Dividends and distributions to shareholders are recorded on ex-date.

*Estimates*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

Matisse Funds

Notes to Financial Statements

*As of March 31, 2026*

*Expenses*

The Funds bear expenses incurred specifically on its behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

Because the underlying funds have varied expense and fee levels and the Funds may own different proportions of underlying funds at different times, the amount of fees and expense incurred indirectly by the Funds will vary.

*Federal Income Taxes*

No provision for income taxes is included in the accompanying financial statements, as the Funds intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Transactions with Related Parties** 

*Advisor*

Each Fund pays a monthly fee to the Advisor, based upon the average daily net assets and calculated at an annual rate.

See the table below for the advisory fee rates and amounts earned by the Advisor from each Fund during the fiscal year ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Advisory Fee Rate (a)** | **Amount Earned** | **Amount Earned** |
| Matisse Discounted Closed-End Fund Strategy | 0.95% | $| 597067 |
| Matisse Discounted Bond CEF Strategy | 0.65% |  | 342169 |
| (a) Prior to August 1, 2024, the advisory fee rate was 0.99% with a contractual expense limitation of 1.25% for the Matisse Discounted Closed-End Fund Strategy and 0.70% with a contractual expense limitation of 0.99% for the Matisse Discounted Bond CEF Strategy. The contractual expense limitations were in effect through July 31, 2024 and were not renewed upon their expiration. | (a) Prior to August 1, 2024, the advisory fee rate was 0.99% with a contractual expense limitation of 1.25% for the Matisse Discounted Closed-End Fund Strategy and 0.70% with a contractual expense limitation of 0.99% for the Matisse Discounted Bond CEF Strategy. The contractual expense limitations were in effect through July 31, 2024 and were not renewed upon their expiration. | (a) Prior to August 1, 2024, the advisory fee rate was 0.99% with a contractual expense limitation of 1.25% for the Matisse Discounted Closed-End Fund Strategy and 0.70% with a contractual expense limitation of 0.99% for the Matisse Discounted Bond CEF Strategy. The contractual expense limitations were in effect through July 31, 2024 and were not renewed upon their expiration. | (a) Prior to August 1, 2024, the advisory fee rate was 0.99% with a contractual expense limitation of 1.25% for the Matisse Discounted Closed-End Fund Strategy and 0.70% with a contractual expense limitation of 0.99% for the Matisse Discounted Bond CEF Strategy. The contractual expense limitations were in effect through July 31, 2024 and were not renewed upon their expiration. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Trustees and Officers** 

The Trust is governed by the Board of Trustees, which is responsible for the management and supervision of the Funds. The Trustees meet periodically throughout the year to review contractual agreements with companies that furnish services to the Funds; review performance of the Advisor and the Funds; and oversee activities of the Funds. Officers of the Trust and Trustees who are interested persons of the Trust or the Advisor will receive no salary or fees from the Trust. Effective January 1, 2026, each Trustee who is not an "interested person" of the Trust or the Advisor within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustee") receives $2,500 per series per year, $500 per meeting attended, $250 per committee meeting attended, and $2,500 per series special meeting attended. Prior to January 1, 2026, the Independent Trustees received $2,400 per series per year, $500 per meeting attended, $200 per committee meeting attended, and $1,000 per special meeting attended. The Trust reimburses each Trustee and officer of the Trust for his or her travel and other expenses related to attendance of Board meetings. Additional fees were incurred during the year as special meetings were necessary in addition to the regularly scheduled meetings of the Board of Trustees. Certain officers of the Trust may also be officers of the Administrator and receive no compensation from the Trust for serving as officers.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Purchases and Sales of Investment Securities** 

For the fiscal year ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of Non-U.S. Government Securities** | **Proceeds from Sales of Non-U.S. Government Securities** | **Purchases of U.S. Government Securities** | **Proceeds from Sales of U.S. Government Securities** |
| Matisse Discounted Closed-End Fund Strategy Fund | $31699699 | $19056585 | $– $|  |
| Matisse Discounted Bond CEF Strategy Fund | 22063710 | 22512607 | – |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Risks** 

---

| | | |
|:---|:---|:---|
|  | **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Bond CEF Strategy** |
| &nbsp;&nbsp;**Closed-End Fund Risk** | **X** | **X** |
| &nbsp;&nbsp;**Control of Closed-End Funds Risk** | **X** | **X** |
| &nbsp;&nbsp;**Convertible Securities Risk** | | **X** |
| &nbsp;&nbsp;**Credit Risk** | | **X** |
| &nbsp;&nbsp;**Cybersecurity Risk** | **X** | **X** |
| &nbsp;&nbsp;**Derivatives Risk** | | **X** |

---

Matisse Funds

Notes to Financial Statements

*As of March 31, 2026*

---

| | | |
|:---|:---|:---|
|  | **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Bond CEF Strategy** |
| &nbsp;&nbsp;**Equity Securities Risk** | **X** | **X** |
| &nbsp;&nbsp;**Fixed Income Securities Risk** | **X** | **X** |
| &nbsp;&nbsp;**Foreign Securities Risk** | **X** | **X** |
| &nbsp;&nbsp;**Fund of Funds Risk** | **X** | **X** |
| &nbsp;&nbsp;**General Investment Risks** | **X** | **X** |
| &nbsp;&nbsp;**Interest Rate Risk** | | **X** |
| &nbsp;&nbsp;**Investment Risk** | **X** | **X** |
| &nbsp;&nbsp;**Investment Advisor Risk** | **X** | **X** |
| &nbsp;&nbsp;**Junk Bond Risk** | | **X** |
| &nbsp;&nbsp;**Leverage Risk** | **X** | **X** |
| &nbsp;&nbsp;**Loans Risk** | **X** | **X** |
| &nbsp;&nbsp;**Management Style Risk** | **X** | **X** |
| &nbsp;&nbsp;**Market Risk** | **X** | **X** |
| &nbsp;&nbsp;**Money Market Mutual Fund Risk** | **X** | **X** |
| &nbsp;&nbsp;**Prepayment Risk** | | **X** |
| &nbsp;&nbsp;**Quantitative Model Risk** | **X** | **X** |

---

**Closed-End Fund Risk.** Closed-end funds involve investment risks different from those associated with other investment companies. First, the shares of closed-end funds frequently trade at a premium or discount relative to their net asset value. When the Fund purchases shares of a closed-end fund at a discount to its net asset value, there can be no assurance that the discount will decrease, and it is possible that the discount may increase and affect whether the Fund will a realize gain or loss on the investment. Second, many closed-end funds use leverage, or borrowed money, to try to increase returns. Leverage is a speculative technique and its use by a closed-end fund entails greater risk and leads to a more volatile share price. If a close-end fund uses leverage, increases and decreases in the value of its share price will be magnified. The closed-end fund will also have to pay interest or dividends on its leverage, reducing the closed-end fund's return. Third, many closed-end funds have a policy of distributing a fixed percentage of net assets regardless of the fund's actual interest income and capital gains. Consequently, distributions by a closed-end fund may include a return of capital, which would reduce the fund's net asset value and its earnings capacity. Finally, closed-end funds are allowed to invest in a greater amount of illiquid securities than open-end mutual funds. Investments in illiquid securities pose risks related to uncertainty in valuations, volatile market prices, and limitations on resale that may have an adverse effect on the ability of the fund to dispose of the securities promptly or at reasonable prices.

**Control of Closed-End Funds Risk.** Although the Fund and the Advisor will evaluate regularly each closed-end fund in which the Fund invests to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a closed-end fund. The investment advisor to each closed-end fund may change aspects of its investment strategies at any time. The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a closed-end fund.

**Convertible Securities Risk.** Convertible securities subject the Fund to the risks associated with both fixed-income securities and equity securities. The risks of fixed income securities and equity securities are described below. If a convertible security's investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security.

**Credit Risk**. Credit risk is the possibility that an issuer may default on a security by failing to pay interest or principal when due. If an issuer defaults, a closed-end fund will lose money. Many fixed income securities receive credit ratings from NRSROs, which assign ratings to securities by assessing the likelihood of issuer default. Lower credit ratings correspond to higher credit risk. Fixed income securities generally compensate for greater credit risk by paying interest at a higher rate. The difference between the yield of a security and the yield of a U.S. Treasury security with a comparable maturity (the spread) measures the additional interest paid for risk. Spreads may increase generally in response to adverse economic or market conditions. A security's spread may also increase if the security's rating is lowered or the security is perceived to have an increased credit risk. An increase in the spread will cause the price of the security to decline.

**Cybersecurity Risk.** As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund or its advisor, custodians, fund accountant, fund administrator, transfer agent, pricing vendors and/or other third-party service providers may adversely impact the Fund and its shareholders. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. The Fund also may incur substantial costs for cybersecurity risk management in order to guard against any cyber incidents in the future. The Fund and its shareholders could be negatively impacted as a result.

Matisse Funds

Notes to Financial Statements

*As of March 31, 2026*

**Derivatives Risk.** The closed-end funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index. The closed-end fund's use of derivatives may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and may perform in ways unanticipated by the closed-end fund's investment advisor and may not be available at the time or price desired. The closed-end funds' use of derivatives involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. In the event the counterparty to a derivative instrument becomes insolvent, the closed-end fund potentially could lose all or a large portion of its investment in the derivative instrument. Derivatives transactions can create investment leverage and may be highly volatile, and the closed-end fund could lose more than the amount it invests. In addition, derivatives transactions can increase the closed-end fund's transaction costs. Derivatives may be difficult to value and highly illiquid, and the closed-end fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Derivative positions may also be improperly executed or constructed. Use of derivatives may affect the amount the timing and the character of distributions to shareholders and, therefore, may increase the amount of taxes payable by shareholders.

When a closed-end fund enters into a derivatives transaction as a substitute for or alternative to a direct cash investment, the closed-end fund is exposed to the risk that the derivative transaction may not provide a return that corresponds precisely or at all with that of the underlying investment.

The regulation of the derivatives markets has increased over the past several years and additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or liquidity of derivatives, or may otherwise adversely affect the value or performance of derivatives. Any such adverse developments could impair the effectiveness of a closed-end fund's derivatives transactions and cause a closed-end fund to lose value. For instance, in December 2015, the SEC proposed a new rule that would change the regulation of the use of derivatives by registered investment companies. If adopted as proposed, these regulations could significantly limit or impact a closed-end fund's ability to invest in derivatives and other instruments, limit a closed-end fund's ability to employ certain strategies that use derivatives, and adversely affect a closed-end fund's performance, efficiency in implementing its strategy, liquidity and ability to pursue its investment objective.

**Equity Securities Risk**. Fluctuations in the value of equity securities will cause the NAV of the Fund to fluctuate. Equity securities may decline in price if the issuer fails to make anticipated dividend payments. Common stock is subject to greater dividend risk than preferred stocks or debt instruments of the same issuer. In addition, equity securities have experienced significantly more volatility in returns than other asset classes.

**Fixed-Income Securities Risk.** When the closed-end funds invest in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

**Foreign Securities Risk.** The Fund may invest in foreign securities. Foreign securities involve investment risks different from those associated with domestic securities. Changes in foreign economies and political climates are more likely to affect the Fund than investments in domestic securities. The value of foreign currency denominated securities or foreign currency contracts is affected by the value of the local currency relative to the U.S. dollar. There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign currency denominated securities. The value of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are generally higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.

Matisse Funds

Notes to Financial Statements

*As of March 31, 2026*

● ADR Risk. ADRs may be subject to some of the same risks as direct investments in foreign companies, which includes international trade, currency, political, regulator, and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depository's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through.

**Fund of Funds Risk.** The Fund is a "fund of funds." The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including closed-end funds and money market mutual funds. Investments in other funds subject the Fund to additional operating and management fees and expenses. For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses. The Fund's performance depends in part upon the performance of the funds' investment advisor, the strategies and instruments used by the funds, and the Advisor's ability to select funds and effectively allocate Fund assets among them.

**General Investment Risks.** All investments in securities and other financial instruments involve a risk of financial loss. No assurance can be given that the Fund's investment program will be successful. Investors should carefully review the descriptions of the Fund's investments and their risks described in the prospectus and the Fund's Statement of Additional Information.

**Interest Rate Risk**. Interest rate risk is the risk that fixed income prices overall will decline over short or even long periods of time due to rising interest rates. Securities with longer maturities and durations tend to be more sensitive to interest rates than securities with shorter maturities and durations. For example, (a) if interest rates go up by 1.0%, the price of a 4% coupon bond will decrease by approximately 1.0% for a bond with 1 year to maturity and approximately 4.4% for a bond with 5 years to maturity and (b) the price of a portfolio with a duration of 5 years would be expected to fall approximately 5.0% if interest rates rose by 1.0% and a portfolio with a duration of 2 years would be expected to fall approximately 2.0% if interest rates rose by 1.0%.

**Investment Risk**. The value of the Fund's investments, like other market investments, may move up or down, sometimes rapidly and unpredictably. All investments involve risks, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Fund's investment objectives will be achieved.

Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. These volatile and often difficult global market conditions have episodically adversely affected the market values of many securities, and this volatility may continue, and conditions could even deteriorate further. Some of the largest banks and companies across many sectors of the economy in the United States and Europe have declared bankruptcy, entered into insolvency, administration or similar proceedings, been nationalized by government authorities, and/or agreed to merge with or be acquired by other banks or companies that had been considered their peers. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence, and market liquidity.

Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing conflicts between Russia and Ukraine and Israel and Hamas and the rapidly evolving measures in response, may have adverse spill-over effects into the global financial markets generally.

**Investment Advisor Risk.** The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.

**Junk Bond Risk**. Lower-quality bonds, known as "high yield" or "junk" bonds, present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond's issuer, obligor, or guarantor may not be able to make its payments of interest and principal (credit quality risk). If that happens, the value of the bond may decrease, the Fund's share price may decrease, and its income distribution may be reduced. An economic downturn or period of rising interest rates (interest rate risk) could adversely affect the market for these bonds and reduce a closed-end fund's ability to sell its bonds (liquidity risk). The lack of a liquid market for these bonds could decrease the Fund's share price.

Matisse Funds

Notes to Financial Statements

*As of March 31, 2026*

**Leverage Risk.** The Fund may leverage or borrow money from banks to buy securities and pledge its assets in connection with the borrowing. Use of leverage tends to magnify increases and decreases in the Fund's returns and leads to a more volatile share price. The Fund will also incur borrowing costs in connection with its use of leverage. If the interest expense of the borrowing is greater than the return on the securities bought, the use of leverage will decrease the return to shareholders in the Fund. Leveraging by both the Fund and the underlying closed-end funds, which often employ leverage, will expose the Fund to a relatively high level of leveraging risk. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

**Loans Risk**. Investments in loans may subject the Fund to heightened credit risks because loans may be highly leveraged and susceptible to the risks of interest deferral, default and/or bankruptcy.

**Management Style Risk.** Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions. The returns from the types of investments purchased by the Fund (e.g., closed-end funds which pay regular periodic cash distributions) may at times be better or worse than the returns from other types of funds. Each type of investment tends to go through cycles of performing better or worse than the market in general. The performance of the Fund may thus be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.

**Market Risk.** Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, economic and political conditions, and general market conditions. The Fund's performance per share will change daily in response to such factors.

**Money Market Mutual Fund Risk.** The Fund may invest in money market mutual funds in order to manage its cash component. An investment in a money market mutual fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or any other government agency. Although such funds seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a money market mutual fund.

**Prepayment Risk**. Prepayment risk occurs when the issuer of a security can repay principal prior to the security's maturity. This is more likely to occur when interest rates fall. Prepayment may shorten the effective maturities of these securities, reducing their yield and market value. The prepayment of principal can adversely affect the return of the closed-end fund since it may have to reinvest the proceeds in securities that pay a lower interest rate.

**Quantitative Model Risk.** Securities or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Federal Income Tax** 

Distributions are determined in accordance with Federal income tax regulations, which may differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. The general ledger is adjusted for permanent book/tax differences to reflect tax character but is not adjusted for temporary differences.

Management has reviewed each Fund's tax positions during the fiscal years ended March 31, 2026, and March 31, 2025, and determined that the Fund does not have a liability for uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

Distributions during the fiscal year ended March 31, 2026, were characterized for tax purposes as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary Income** | **Return of Capital** | **Tax Exempt Income** | **Long-Term Capital Gains** |
| Matisse Discounted Closed-End Fund Strategy | $3665293 | $— | $— | $3678975 |
| Matisse Discounted Bond CEF Strategy | 2623461 |  | 540251 | 1722224 |

---

Distributions during the fiscal year ended March 31, 2025, were characterized for tax purposes as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary Income** | **Return of Capital** | **Tax Exempt Income** | **Long-Term Capital Gains** |
| Matisse Discounted Closed-End Fund Strategy | $3348406 | $— | $— | $— |
| Matisse Discounted Bond CEF Strategy | 1707086 | 1554546 | 679160 |  |

---

Matisse Funds

Notes to Financial Statements

*As of March 31, 2026*

At March 31, 2026, the tax-basis cost of investments and components of distributable earnings were as follows:

---

| | | |
|:---|:---|:---|
|  | **Matisse Discounted Closed-End Fund Strategy** | **Matisse Discounted Bond CEF Strategy** |
| Cost of Investments | $61668540 | $54536989 |
| Gross Unrealized Appreciation | 13785776 | 577315 |
| Gross Unrealized Depreciation | (7746071) | (2225698) |
| Net Unrealized Appreciation (Depreciation) | 6039705 | (1648383) |
| Spillback Distribution - Long Term | 601819 | 651222 |
| Accumulated Earnings (Deficit) | $6641524 | $(997161) |

---

 

The difference between book-basis and tax-basis appreciation and depreciation are primarily attributable to the passive foreign investment companies and tax deferral of losses on wash sales.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassification have no effect on net assets value per share. For the fiscal year ended March 31, 2026, the Funds had no reclassifications.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Beneficial Ownership** 

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of March 31, 2026, Charles Schwab & Co. held 73.7% of the Matisse Discounted Closed-End Fund Strategy and 77.3% of the Matisse Discounted Bond CEF Strategy, respectively. The Funds have no knowledge as to whether all or any portion of the shares of record owned by [ ] are also owned beneficially.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Commitments and Contingencies** 

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Funds, and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. The Funds expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Recently Adopted Accounting Pronouncement** 

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

**10.** **Subsequent Events**

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of the financial statements. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of Starboard Investment Trust**

**and Shareholders of Matisse Discounted Closed-End Fund Strategy**

**and Matisse Discounted Bond CEF Strategy**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Matisse Discounted Closed-End Fund Strategy Fund and Matisse Discounted Bond CEF Strategy Fund (the "Funds"), each a series of Starboard Investment Trust, including the schedule of investments, as of March 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years then ended, the statements of cash flows for the year then ended and financial highlights for each of the three years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of March 31, 2026, the results of their operations for the year then ended, the changes in their net assets for each of the two years then ended, their cash flows for the year then ended and their financial highlights for each of the three years then ended, in conformity with accounting principles generally accepted in the United States of America.

For Matisse Closed-End Fund Strategy, the financial highlights for each of the two years in the period ended March 31, 2023, have been audited by other auditors, whose report dated June 7, 2023 and May 30, 2022, expressed an unqualified opinion on such financial highlights.

For Matisse Discounted Bond CEF Strategy, the financial highlights for each of the two years in the period ended March 31, 2023, have been audited by other auditors, whose reports dated June 7, 2023 and May 30, 2022, expressed an unqualified opinion on such financial statements and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Funds' auditor since 2024.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| | |
|:---|:---|
|  | **TAIT, WELLER & BAKER LLP** |
| **Philadelphia, Pennsylvania** |  |
| **May 28, 2026** |  |

---

Matisse Funds

Additional Information (unaudited)

*As of March 31, 2026*

**<u>Tax Information</u>**

We are required to advise you within 60 days of the Fund's fiscal year-end regarding federal tax status of certain distributions received by shareholders during each fiscal year. The following information is provided for the Funds' fiscal year ended March 31, 2026.

Distributions during the fiscal year ended March 31, 2026, were characterized for tax purposes as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary Income** | **Return of Capital** | **Tax Exempt Income** | **Long-Term Capital Gains** |
| Matisse Discounted Closed-End Fund Strategy | $3665293 | $0 | $0 | $3678975 |
| Matisse Discounted Bond CEF Strategy | 2623461 | 0 | 540251 | 1722224 |

---

Dividend and distributions received by retirement plans such as IRAs, Keogh-type plans, and 403(b) plans need not be reported as taxable income. However, many retirement plans may need this information for their annual information meeting.

**Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in early 2027, to determine the calendar year amounts to be included in their 2026 tax returns. Shareholders should consult a tax advisor regarding the tax consequences of investments in the Funds.**

**Changes In and Disagreements with Accountants** (N-CSR Item 8)

There were no changes in, or disagreements with, the accountants during the period.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>** <u>(N-CSR Item 9)</u>

Not applicable

**Remuneration Paid to Directors, Officers and Others** (N-CSR Item 10)

The aggregate compensation paid, on behalf of the Funds, to the Trustees for the period of this report was $19,807. For the period of this report, no special compensation was paid to the Trustees, no compensation was paid to any officer of the Funds, and no compensation was paid to any person of whom any officer or director of the Funds is an affiliated person.

**<u>Approval of Investment Advisory Agreements</u>** <u>(N-CSR Item 11)</u>

In connection with the regular Board meeting held on March 5, 2026, the Board, including a majority of the Independent Trustees, discussed the approval of the continuation of the existing investment advisory agreements between the Trust and the Advisor, with respect to the Funds (the "Existing Investment Advisory Agreements"). The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Existing Investment Advisory Agreements and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Existing Investment Advisory Agreements. In connection with their deliberations regarding approval of the Existing Investment Advisory Agreements, the Trustees reviewed materials prepared by the Advisor.

In deciding on whether to approve the renewal of the Existing Investment Advisory Agreements, the Trustees considered numerous factors, including:

(i) <u>Nature, Extent, and Quality of Services.</u> The Trustees considered the responsibilities of the Advisor under the Investment Advisory Agreements.
 The Trustees reviewed the services being provided by the Advisor to the Matisse Funds including, without limitation, the quality of its
 investment advisory services since the Advisor began managing the Matisse Funds (including research and recommendations with respect to
 portfolio securities); its procedures for formulating investment recommendations and assuring compliance with the Matisse Funds'
 investment objectives, policies and limitations; its coordination of services for the Matisse Funds among the Matisse Funds' service
 providers; and its efforts to promote the Matisse Funds, grow the Matisse Funds' assets, and assist in the distribution of Matisse
 Fund shares (although no portion of the investment advisory fee was targeted to pay distribution expenses). The Trustees evaluated the
 Advisor's staffing, personnel, and methods of operating; the education and experience of the Advisor's personnel; compliance
 program; and financial condition.

Matisse Funds

Additional Information (unaudited)

*As of March 31, 2026*

After reviewing the foregoing information and further information in the memorandum from the Advisor (e.g., descriptions of the Advisor's business, compliance program, and Form ADV), the Board concluded that the nature, extent, and quality of the services provided by the Advisor were satisfactory and adequate for the Matisse Funds.

(ii) <u>Performance.</u> The Trustees compared the performance of the Matisse Funds with the performance of comparable funds with similar strategies managed by
 other investment advisers, applicable peer group data (e.g., Morningstar/Lipper peer group average), and the respective benchmarks of
 the Matisse Funds. The Trustees also considered the consistency of the Advisor's management of the Matisse Funds with each Fund's
 investment objective, policies, and limitations. The Trustees noted that the Matisse Discounted Closed-End Fund Strategy outperformed
 the peer group and category average for all periods shown. The Trustees noted that the Matisse Discounted Bond CEF Strategy slightly underperformed
 the peer group average and benchmark for the one-year period but outperformed the peer group and category averages for the five-year and
 since inception period. It was noted that the Advisor believes that the underperformance was due to the fund investing in taxable and
 municipal fixed income closed-end funds which underperformed high yield bonds for the period.

After reviewing the investment performance of the Matisse Funds, the Advisor's experience managing the Matisse Funds, the historical investment performance, and other factors, the Board concluded that the investment performance of the Matisse Funds and the Advisor was satisfactory.

(iii) <u>Fees and Expenses.</u> The Trustees noted the management fees for the Matisse Funds under each Investment Advisory Agreement. The Trustees
 noted that the management fee for each Fund was higher than the average of the peer group and category but within the range of fees in
 the category. The Trustees noted that the Advisor had indicated the fees were higher due the level of knowledge provided by the Advisor
 and the asset-limited area of the investment universe within the peer group and category. The Trustees considered the Advisor's
 unique research and investment process in evaluating the reasonableness of its management fee. Following this comparison, and upon further
 consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Advisor were not unreasonable in relation
 to the nature and quality of the services provided by the Advisor and that they reflected charges that were within a range of what could
 have been negotiated at arm's length.

(iv) <u>Profitability</u>.
 The Board reviewed the Advisor's profitability analysis in connection with its management of the Matisse Funds over the past twelve
 months. The Board noted that the Advisor realized a very small profit for the Matisse Discounted Closed-End Fund Strategy and the Matisse
 Discounted Bond CEF Strategy for the 12-month period ended December 31, 2025. The Board considered the quality of the Advisor's
 service to the Matisse Funds, and after further discussion, concluded that the Advisor's level of profitability was not excessive.

(v) <u>Economies of Scale.</u> In this regard, the Trustees reviewed the Matisse Funds' operational history and noted that the size of the Matisse
 Funds had not provided an opportunity to realize economies of scale. The Trustees then reviewed the Matisse Funds' fee arrangements
 for breakpoints or other provisions that would allow the Matisse Funds' shareholders to benefit from economies of scale in the future
 as the Matisse Funds grow. The Trustees determined that the maximum management fee would stay the same regardless of the Matisse Funds'
 asset levels but noted the Advisor's willingness to consider breakpoints in the future as assets grow.

<u>Conclusion</u>. Having reviewed and discussed in depth such information from the Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Existing Investment Advisory Agreements and as assisted by the advice of legal counsel, the Trustees concluded that renewal of the Existing Investment Advisory Agreements was fair and reasonable and in the best interest of the shareholders of the Funds.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None during the report period.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7 of this Form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7 of this Form.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

 **Item 15.** **Submission of Matters to a Vote of Security Holders.**

None.

**Item 16.** **Controls and Procedures.**

(a) The
 President and Principal Executive Officer and the Treasurer, Principal Accounting Officer, and Principal Financial Officer have concluded
 that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
 are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company
 Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934, as of a date within 90 days of the filing of this report.

(b) There
 were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
 Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to
 materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not
 applicable.

(b) Not
 applicable.

**Item 19.** **Exhibits.**

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

[Filed herewith.](ex99-coe.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not applicable.

(a)(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act.

[Filed herewith.](ex99-cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report or on behalf of the registrant to 10 or more persons.

Not applicable.

(a)(5) Change in the registrant's independent public accountant.

Not applicable.

(b) Certifications
 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

[Filed herewith.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Starboard Investment Trust<br>/s/ Katherine M. Honey |
| Date:&nbsp;&nbsp;&nbsp;&nbsp; June 8, 2026 | Katherine M. Honey<br> President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | /s/ Katherine M. Honey |
| <br> Date:&nbsp;&nbsp;&nbsp;&nbsp; June 8, 2026 | Katherine M. Honey<br> President and Principal Executive Officer |
|  | /s/ Peter McCabe |
| <br> Date:&nbsp;&nbsp;&nbsp;&nbsp; June 8, 2026 | Peter McCabe<br> Treasurer, Principal Accounting Officer, and Principal Financial Officer |

---

## Ex-99.Code

[Starboard Investment Trust N-CSR](matisse-ncsr_033126.htm)

**E** **xhibit 19(a)(1)**

**Code of Ethics for Principal Officers**

1. <u>Covered Officers/Purpose of the Supplemental Code</u> 

This Code of Ethics applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s). Such persons are referred to in this Code of Ethics as the "Covered Officers." The purpose of this Code of Ethics is to promote the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Full,
 fair, accurate, timely and understandable disclosure in reports and documents that registrant
 files with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 prompt internal reporting of violations of this Code of Ethics to an appropriate person
 or persons identified in the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Accountability
 for adherence to this Code of Ethics.

2. <u>Ethical Handling of Conflicts of Interest</u> 

A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's, Advisor's, and Sub-Advisor's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code of Ethics.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment advisor or administrator, of which the Covered Officers are also officers or employees. As a result, this Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the advisor or administrator, as appropriate, or for both), be involved in establishing policies and implementing decisions that may have different effects on the advisor and administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the advisor or administrator, as appropriate, and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code of Ethics, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

In order to ethically handle both actual and apparent conflicts of interest, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Not
 use his personal influence or personal relationships improperly to influence Investment
 decisions or financial reporting by the Trust whereby the Covered Officer would benefit
 personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Not
 cause the Trust to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Not
 use material non-public knowledge of portfolio transactions made or contemplated for
 the Trust to trade personally or cause others to trade personally in contemplation of
 the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Report
 at least annually any affiliations or other relationships related to conflicts of interest
 that the Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Trust if such situations might have a material adverse effect on the Trust. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Service
 as a trustee on the board of any public company; The receipt of non-nominal gifts (currently
 gifts in excess of $200);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 receipt of entertainment from any company with which the Trust has current or prospective
 business dealings, including investments in such companies, unless such entertainment
 is business-related, reasonable in cost, appropriate as to time and place, and not so
 frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any
 ownership interest in, or any consulting or employment relationship with, any of the
 Service Providers, other than its Advisor, principal underwriter, Administrator or any
 affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A
 direct or indirect financial interest in commissions, transaction charges or spreads
 paid by the Trust for effecting portfolio transactions or for selling or redeeming shares
 other than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

3. <u>Disclosure and Compliance</u> 

Each Covered Officer must act in accordance with the following provisions related to disclosure and compliance requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 Covered Officer should familiarize himself with the disclosure requirements generally
 applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the Trust to others, whether within or outside the Trust, including to the Trustees
 and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Each
 Covered Officer should, to the extent appropriate within his area of responsibility,
 consult with other officers and employees of the Trust and the advisor or administrator,
 as appropriate, with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the Trust files with, or submits to, the SEC
 and in other public communications made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. It
 is the responsibility of each Covered Officer to promote compliance with the standards
 and restrictions imposed by applicable laws, rules and regulations.

4. <u>Reporting and Accountability</u> 

Each Covered Officer must act in accordance with the following provisions related to reporting and accountability under this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon
 adoption of this Code of Ethics (or thereafter as applicable, upon becoming a Covered
 Officer), affirm in writing to the Board that he has received, read, and understands
 the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annually
 thereafter affirm to the Board that he has complied with the requirements of this Code
 of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Not
 retaliate against any other Covered Officer or any employee of the Trust or their affiliated
 persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Promptly
 notify the Audit Committee if he knows of any material violation of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 compliance officer of the Advisor (or such other Trust officer or other investigator
 as the Audit Committee may from time to time designate) (referred in this Code of Ethics
 as the "Investigator") shall take appropriate action to investigate any potential
 violations that are reported:

The Audit Committee is responsible for applying this Code of Ethics to specific situations in which questions are presented under it and has the authority to interpret this Code of Ethics in any particular situation. In addition, the Audit Committee will consider any approvals or waivers sought by a Covered Officer.

The Trust will follow these procedures in investigating and enforcing this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 compliance officer of the Advisor (or such other Trust officer or other investigator
 as the Audit Committee may from time to time designate (referred to in this Code of Ethics
 as the "Investigator") shall take appropriate action to investigate any potential
 violations that are reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If,
 after such investigation, the Investigator believes that no violation has occurred, the
 Investigator is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any
 matter that the Investigator believes is a violation will be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If
 the Audit Committee concurs that a violation has occurred, it will inform and make a
 recommendation to the Board, which will consider appropriate action, which may include
 review of, and appropriate modifications to, applicable policies and procedures; notification
 to appropriate personnel of the investment advisor, administrator, or their boards; or
 a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 Board will be responsible for granting waivers, as appropriate; and

Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed as provided by rules of the SEC.

Any potential violation of this Code of Ethics by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Trust officer or other investigator to investigate the matter.

5. <u>Other Policies and Procedures</u> 

This Code of Ethics shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Advisor, Principal Underwriter, or other service providers govern, or purport to govern, the behavior or activities of the Covered Officers who are subject to this Code of Ethics, they are superseded by this Code of Ethics to the extent that they overlap or conflict with the provisions of this Code of Ethics. The Trust's, Advisor's, Sub-Advisor's, and Principal Underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others and are not part of this Code of Ethics.

6. <u>Amendments</u> 

Any amendments to this Code of Ethics must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

7. <u>Confidentiality</u> 

All reports and records prepared or maintained pursuant to this Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code of Ethics, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

8. <u>Internal Use</u> 

The Code of Ethics is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

[Starboard Investment Trust N-CSR](matisse-ncsr_033126.htm)

**Exhibit 19(a)(3)**

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND<br> SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Katherine M. Honey, certify that:

1. I have reviewed this report on Form N-CSR of the Matisse Discounted Bond CEF Strategy and Matisse Discounted Closed-End Fund
Strategy, each a series of the Starboard Investment Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal controls over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Katherine M. Honey |
| Date: June 8, 2026 |  | Katherine M. Honey<br> President and Principal Executive Officer |

---

**Exhibit 19(a)(3)**

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND<br> SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Peter McCabe, certify that:

1. I have reviewed this report on Form N-CSR of the Matisse Discounted Bond CEF Strategy and Matisse Discounted Closed-End Fund
Strategy, each series of the Starboard Investment Trust;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Peter McCabe |
| Date: June 8, 2026 |  | Peter McCabe<br> Treasurer, Principal Accounting Officer, and Principal Financial Officer |

---

## Exhibit 99.906

[Starboard Investment Trust N-CSR](matisse-ncsr_033126.htm)

**Exhibit 19(b)**

**CERTIFICATION**<br> **PURSUANT TO RULE 30A-2(B) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the annual report of the Matisse Discounted Bond CEF Strategy and Matisse Discounted Closed-End Fund Strategy (together, the "Funds"), each a series of the Starboard Investment Trust on Form N-CSR for the year ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Katherine M. Honey, President and Principal Executive Officer of the Funds, does hereby certify, to her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Funds.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Katherine M. Honey |
| &nbsp;&nbsp;Date: June 8, 2026 |  | &nbsp;&nbsp;Katherine M. Honey<br> President and Principal Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Starboard Investment Trust and will be retained by the Starboard Investment Trust and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.

**Exhibit 19(b)**

**CERTIFICATION**<br> **PURSUANT TO RULE 30A-2(B) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the annual report of the Matisse Discounted Bond CEF Strategy and Matisse Discounted Closed-End Fund Strategy (together, the "Funds"), each a series of the Starboard Investment Trust on Form N-CSR for the year ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Peter McCabe, Treasurer, Principal Accounting Officer, and Principal Financial Officer of the Funds, does hereby certify, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Funds.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Peter McCabe |
| &nbsp;&nbsp;Date: June 8, 2026 |  | &nbsp;&nbsp;Peter McCabe<br> Treasurer, Principal Accounting Officer, and <br> Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Starboard Investment Trust and will be retained by the Starboard Investment Trust and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.