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UNITED\nSTATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM\nN-CSR

Amendment\nNo. 2

CERTIFIED\nSHAREHOLDER REPORT OF REGISTERED

MANAGEMENT\nINVESTMENT COMPANIES

Investment\nCompany Act file number 811-22298

Starboard\nInvestment Trust
(Exact name of registrant\nas specified in charter)

116\nSouth Franklin Street, Rocky Mount, North Carolina 27804

(Address\nof principal executive offices) (Zip code)

Paracorp\nInc.

2140\nSouth Dupont Hwy, Camden, DE 19934

(Name\nand address of agent for service)

Registrant’s\ntelephone number, including area code: 252-972-9922

Date\nof fiscal year end: March 31

Date\nof reporting period: March 31, 2026

EXPLANATORY NOTE

The purpose of this amendment is to correct erroneous references to\na statement of cash flows in the Report of Independent Registered Public Accounting Firm.

\n \n \n \n

Item 1.

Report to Stockholders

(a)\n

Matisse\nDiscounted Closed-End Fund Strategy Tailored\nShareholder Report

Matisse\nDiscounted Closed-End Fund Strategy

Institutional\nClass

Ticker:\nMDCEX

Annual\nShareholder Report March 31, 2026

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

What\nwere the Fund costs for the past year?
(based\non a hypothetical $10,000 investment)

\n \n \n \n \n \n \n \n \n

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

How\ndid the Fund perform last year and what affected its performance?

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

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

Overall,\ndiscounts in the closed-end fund universe were a headwind for our Fund’s performance during the period, as the average discount\nwidened from -4.58% to -6.18%. However, our disciplined execution of our discount capture strategy paid off, as “discount capture”\ncontributed +490 bps to our Fund performance during the period.

The\nthree largest contributors to performance were:

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

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

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

The\nthree largest negative contributors to performance were:

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

•\n Malibu Life Holdings, which lost -38.04%, primarily due to a sharp widening of its discount post its conversion from a Closed-End\nFund (Third Point) to a life insurance operating company in September. As part of the conversion, the company tendered for some\nof 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\nsee tremendous upside opportunity in Malibu Life, although there is of course no guarantee.

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

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

How\ndid the Fund perform in the
last ten years?

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Date	\n Matisse Discounted Closed-End Fund ($29,412)	\n Morningstar Global Allocation Index ($20,401)	\n S-Network Composite Closed-End Fund Total Return Index ($19,997)	\n First Trust Composite Closed-End Fund Index ($19,661)
\n 3/31/2016	\n 10000	\n 10000	\n 10000	\n 10000
\n 3/31/2017	\n 12027	\n 10956	\n 11640	\n 11499
\n 3/31/2018	\n 13336	\n 12211	\n 12430	\n 12046
\n 3/31/2019	\n 14207	\n 12483	\n 12941	\n 12849
\n 3/31/2020	\n 9659	\n 11828	\n 11122	\n 10872
\n 3/31/2021	\n 15907	\n 15766	\n 15969	\n 15477
\n 3/31/2022	\n 18179	\n 16004	\n 16268	\n 15686
\n 3/31/2023	\n 17514	\n 14844	\n 14615	\n 14059
\n 3/31/2024	\n 22094	\n 16952	\n 16754	\n 15964
\n 3/31/2025	\n 24361	\n 17901	\n 18338	\n 17736
\n 3/31/2026	\n 29412	\n 20401	\n 19997	\n 19661

$\"line\"$

Average\nAnnual Total Returns

(as\nof March\n31, 2026)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n 1\n \nYear	\n 5\n \nYears	\n 10\n \nYears
\n Matisse\n Discounted \n Closed-End\n Fund Strategy	\n 20.73%	\n 13.08%	\n 11.39%
\n Morningstar\n Global Allocation Index	\n 13.96%	\n 5.29%	\n 7.39%
\n S-Network\n Composite Closed-End Fund Index	\n 9.05%	\n 4.60%	\n 7.18%
\n First\n Trust Composite \n Closed-End\n Fund Index	\n 10.85%	\n 4.90%	\n 6.99%

Visit\nhttps://fundinfopages.com/MDCEX\nfor more recent performance information.

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

Matisse\nDiscounted Closed-End Fund Strategy Tailored\nShareholder Report

Key\nFund Statistics

(as\nof March\n31, 2026)

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Net\n Assets	\n $64,879,254
\n Number\n of Holdings	\n 37
\n Net\n Advisory Fee	\n $597,067
\n Portfolio\n Turnover Rate	\n 31.38%

What\ndid the Fund invest in?

(as\nof March\n31, 2026)

Breakdown\nby Security Type (%\nof net assets)

\n \n \n \n \n \n \n \n \n \n

\n sector	\n %
\n Closed-End Funds	\n 1.04
\n Short-Term Investment	\n 0.003

$\"bar\"$

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

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

Additional\nInformation

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

Matisse\nDiscounted Closed-End Fund Strategy Tailored\nShareholder Report

Matisse\nDiscounted Bond CEF Strategy Tailored\nShareholder Report

Matisse\nDiscounted Bond CEF Strategy

Institutional\nClass

Ticker:\nMDFIX

Annual\nShareholder Report March 31, 2026

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

What\nwere the Fund costs for the past year?
(based\non a hypothetical $10,000 investment)

\n \n \n \n \n \n \n \n \n

\n Fund\n Name	\n Costs\n of a $10,000 investment	\n Costs\n paid as a percentage of a $10,000 investment
\n Matisse\n Discounted Bond CEF Strategy	\n $127	\n 1.24%

How\ndid the Fund perform last year and what affected its performance?

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

Our\nFund’s longer duration (via a high exposure to long duration, high credit quality, Municipal Bond CEFs) was a headwind, as longer-term\ninterest rates generally rose.

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

The\nthree largest contributors to performance were:

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

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

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

The\nthree largest negative contributors to performance were:

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

•\nPIMCO 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\nprimarily by at-NAV decline and in part by some discount widening.

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

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

How\ndid the Fund perform since inception?

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Date	\n Matisse Discounted Bond CEF Strategy ($15,658)	\n Bloomberg US Aggregate Bond Index ($10,051)	\n Bloomberg VLI High Yield Index ($14,150)	\n FT Taxable Fixed Income CEF Index ($15,010)
\n 4/30/2020	\n 10000	\n 10000	\n 10000	\n 10000
\n 3/31/2021	\n 13134	\n 9895	\n 11654	\n 13210
\n 3/31/2022	\n 13000	\n 9484	\n 11526	\n 12780
\n 3/31/2023	\n 12185	\n 9030	\n 11077	\n 11551
\n 3/31/2024	\n 13835	\n 9184	\n 12294	\n 13611
\n 3/31/2025	\n 15012	\n 9632	\n 13181	\n 15050
\n 3/31/2026	\n 15658	\n 10051	\n 14150	\n 15010

$\"line\"$

Average\nAnnual Total Returns

(as\nof March\n31, 2026)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

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

Visit\nhttps://fundinfopages.com/MDFIX\nfor more recent performance information.

Matisse\nDiscounted Bond CEF Strategy Tailored\nShareholder Report

Key\nFund Statistics

(as\nof March\n31, 2026)

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n Net\n Assets	\n $53,013,282
\n Number\n of Holdings	\n 28
\n Net\n Advisory Fee	\n $342,169
\n Portfolio\n Turnover Rate	\n 62.71%

What\ndid the Fund invest in?

(as\nof March\n31, 2026)

Breakdown\nby Security Type (%\nof net assets)

\n \n \n \n \n \n \n \n \n \n

\n sector	\n %
\n Closed-End Funds	\n 68.4%
\n Short-Term Investment	\n 31.4%

$\"bar\"$

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

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

Additional\nInformation

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

Matisse\nDiscounted Bond CEF Strategy Tailored\nShareholder Report

\n \n \n \n

(b)

Not applicable.

\n \n \n \n

Item 2.

Code of Ethics.

\n \n \n \n

(a)

The\n 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\n executive officer, principal accounting officer, and principal financial officer or controller, or persons performing similar functions,\n regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

\n \n \n \n

(c)

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

\n \n \n \n

(d)

During\n the period covered by this report, the\n registrant did not grant any waivers to the provisions of the Code of Ethics.

\n \n \n \n

(e)

Not\n applicable.

\n \n \n \n

(f)(1)

A\n copy of the Code of Ethics is filed with this Form N-CSR as Exhibit 19(a)(1).

\n \n \n \n

Item 3.

Audit Committee Financial Expert.

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

As\nof the date of this report, the registrant’s audit committee financial expert is Mr. James H. Speed, Jr. Mr. Speed is “independent”\nfor purposes of Item 3 of Form N-CSR.

\n \n \n \n

Item 4.

Principal Accountant Fees and Services

\n \n \n \n

(a)

Audit\n Fees

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

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

\n \n \n \n \n \n \n \n \n \n

Funds	March\n 31, 2025
Matisse\n Discounted Closed-End Fund Strategy	$12,000
Matisse\n Discounted Bond CEF Strategy	$12,000

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

\n \n \n \n \n \n \n \n \n \n

Funds	March\n 31, 2026
Matisse\n Discounted Closed-End Fund Strategy	$12,250
Matisse\n Discounted Bond CEF Strategy	$12,250

\n \n \n \n

(b)

Audit-Related\n Fees

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

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

\n \n \n \n

(c)

Tax\n Fees

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

\n \n \n \n \n \n \n \n \n \n

Funds	March\n 31, 2025
Matisse\n Discounted Closed-End Fund Strategy	$3,000
Matisse\n Discounted Bond CEF Strategy	$3,000

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

\n \n \n \n \n \n \n \n \n \n

Funds	March\n 31, 2026
Matisse\n Discounted Closed-End Fund Strategy	$3,000
Matisse\n Discounted Bond CEF Strategy	$3,000

\n \n \n \n

(d)

All\n Other Fees

There\nwere 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\nAccountant, other than the services reported in paragraphs (a) through (c) of this item.

\n \n \n \n

(e)(1)

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

\n \n \n \n

(2)

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

\n \n \n \n

(f)

Not\n applicable.

\n \n \n \n

(g)

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

\n \n \n \n \n \n \n \n \n \n

Funds	March\n 31, 2025
Matisse\n Discounted Closed-End Fund Strategy	$3,000
Matisse\n Discounted Bond CEF Strategy	$3,000

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

\n \n \n \n \n \n \n \n \n \n

Funds	March\n 31, 2026
Matisse\n Discounted Closed-End Fund Strategy	$3,000
Matisse\n Discounted Bond CEF Strategy	$3,000

\n \n \n \n

(h)

Not\n applicable.

\n \n \n \n

(i)

Not\n applicable.

\n \n \n \n

(j)

Not\n applicable.

\n \n \n \n

Item 5.

Audit Committee of Listed Registrants.

\n \n \n \n

(a)

The\n 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\n established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The Fund’s audit committee members are James H.\n Speed, Jr., J. Buckley Strandberg, and Theo H. Pitt, Jr.

\n \n \n \n

(b)

Not\n applicable.

\n \n \n \n

Item 6.

Investments

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

\n \n \n \n

Item 7.

Financial Statements and Financial Highlights for Open-End\n Management Investment Companies.

Annual\nFinancial Statements

As\nof March 31, 2026

$\"\"$

Matisse\nDiscounted Closed-End Fund Strategy (MDCEX)

Matisse\nDiscounted Bond CEF Strategy (MDFIX)

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

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

TABLE\nOF CONTENTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Schedule\n of Investments (N-CSR Item 6)	3
Financial\n Statements (N-CSR Item 7)
Statement\n of Assets and Liabilities	6
Statement\n of Operations	7
Statements\n of Changes in Net Assets	8
Financial\n Highlights	9
Notes\n to Financial Statements	11
Report\n of Independent Registered Public Accounting Firm	19
Tax\n Information	20
Changes\n In and Disagreements with Accountants (N-CSR Item 8)	20
Proxy\n Disclosures for Open-End Management Investment Companies (N-CSR Item 9)	20
Renumeration\n Paid to Directors, Officers and Others (N-CSR Item 10)	20
Approval\n of Investment Advisory Agreement (N-CSR Item 11)	20

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Matisse Discounted Closed-End Fund Strategy
Schedule of Investments
As of March 31, 2026
	Shares		Value
Closed-End Funds - 104.01%
Bexil Investment Trust		141,063		$	2,079,833
BlackRock Technology and Private Equity Term Trust		380,000			2,508,000
Bluerock Private Real Estate Fund		160,000			2,657,600
Central and Eastern Europe Fund Inc.		33,995			622,109
Central Securities Corp.(d)		40,000			1,986,400
Clough Global Dividend and Income Fund		232,798			1,378,164
Clough Global Equity Fund		45,982			346,244
Clough Global Opportunities Fund		298,611			1,663,263
Destra Multi-Alternative Fund		268,000			2,173,480
European Equity Fund Inc./The		141,440			1,398,842
EXOR NV		8,000			616,000
FS Credit Opportunities Corp.		470,000			2,397,000
FS Specialty Lending Fund		190,000			2,376,900
Highland Global Allocation Fund/CEF		290,000			2,328,700
Highland Opportunities and Income Fund		380,000			2,169,800
Korea Fund Inc./The (d)		49,895			2,240,286
Malibu Life Holdings Ltd. (a)		130,000			2,070,250
Mexico Equity and Income Fund Inc/The		132,000			1,702,800
Mexico Fund Inc./The		130,000			2,720,900
Morgan Stanley China A Share Fund Inc.		109,619			1,918,333
Neuberger Next Generation Connectivity Fund Inc.		129,790			1,670,397
NexPoint Diversified Real Estate Trust		898,457			4,195,792
North Atlantic Smaller Companies Investment Trust plc		130,000			576,363
Pershing Square Holdings Ltd./Fund		62,368			3,342,925
PIMCO California Municipal Income Fund		112,411			964,486
Royce Global Trust Inc.		188,000			2,512,056
Saba Capital Income & Opportunities Fund		41,493			279,663
SRH Total Return Fund Inc.		140,000			2,394,000
Taiwan Fund Inc./The/MD (d)		52,000			3,418,480
Templeton Dragon Fund Inc.		210,000			2,228,100
Tetragon Financial Group Ltd.		319,771			4,476,794
Total Return Securities Fund		259,717			1,540,122
XAI Octagon Floating Rate Alternative Income Trust		148,000			2,542,640
Total Closed-End Funds (Cost $58,897,413)					67,496,722

Short-Term Investment - 0.33%
Fidelity Treasury Portfolio, 3.53%(b) (Cost $211,523)					211,523

Investments, at Value (Cost $59,108,936) - 104.36%					67,708,245
Liabilities in Excess of Other Assets - (4.36)%					(2,828,991	)
Net Assets - 100.00%				$	64,879,254

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(a)	Non-income\n producing investment
(b)	Represents\n 7-day effective yield as of March 31, 2026
(c)	Each\n 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\n or a portion of the security has been pledged as collateral in connection with the reverse repurchase agreements. As of March 31, 2026,\n the valued pledge as $7,645,166

See Notes to Financial Statements

Schedule of Reverse Repurchase Agreements
Counterparty	Interest Rate			Trade Date		Maturity Date		Net Closing Amount		Face Value
UMB Bank (a)		5.50	%		02/06/26		07/06/26		(2,000,000	)	(2,000,000	)
UMB Bank (a)		5.50	%		03/02/26		08/02/26		(500,000	)	(500,000	)
UMB Bank (a)		5.50	%		03/30/26		08/30/26		(400,000	)	(400,000	)
									(2,900,000	)	(2,900,000	)

\n \n \n \n

(a)

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

See Notes\nto Financial Statements

Matisse Discounted Bond CEF Strategy
Schedule of Investments
As of March 31, 2026
	Shares		Value
Closed-End Funds - 68.40%
Abrdn National Municipal Income Fund		174,693		$	1,739,942
BlackRock Municipal 2030 Target Term Trust		81,562			1,851,457
BlackRock MuniHoldings California Quality Fund Inc.		78,600			817,440
BlackRock MuniYield New York Quality Fund Inc.		71,419			685,622
Blackstone Long-Short Credit Income Fund		170,000			1,853,000
BrandywineGLOBAL Global Income Opportunities Fund Inc.		145,866			1,118,792
Eaton Vance Floating-Rate Income Trust		4,127			44,283
Eaton Vance Senior Income Trust		27,527			137,360
Federated Hermes Premier Municipal Income Fund		117,731			1,286,800
FS Credit Opportunities Corp.		410,000			2,091,000
FS Specialty Lending Fund		160,000			2,001,600
Invesco Senior Income Trust		600,000			1,932,000
MFS High Income Municipal Trust		73,090			271,164
MFS High Yield Municipal Trust		98,712			353,389
MFS Investment Grade Municipal Trust		47,998			383,504
MFS Municipal Income Trust		27,412			147,751
Neuberger Municipal Fund Inc.		135,900			1,379,385
Nuveen Credit Strategies Income Fund		314,469			1,531,464
Nuveen Floating Rate Income Fund/Closed-end Fund		250,000			1,880,000
Nuveen Pennsylvania Quality Municipal Income Fund		34,440			410,869
PIMCO California Municipal Income Fund		588,502			5,049,347
PIMCO New York Municipal Income Fund II		618,726			4,238,273
RiverNorth Flexible Municipal Income Fund II Inc		49,190			622,254
Western Asset Inflation-Linked Income Fund		53,254			430,292
Western Asset Inflation-Linked Opportunities & Income Fund		230,000			1,945,800
Western Asset Intermediate Muni Fund Inc.		4,147			31,849
XAI Octagon Floating Rate Alternative Income Trust		118,000			2,027,240
Total Closed-End Funds (Cost $37,910,260)					36,261,877

Short-Term Investment - 31.36%
Fidelity Treasury Portfolio, 3.53%(a) (Cost $16,626,729)					16,626,729

Investments, at Value (Cost $54,536,989) - 99.76%					52,888,606
Other Assets Less Liabilities - 0.24%					124,676
Net Assets - 100.00%				$	53,013,282

\n \n \n \n

(a)

Represents 7-day effective yield\n as of March 31, 2026

\n \n \n \n

(b)

Each underlying fund’s shareholder\n report and registration statement are available free of charge on the SEC’s website at https://www.sec.gov.

See\nNotes to Financial Statements

Statement of Assets and Liabilities
As of March 31, 2026

	Matisse\n Discounted Closed-End Fund Strategy		Matisse\n Discounted Bond CEF Strategy
Assets:
Investments, at value	$	67,708,245		$	52,888,606
Cash		45,006			—
Receivable for investments sold		—			6,385
Dividends receivable		97,955			112,133
Interest receivable		749			55,205
Fund shares sold receivable		28,240			9,194
Prepaid expenses		5,046			6,810
Total assets		67,885,241			53,078,333
Liabilities:
Reverse repurchase agreements		2,900,000			—
Fund shares purchased payable		2,404			—
Accrued expenses:
Advisory Fees		54,212			30,201
Professional fees		20,237			20,141
Administration fees		1,104			952
Transfer agent fees		416			—
Trustee fees		3,168			544
Compliance fees		122			2,657
Interest expense		12,778			—
Operational expenses		11,545			10,556
Total liabilities		3,005,987			65,051
Total Net Assets	$	64,879,254		$	53,013,282
Net Assets Consist of:
Paid in capital	$	58,237,730		$	54,010,443
Accumulated earnings		6,641,524			(997,161	)
Total Net Assets	$	64,879,254		$	53,013,282
Capital Shares Outstanding, no par value (unlimited authorized shares)		8,824,305			5,265,550
Net Asset Value, Per Share	$	7.35		$	10.07
Investments, at cost	$	59,108,936		$	54,536,989

See Notes to Financial Statements

Statement of Operations
For the fiscal year ended March 31, 2026
	Matisse\n Discounted Closed-End Fund Strategy		Matisse\n Discounted Bond CEF Strategy
Investment Income:
Dividends	$	2,707,956		$	1,981,761
Interest		83,978			680,110
Total Investment Income		2,791,934			2,661,871
Expenses:
Advisory fees		597,067			342,169
Interest expenses		19,597			—
Administration fees		78,711			64,498
Professional fees		43,564			47,290
Registration and filing expenses		32,976			28,441
Fund accounting fees		44,137			41,322
Transfer agent fees		24,290			24,081
Compliance fees		32,464			32,764
Shareholder fulfillment fees		21,118			27,826
Custody fees		18,710			17,214
Trustee fees and meeting expenses		8,590			10,200
Insurance fees		4,283			4,214
Security pricing fees		9,609			8,135
Miscellaneous expenses		7,570			4,930
Total Expenses		942,686			653,084

Net Investment Income		1,849,248			2,008,787
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain from investment transactions		3,907,908			3,063,264
Capital gain distributions from underlying funds		331,147			—
Net change in unrealized appreciation on investments		5,101,521			(2,988,417	)
Net Realized and Unrealized Gain (Loss) on Investments		9,340,576			74,847

Net Increase in Net Assets Resulting from Operations	$	11,189,824		$	2,083,634

See Notes to Financial Statements

Statements of Changes in Net Assets
	Matisse\n Discounted Closed-End Fund Strategy			Matisse\n Discounted Bond CEF Strategy
For the fiscal year ended March 31,	2026			2025			2026		2025
Operations:
Net investment income	$	1,849,248			$	592,104		$	2,008,787		$	2,386,246
Net realized gain from investment transactions		3,907,908				3,827,655			3,063,264			2,672,286
Capital gain distributions from underlying funds		331,147				21,465			—			—
Net change in unrealized appreciation (depreciation) on investments		5,101,521				154,478			(2,988,417	)		(442,691	)
Net Increase in Net Assets Resulting from Operations		11,189,824				4,595,702			2,083,634			4,615,841
Distributions to Shareholders:
Distributable Earnings		(7,344,268	)			(5,629,766	)		(4,345,686	)		(2,386,246	)
Return of Capital		—				—			—			(1,554,546	)
Net Decrease in Net Assets Resulting from Distributions		(7,344,268	)			(5,629,766	)		(4,345,686	)		(3,940,792	)
Capital Share Transactions:
Shares sold		14,489,415				10,490,149			11,817,704			24,378,877
Reinvested dividends and distributions		6,267,910				4,475,182			4,195,716			3,835,200
Shares repurchased		(11,124,629	)			(9,479,431	)		(15,274,150	)		(24,240,906	)
Net Increase in Net Assets Resulting from Capital Share Transactions		9,632,696				5,485,900			739,270			3,973,171
Net Increase (Decrease) in Net Assets		13,478,252				4,451,836			(1,522,782	)		4,648,220
Net Assets:
Beginning of Year		51,401,002				46,949,166			54,536,064			49,887,844
End of Year	$	64,879,254			$	51,401,002		$	53,013,282		$	54,536,064
Share Information:
Shares sold		1,902,011				1,500,904			1,130,635			2,270,613
Shares from reinvested dividends and distributions		822,443				654,665			405,012			362,857
Shares repurchased		(1,438,327	)			(1,359,093	)		(1,468,284	)		(2,248,415	)
Net Increase in Capital Shares		1,286,127				796,476			67,363			385,055

See Notes to Financial Statements

Matisse Discounted Closed-End Fund Strategy
Financial Highlights
	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:
Net investment income (a)		0.22				0.09			0.13			0.15			0.01
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:
Net investment income		(0.18	)			(0.48	)		(0.34	)		(0.20	)		(0.54	)
Capital gains		(0.70	)			(0.33	)		(0.19	)		—			(2.92	)
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)	$	64,879			$	51,401		$	46,949		$	37,266		$	43,069

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	%

\n \n \n \n

(a)

Calculated using the average shares method.

\n \n \n \n

(b)

The expenses of the underlying funds\n are excluded from the Fund’s expense ratio.

\n \n \n \n

(c)

Includes interest expense of 0.03%,\n 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\nNotes to Financial Statements

Matisse Discounted Bond CEF Strategy
Financial Highlights
	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:
Net investment income (a)		0.40				0.44			0.47			0.55			0.32
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:
Net investment income		(0.67	)			(0.44	)		(0.46	)		(0.57	)		(0.52	)
Capital gains		(0.19	)			—			—			(0.09	)		(0.55	)
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)	$	53,013			$	54,536		$	49,888		$	39,133		$	32,185

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	%

\n \n \n \n

(a)

Calculated using the average shares method.

\n \n \n \n

(b)

The expenses of the underlying funds are excluded from the Fund’s\n expense ratio.

\n \n \n \n

(c)

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

See\nNotes to Financial Statements

Matisse\nFunds

Notes\nto Financial Statements

As\nof March 31, 2026

\n \n \n \n

1.	Organization\n and Significant Accounting Policies

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

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

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

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

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

Investment\nValuation

The\nFunds’ investments in securities are carried at market value. Securities listed on an exchange or quoted on a national market system\nare 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\nvalued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no\nsale 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\nless are valued at amortized cost, which approximates market value. Investments in open-end investment companies are valued at their respective\nnet asset values as reported by such investment companies. Securities and assets for which representative market quotations are not readily\navailable (e.g., if the exchange on which the security is principally traded closes early or if trading of the particular security is\nhalted during the day and does not resume prior to the Funds’ net asset value calculation) or which cannot be accurately valued\nusing the Funds’ normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees.\nA security’s “fair value” price may differ from the price next available for that security using the Funds’ normal\npricing procedures. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price\nper share, which is different than the net asset value per share. The difference represents a market premium or market discount of such\nshares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased\nby the Funds will not change.

Fair\nValue Measurement

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

Various\ninputs are used in determining the value of each Fund’s investments. These inputs are summarized in the three broad levels listed\nbelow:

\n \n \n \n

Level\n 1:

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

\n \n \n \n

Level 2:

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

\n \n \n \n

Level 3:

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

Matisse\nFunds

Notes\nto Financial Statements

As\nof March 31, 2026

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

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

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

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

Matisse\nDiscounted Closed-End Fund Strategy

	Total		Level 1			Level 2		Level 3 (a)
Assets
Closed-End Funds	$	67,496,722		$	67,496,722		$	—	$	—
Short-Term Investment		211,523			211,523			—		—
Total Assets	$	67,708,245		$	67,708,245		$	—	$	—

Liabilities
Reverse repurchase agreements	$	2,900,000			—		$	2,900,000		—
Total Liabilities	$	2,900,000		$	—		$	2,900,000	$	—

Matisse\nDiscounted Bond CEF Strategy

	Total		Level 1			Level 2		Level 3 (a)
Assets
Closed-End Funds	$	36,261,877		$	36,261,877		$	—	$	—
Short-Term Investment		16,626,729			16,626,729			—		—
Total Assets	$	52,888,606		$	52,888,606		$	—	$	—

\n \n \n \n

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

Investment\nTransactions and Investment Income

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

Distributions

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

Estimates

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

Matisse\nFunds

Notes\nto Financial Statements

As\nof March 31, 2026

Expenses

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

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

Federal\nIncome Taxes

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

\n \n \n \n

2.	Transactions\n with Related Parties

Advisor

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

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fund	Advisory Fee Rate (a)			Amount Earned
Matisse Discounted Closed-End Fund Strategy		0.95	%		$	597,067
Matisse Discounted Bond CEF Strategy		0.65	%			342,169
(a) Prior to August 1, 2024, the advisory fee rate was 0.99% with a contractual expense limitation\n 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\n Discounted Bond CEF Strategy. The contractual expense limitations were in effect through July 31, 2024 and were not renewed upon their\n expiration.

\n \n \n \n

3.	Trustees\n and Officers

The\nTrust is governed by the Board of Trustees, which is responsible for the management and supervision of the Funds. The Trustees meet periodically\nthroughout the year to review contractual agreements with companies that furnish services to the Funds; review performance of the Advisor\nand the Funds; and oversee activities of the Funds. Officers of the Trust and Trustees who are interested persons of the Trust or the\nAdvisor will receive no salary or fees from the Trust. Effective January 1, 2026, each Trustee who is not an “interested person”\nof the Trust or the Advisor within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustee”)\nreceives $2,500 per series per year, $500 per meeting attended, $250 per committee meeting attended, and $2,500 per series special meeting\nattended. Prior to January 1, 2026, the Independent Trustees received $2,400 per series per year, $500 per meeting attended, $200 per\ncommittee meeting attended, and $1,000 per special meeting attended. The Trust reimburses each Trustee and officer of the Trust for his\nor her travel and other expenses related to attendance of Board meetings. Additional fees were incurred during the year as special meetings\nwere necessary in addition to the regularly scheduled meetings of the Board of Trustees. Certain officers of the Trust may also be officers\nof the Administrator and receive no compensation from the Trust for serving as officers.

\n \n \n \n

4.	Purchases\n and Sales of Investment Securities

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

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	$	31,699,699		$	19,056,585		$	—	$	—
Matisse Discounted Bond CEF Strategy Fund		22,063,710			22,512,607			—		—

\n \n \n \n

5.	Risks\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Matisse\n Discounted Closed-End Fund Strategy	Matisse\n Discounted Bond CEF Strategy
Closed-End\n Fund Risk	X	X
Control\n of Closed-End Funds Risk	X	X
Convertible\n Securities Risk		X
Credit\n Risk		X
Cybersecurity\n Risk	X	X
Derivatives\n Risk		X

Matisse\nFunds

Notes\nto Financial Statements

As\nof March 31, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

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

Closed-End\nFund Risk. Closed-end funds involve investment risks different from those associated with other investment companies. First, the shares\nof 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\nfund 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\nmay increase and affect whether the Fund will a realize gain or loss on the investment. Second, many closed-end funds use leverage, or\nborrowed money, to try to increase returns. Leverage is a speculative technique and its use by a closed-end fund entails greater risk\nand 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\nbe magnified. The closed-end fund will also have to pay interest or dividends on its leverage, reducing the closed-end fund's return.\nThird, many closed-end funds have a policy of distributing a fixed percentage of net assets regardless of the fund’s actual interest\nincome and capital gains. Consequently, distributions by a closed-end fund may include a return of capital, which would reduce the fund’s\nnet asset value and its earnings capacity. Finally, closed-end funds are allowed to invest in a greater amount of illiquid securities\nthan open-end mutual funds. Investments in illiquid securities pose risks related to uncertainty in valuations, volatile market prices,\nand limitations on resale that may have an adverse effect on the ability of the fund to dispose of the securities promptly or at reasonable\nprices.

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

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

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

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

Matisse\nFunds

Notes\nto Financial Statements

As\nof March 31, 2026

Derivatives\nRisk. The closed-end funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying\nsecurity, currency, or index. The closed-end fund’s use of derivatives may involve risks different from, or greater than, the risks\nassociated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and may perform\nin ways unanticipated by the closed-end fund’s investment advisor and may not be available at the time or price desired. The closed-end\nfunds’ use of derivatives involves the risk that the other party to the derivative contract will fail to make required payments\nor otherwise to comply with the terms of the contract. In the event the counterparty to a derivative instrument becomes insolvent, the\nclosed-end fund potentially could lose all or a large portion of its investment in the derivative instrument. Derivatives transactions\ncan create investment leverage and may be highly volatile, and the closed-end fund could lose more than the amount it invests. In addition,\nderivatives transactions can increase the closed-end fund’s transaction costs. Derivatives may be difficult to value and highly\nilliquid, 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\nprice. Derivative positions may also be improperly executed or constructed. Use of derivatives may affect the amount the timing and the\ncharacter of distributions to shareholders and, therefore, may increase the amount of taxes payable by shareholders.

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

The\nregulation of the derivatives markets has increased over the past several years and additional future regulation of the derivatives markets\nmay make derivatives more costly, may limit the availability or liquidity of derivatives, or may otherwise adversely affect the value\nor performance of derivatives. Any such adverse developments could impair the effectiveness of a closed-end fund’s derivatives transactions\nand cause a closed-end fund to lose value. For instance, in December 2015, the SEC proposed a new rule that would change the regulation\nof the use of derivatives by registered investment companies. If adopted as proposed, these regulations could significantly limit or impact\na closed-end fund’s ability to invest in derivatives and other instruments, limit a closed-end fund’s ability to employ certain\nstrategies that use derivatives, and adversely affect a closed-end fund’s performance, efficiency in implementing its strategy,\nliquidity and ability to pursue its investment objective.

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

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

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

Matisse\nFunds

Notes\nto Financial Statements

As\nof March 31, 2026

\n \n \n \n

●

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

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

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

Interest\nRate Risk. Interest rate risk is the risk that fixed income prices overall will decline over short or even long periods of time due\nto rising interest rates. Securities with longer maturities and durations tend to be more sensitive to interest rates than securities\nwith 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\napproximately 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\na 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\na duration of 2 years would be expected to fall approximately 2.0% if interest rates rose by 1.0%.

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

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

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

Investment\nAdvisor Risk. The Advisor’s ability to choose suitable investments has a significant impact on the ability of the Fund to achieve\nits investment objectives.

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

Matisse\nFunds

Notes\nto Financial Statements

As\nof March 31, 2026

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

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

Management\nStyle Risk. Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.\nThe returns from the types of investments purchased by the Fund (e.g., closed-end funds which pay regular periodic cash distributions)\nmay 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\nbetter or worse than the market in general. The performance of the Fund may thus be better or worse than the performance of funds that\nfocus on other types of investments, or that have a broader investment style.

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

Money\nMarket Mutual Fund Risk. The Fund may invest in money market mutual funds in order to manage its cash component. An investment in\na money market mutual fund is not insured or guaranteed by a Federal Deposit Insurance Corporation or any other government agency. Although\nsuch 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\na money market mutual fund.

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

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

\n \n \n \n

6.	Federal\n Income Tax

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

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

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Ordinary Income		Return of Capital			Tax Exempt Income		Long-Term Capital Gains
Matisse Discounted Closed-End Fund Strategy	$	3,665,293		$	—		$	—	$	3,678,975
Matisse Discounted Bond CEF Strategy		2,623,461			—			540,251		1,722,224

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Ordinary Income		Return of Capital			Tax Exempt Income		Long-Term Capital Gains
Matisse Discounted Closed-End Fund Strategy	$	3,348,406		$	—		$	—	$	—
Matisse Discounted Bond CEF Strategy		1,707,086			1,554,546			679,160		—

Matisse\nFunds

Notes\nto Financial Statements

As\nof March 31, 2026

At\nMarch 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	$	61,668,540			$	54,536,989
Gross Unrealized Appreciation		13,785,776				577,315
Gross Unrealized Depreciation		(7,746,071	)			(2,225,698	)
Net Unrealized Appreciation (Depreciation)		6,039,705				(1,648,383	)
Spillback Distribution - Long Term		601,819				651,222
Accumulated Earnings (Deficit)	$	6,641,524			$	(997,161	)

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

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

\n \n \n \n

7.	Beneficial\n Ownership

The\nbeneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control\nof 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\nMatisse Discounted Closed-End Fund Strategy and 77.3% of the Matisse Discounted Bond CEF Strategy, respectively. The Funds have no knowledge\nas to whether all or any portion of the shares of record owned by [ ] are also owned beneficially.

\n \n \n \n

8.	Commitments\n and Contingencies

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

\n \n \n \n

9.	Recently\n Adopted Accounting Pronouncement

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

10.\nSubsequent Events

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

REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To\nthe Board of Trustees of Starboard Investment Trust

and\nShareholders of Matisse Discounted Closed-End Fund Strategy

and\nMatisse Discounted Bond CEF Strategy

Opinion\non the Financial Statements

We\nhave audited the accompanying statements of assets and liabilities of Matisse Discounted Closed-End Fund Strategy Fund and Matisse\nDiscounted Bond CEF Strategy Fund (the “Funds”), each a series of Starboard Investment Trust, including the schedule of\ninvestments, as of March 31, 2026, the related statements of operations for the year then ended and the statements of changes in net\nassets for each of the two years then ended and financial highlights for each of the three years then ended, and the related notes\n(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in\nall material respects, the financial position of the Funds as of March 31, 2026, the results of their operations for the year then\nended, the changes in their net assets for each of the two years then ended, and their financial highlights for each of the three\nyears 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\nof 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,\n2022, expressed an unqualified opinion on such financial highlights.

For Matisse Discounted Bond CEF Strategy, the financial highlights for\neach 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\n30, 2022, expressed an unqualified opinion on such financial statements and financial highlights.

Basis\nfor Opinion

These financial statements are the responsibility of the Funds’ management.\nOur responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm\nregistered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent\nwith respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities\nand 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.\nThose standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free\nof material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit\nof its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control\nover financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over\nfinancial reporting. Accordingly, we express no such opinion.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n


	TAIT,\n WELLER & BAKER LLP
Philadelphia,\n Pennsylvania
May\n 28, 2026

Matisse\nFunds

Additional\nInformation (unaudited)

As\nof March 31, 2026

Tax\nInformation

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

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Ordinary Income		Return of Capital			Tax Exempt Income		Long-Term Capital Gains
Matisse Discounted Closed-End Fund Strategy	$	3,665,293		$	0		$	0	$	3,678,975
Matisse Discounted Bond CEF Strategy		2,623,461			0			540,251		1,722,224

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

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

Changes\nIn and Disagreements with Accountants (N-CSR Item 8)

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

Proxy\nDisclosures for Open-End Management Investment Companies (N-CSR Item 9)

Not\napplicable

Remuneration\nPaid to Directors, Officers and Others (N-CSR Item 10)

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

Approval\nof Investment Advisory Agreements (N-CSR Item 11)

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

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

\n \n \n \n

(i)

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

Matisse\nFunds

Additional\nInformation (unaudited)

As\nof March 31, 2026

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

\n \n \n \n

(ii)

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

After\nreviewing the investment performance of the Matisse Funds, the Advisor’s experience managing the Matisse Funds, the historical investment\nperformance, and other factors, the Board concluded that the investment performance of the Matisse Funds and the Advisor was satisfactory.

\n \n \n \n

(iii)

Fees\n and Expenses. The Trustees noted the management fees for the Matisse Funds under each Investment Advisory Agreement. The Trustees\n 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\n the category. The Trustees noted that the Advisor had indicated the fees were higher due the level of knowledge provided by the Advisor\n and the asset-limited area of the investment universe within the peer group and category. The Trustees considered the Advisor’s\n unique research and investment process in evaluating the reasonableness of its management fee. Following this comparison, and upon further\n consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Advisor were not unreasonable in relation\n 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\n have been negotiated at arm’s length.

\n \n \n \n

(iv)

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

\n \n \n \n

(v)

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

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

\n \n \n \n

Item\n 8.

Changes\n in and Disagreements with Accountants for Open-End Management Investment Companies.

None\nduring the report period.

\n \n \n \n

Item\n 9.

Proxy\n Disclosures for Open-End Management Investment Companies.

Not applicable.

\n \n \n \n

Item\n 10.

Remuneration\n Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included\nunder Item 7 of this Form.

\n \n \n \n

Item\n 11.

Statement\n Regarding Basis for Approval of Investment Advisory Contract.

Included\nunder Item 7 of this Form.

\n \n \n \n

Item\n 12.

Disclosure\n of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not\napplicable.

\n \n \n \n

Item\n 13.

Portfolio\n Managers of Closed-End Management Investment Companies.

Not\napplicable.

\n \n \n \n

Item\n 14.

Purchases\n of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not\napplicable.

\n \n \n \n

\n Item 15.

Submission\n of Matters to a Vote of Security Holders.

None.

\n \n \n \n

Item\n 16.

Controls\n and Procedures.

\n \n \n \n

(a)

The\n President and Principal Executive Officer and the Treasurer, Principal Accounting Officer, and Principal Financial Officer have concluded\n that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)\n are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company\n 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.

\n \n \n \n

(b)

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

\n \n \n \n

Item\n 17.

Disclosure\n of Securities Lending Activities for Closed-End Management Investment Companies.

Not\napplicable.

\n \n \n \n

Item\n 18.

Recovery\n of Erroneously Awarded Compensation.

\n \n \n \n

(a)	Not\n applicable.

\n \n \n \n

(b)	Not\n applicable.

\n \n \n \n

Item\n 19.

Exhibits.

\n \n \n \n

(a)(1)

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

Filed\nherewith.

\n \n \n \n

(a)(2)

Any\n policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange\n or registered national securities association upon which the registrant’s securities are listed.

Not\napplicable.

\n \n \n \n

(a)(3)

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

Filed\nherewith.

\n \n \n \n

(a)(4)

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

Not\napplicable.

\n \n \n \n

(a)(5)

Change\n in the registrant’s independent public accountant.

Not\napplicable.

\n \n \n \n

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

Filed\nherewith.

SIGNATURES
\n

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Starboard\n Investment Trust


	/s/\n Katherine M. Honey
Date: October\n 5, 2026	\n Katherine\n M. Honey \n President\n and Principal Executive Officer

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	/s/\n Katherine M. Honey
Date: October\n 5, 2026	\n Katherine\n M. Honey \n President\n and Principal Executive Officer


	/s/ Marilou Kruse
Date: October\n 5, 2026	\n Marilou Kruse \n Treasurer,\n Principal Accounting Officer, and Principal Financial Officer

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