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          <ccc>XXXXXXXX</ccc>
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        <classId>C000200403</classId>
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      <regStreet1>116 South Franklin Street</regStreet1>
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      <regStateConditional regCountry="US" regState="US-NC"/>
      <regZipOrPostalCode>27804</regZipOrPostalCode>
      <regPhone>252-972-9922</regPhone>
      <seriesName>Matisse Discounted Bond CEF Strategy</seriesName>
      <seriesId>S000061872</seriesId>
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      <repPdEnd>2025-03-31</repPdEnd>
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      <totLiabs>131395.39</totLiabs>
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      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
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      <invstOrSec>
        <name>MFS High Yield Munic</name>
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        <name>BlackRock MuniHoldin</name>
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        <name>BlackRock MuniYield</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neuberger Berman Mun</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>64124P101</cusip>
        <identifiers>
          <isin value="US64124P1012"/>
        </identifiers>
        <balance>135900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1406565</valUSD>
        <pctVal>2.47</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nuveen Pennsylvania</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>670972108</cusip>
        <identifiers>
          <isin value="US6709721087"/>
        </identifiers>
        <balance>34440</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>385039.2</valUSD>
        <pctVal>0.68</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RiverNorth/DoubleLin</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>76882G107</cusip>
        <identifiers>
          <isin value="US76882G1076"/>
        </identifiers>
        <balance>191722</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1598961.48</valUSD>
        <pctVal>2.8</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIMCO California Mun</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>72200M108</cusip>
        <identifiers>
          <isin value="US72200M1080"/>
        </identifiers>
        <balance>330000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1887600</valUSD>
        <pctVal>3.31</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIMCO California Mun</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>72200N106</cusip>
        <identifiers>
          <isin value="US72200N1063"/>
        </identifiers>
        <balance>71705</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>648213.2</valUSD>
        <pctVal>1.14</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flaherty &amp; Crumrine</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>338480106</cusip>
        <identifiers>
          <isin value="US3384801060"/>
        </identifiers>
        <balance>134805</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1515208.2</valUSD>
        <pctVal>2.66</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flaherty &amp; Crumrine</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>33848E106</cusip>
        <identifiers>
          <isin value="US33848E1064"/>
        </identifiers>
        <balance>170775</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1538682.75</valUSD>
        <pctVal>2.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Putnam Municipal Opp</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>746922103</cusip>
        <identifiers>
          <isin value="US7469221037"/>
        </identifiers>
        <balance>190000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1924700</valUSD>
        <pctVal>3.38</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIMCO New York Munic</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>72200T103</cusip>
        <identifiers>
          <isin value="US72200T1034"/>
        </identifiers>
        <balance>230000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1708900</valUSD>
        <pctVal>3</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIMCO New York Munic</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>72200Y102</cusip>
        <identifiers>
          <isin value="US72200Y1029"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1790000</valUSD>
        <pctVal>3.14</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIMCO New York Munic</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>72201E105</cusip>
        <identifiers>
          <isin value="US72201E1055"/>
        </identifiers>
        <balance>143602</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>814223.34</valUSD>
        <pctVal>1.43</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN ASSET</name>
        <lei>5493000MG5MROBD48K57</lei>
        <title>CLOSED-E</title>
        <cusip>958435109</cusip>
        <identifiers>
          <isin value="US9584351095"/>
        </identifiers>
        <balance>4147</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32097.78</valUSD>
        <pctVal>0.06</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Templeton Emerging</name>
        <lei>HM42X4Y58XQ0M2JYZW07</lei>
        <title>CLOSED-E</title>
        <cusip>880192109</cusip>
        <identifiers>
          <isin value="US8801921094"/>
        </identifiers>
        <balance>180541</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>926175.33</valUSD>
        <pctVal>1.62</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELAWARE INV NATL</name>
        <lei>NIC7ULNUGCUI836YP119</lei>
        <title>CLOSED-E</title>
        <cusip>24610T108</cusip>
        <identifiers>
          <isin value="US24610T1088"/>
        </identifiers>
        <balance>170000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1722100</valUSD>
        <pctVal>3.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIRTUS GLOBAL MULTI</name>
        <lei>5493008J77OQDENT5651</lei>
        <title>CLOSED-E</title>
        <cusip>92829B101</cusip>
        <identifiers>
          <isin value="US92829B1017"/>
        </identifiers>
        <balance>71295</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>544693.8</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Asset</name>
        <lei>549300BKG7Y2MQAORR48</lei>
        <title>CLOSED-E</title>
        <cusip>95766Q106</cusip>
        <identifiers>
          <isin value="US95766Q1067"/>
        </identifiers>
        <balance>53254</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>426032</valUSD>
        <pctVal>0.75</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Asset</name>
        <lei>549300Z3DNF4FJBJ4A87</lei>
        <title>CLOSED-E</title>
        <cusip>95766R104</cusip>
        <identifiers>
          <isin value="US95766R1041"/>
        </identifiers>
        <balance>230000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1902100</valUSD>
        <pctVal>3.34</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Investments</name>
        <lei>6X064LF7Y6B4DKF2GZ26</lei>
        <title>MONEYMKT</title>
        <cusip>316175108</cusip>
        <identifiers>
          <ticker value="FIGXX"/>
        </identifiers>
        <balance>18137609.3</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18137609.34</valUSD>
        <pctVal>31.81</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-02-11</ncom:dateSigned>
      <ncom:nameOfApplicant>Starboard Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Pete Mccabe</ncom:signature>
      <ncom:signerName>Pete Mccabe</ncom:signerName>
      <ncom:title>Principal Accounting Officer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
